Estimate your monthly home loan payments, visualize amortization, and see how extra payments save you money.
Fill out your home price and down payment to see your estimated monthly cost and amortization schedule.
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A mortgage payment is typically made up of four parts: principal, interest, property taxes, and homeowners insurance (often called PITI). Understanding each component helps you estimate the true cost of homeownership beyond just the loan amount.
A larger down payment reduces the amount you need to borrow, resulting in lower monthly payments and less interest paid over the life of the loan. Putting down at least 20% may also help you avoid Private Mortgage Insurance (PMI).
Shorter loan terms, such as 15 years, usually come with lower interest rates and help you build equity faster. Longer terms, such as 30 years, reduce monthly payments but typically result in significantly higher total interest costs.
Even small extra payments made toward your principal can substantially reduce the total interest paid and shorten your loan term. Consistent extra payments may save thousands of dollars and help you become mortgage-free years earlier.
A standard mortgage payment is often referred to as PITI: Principal (the loan balance), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). If you put less than 20% down, you may also have to pay PMI (Private Mortgage Insurance). HOA fees are typically paid separately but factor into your total monthly housing cost.
When you pay more than your required monthly payment, the extra amount goes directly toward reducing your principal balance. Because your balance drops faster, you accrue less interest over the life of the loan, allowing you to pay off the mortgage years earlier.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off. In the early years, most of your payment goes toward interest, while in later years, most goes toward the principal.
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