Mortgage Calculator

Your monthly mortgage payment is calculated from three inputs — loan amount, interest rate, and loan term — using a standard amortization formula. Enter your numbers below to see the exact payment, a full principal-and-interest breakdown, and a year-by-year amortization schedule. Adjust any value to compare different scenarios instantly.

Your loan

Home price

Down payment

Interest rate

Use the rate you were quoted — the starting value is only an example, not a rate quote.

Loan term

Taxes, insurance and extra payments

Property tax (yearly)

Home insurance (yearly)

HOA dues (monthly)

PMI rate (yearly)

Your lender sets this — check your loan estimate. Charged only while the balance is above 80% of the purchase price.

Extra payment (monthly)

Anything you add here goes straight to principal and moves the payoff date in the panel.

Estimated monthly payment Illustrative

$0.00

on a $0 loan at 0% loan-to-value

Principal & interest: $0.00
Property tax: $0.00
Home insurance: $0.00
PMI: $0.00
HOA dues: $0.00
Total monthly: $0.00

Where each year's payments go

Year 1Year 30

Principal $0 Interest $0

Principal overtakes interest in month 0 (—), then most of every payment is yours.

Total of payments: $0
Paid off: —
PMI cancellable: month —

Estimates from the figures you entered, not a loan offer. Taxes and insurance vary by property; your lender's escrow figure is the one that counts.

How the monthly payment formula works

Every fixed-rate mortgage payment comes from one formula: M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1). Here P is the loan principal, r is the monthly interest rate (your annual rate divided by 12), and n is the total number of monthly payments (loan term in years multiplied by 12).

The formula produces the same dollar amount each month, but what that payment covers shifts over time:

In early months, the outstanding balance is large, so most of the payment goes to interest.
As you pay down principal, the interest share shrinks and more of each payment reduces what you owe.
By the final years, nearly the entire payment is principal.

This shift is called amortization. A 30-year borrower pays far more interest in the first decade than the last. Entering different terms or rates in the calculator above shows exactly how this split changes — and where extra payments have the greatest impact on total interest paid.

Year-by-year amortization schedule

Balances at the end of each year, from the figures above
Year	Principal paid	Interest paid	Balance

Every calculator on the site

Mustafa Bilgic — Editor. Last reviewed 8 August 2026.

Method and sources:

Payments use the standard amortization formula M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), with interest rounded to cents each month and the final payment trued up, the way a servicer bills it.
PMI cancellation at 80% and automatic termination at 78% of the original value: Homeowners Protection Act, 12 U.S.C. § 4902.
The 28/36 affordability guideline is a conventional underwriting convention; the CFPB ability-to-repay rule uses a 43% debt-to-income limit for general qualified mortgages: 12 CFR § 1026.43.
Rates, taxes, insurance and PMI are figures you enter. This site publishes no market rates, and results are estimates rather than loan offers.

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