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Mortgage Calculator

Use our free mortgage calculator to estimate your potential monthly mortgage payments quickly and easily. Whether you're a first-time homebuyer or considering refinancing, understanding your costs is the first step to smart financial planning. Simply enter details like the home price, down payment, and interest rate to compare different home loan options and gain clarity on your budget today.

This tool shows your monthly payment, principal–interest split, and running balance over time, plus total interest across the life of the loan. Enter your numbers below and Calculate to see payment, payoff date, charts, and an amortization schedule.

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Include taxes & costs
Monthly Pay:
$2,023
Total out-of-pocket: $2,548 / month
Mortgage Payment$2,023
Property Tax$400
Home Insurance$125
Other Costs$0
Total Out-of-Pocket$2,548

Cost split over the term

  • Principal & Interest: 79.4%
  • Property Taxes: 15.7%
  • Home Insurance: 4.9%
  • Other Costs: 0.0%

Balance and costs over time

$0$146k$291k$437k$583k$728k1611162126BalanceCumulative InterestCumulative PaymentYears

Amortization schedule

Annual summary
YearInterestPrincipalEnding Balance
1$20,695$3,577$316,423
2$20,455$3,816$312,607
3$20,200$4,072$308,535
4$19,927$4,345$304,191
5$19,636$4,636$299,555
6$19,325$4,946$294,609
7$18,994$5,277$289,332
8$18,641$5,631$283,701
9$18,264$6,008$277,694
10$17,861$6,410$271,284
11$17,432$6,839$264,444
12$16,974$7,297$257,147
13$16,485$7,786$249,361
14$15,964$8,308$241,053
15$15,407$8,864$232,189
16$14,814$9,458$222,732
17$14,180$10,091$212,641
18$13,505$10,767$201,874
19$12,784$11,488$190,386
20$12,014$12,257$178,129
21$11,193$13,078$165,051
22$10,317$13,954$151,097
23$9,383$14,888$136,208
24$8,386$15,886$120,323
25$7,322$16,949$103,373
26$6,187$18,085$85,289
27$4,976$19,296$65,993
28$3,683$20,588$45,405
29$2,305$21,967$23,438
30$833$23,438$0
#DateInterestPrincipalEnding Balance
1Jan 2026$1,733$289$319,711
2Feb 2026$1,732$291$319,420
3Mar 2026$1,730$292$319,127
4Apr 2026$1,729$294$318,833
5May 2026$1,727$296$318,538
6Jun 2026$1,725$297$318,241
7Jul 2026$1,724$299$317,942
8Aug 2026$1,722$300$317,641
9Sep 2026$1,721$302$317,339
10Oct 2026$1,719$304$317,036
11Nov 2026$1,717$305$316,730
12Dec 2026$1,716$307$316,423
Loan amount: $320,000 · Down payment: $80,000 · Payoff date: Dec 2055
Over the term you’d pay $728,142 in principal + interest, of which $408,142 is interest.

How our mortgage calculator helps you plan

Our calculator estimates monthly mortgage payments with principal and interest and can also add typical housing costs-property taxes, homeowners insurance, HOA dues, PMI, and any other monthly items you want to include. The mortgage payment calculator breakdown results show a clear monthly figure, the total you would pay over the life of the loan, and a breakdown of where the money goes. A chart tracks balance and interest over time and a full amortization table shows each month’s principal, interest, and remaining balance.

What each input means

  • Home price: The contract price or estimated purchase price of the property.
  • Down payment: Enter as a percentage or dollar amount. The loan amount equals price minus down payment.
  • Loan term: Years until payoff. Common choices are 15 or 30 years.
  • Interest rate (APR): Nominal annual interest rate of the loan. The calculator compounds monthly.
  • Start date: Used to label the payoff month and the amortization table’s first period.
  • Property tax rate: Estimated annual tax as a percent of home value. Divided by 12 for a monthly escrow.
  • Home insurance: Your annual homeowners insurance premium. Divided by 12 for a monthly escrow.
  • PMI: If applicable, enter an annual dollar estimate; it’s divided by 12. (Some loans drop PMI when LTV ≤ 80%.)
  • HOA: Monthly homeowner association dues, if any.
  • Other costs: Any additional monthly item you want included in the “out-of-pocket” total.

Reading the results

  • Mortgage payment: Principal + interest only.
  • Total out-of-pocket: Mortgage payment plus escrowed taxes/insurance/PMI, HOA, and other monthly items.
  • Pie chart: Visual split among principal & interest, taxes, insurance, and other costs over the full term.
  • Line chart: Remaining balance, cumulative interest, and cumulative payments across the term.

Tips for comparing scenarios

  • Test a few combinations of down payment and rate to see the effect on monthly and total interest.
  • Add an extra principal payment each month (or one extra payment per year) to view potential interest savings.
  • Check the payoff date against your time horizon to decide whether refinancing or buying points makes sense.

Estimates only. Costs vary by lender and location. Confirm details with your lender and local tax authority.

Mortgage FAQ

How do I estimate my monthly mortgage payment?

Enter the home price, down payment, term, and interest rate. The calculator uses the standard amortization formula PMT = r × P / (1 − (1 + r)^−n), where r is the monthly interest rate (APR/12), P is the loan amount, and n is the number of months.

What’s the difference between interest rate and APR?

The interest rate is the cost of borrowing principal. APR includes the interest rate plus certain prepaid finance charges such as points and some fees, expressed annually.

Does this calculator include taxes, insurance, or PMI?

Principal & interest are core. You can optionally add estimates for property tax, homeowners insurance, and PMI to see a more complete monthly outlay.

Should I choose a 15-year or 30-year mortgage?

15-year loans often have lower rates and much less total interest, but higher monthly payments. 30-year loans reduce the monthly payment at the cost of more interest overall. Compare both here.

How do extra payments change my payoff date?

Any extra amount goes straight to principal, reducing future interest and pulling your payoff date forward.

When is refinancing worth it?

If you can lower APR, shorten the term, or remove PMI, refinancing can help. Compare the break-even time (upfront costs divided by monthly savings) to how long you expect to keep the loan.

How much should I put down?

A larger down payment reduces the loan amount and may eliminate PMI at 20% equity. Balance that with emergency savings-use this tool to test 5%, 10%, 20% and see the differences.