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Home & mortgage

Mortgage payment and amortization calculator

Your monthly mortgage payment is principal and interest plus property taxes, homeowners insurance, HOA dues and any mortgage insurance. Enter your numbers to see the full payment, the year-by-year amortization schedule, and how an extra monthly payment changes your payoff date and total interest.

Kitchen table with a mortgage statement, house keys and a calculator

Your numbers

$
Percent of the price%
Enter the rate from your own quote or Loan Estimate.%
yrs
Annual, as a percent of the price. Rates vary widely by state and county; check your county's rate.%
Per year$
Per month$
Annual, as a percent of the loan. Usually applies below 20 percent down; enter 0 if none.%
Per month, optional$

Results

Educational estimate based on the numbers you enter and common rules of thumb. Not a loan offer, rate quote, approval or financial advice. A licensed loan officer can run your real numbers.

How this calculator works

This calculator starts with the loan amount, which is the home price minus your down payment. It then uses the standard fixed-rate amortization formula to find the monthly principal and interest for the term you choose. Enter the rate from your own quote or Loan Estimate; the field starts empty. Property tax is the price times the yearly tax rate you enter, divided by 12. Insurance is your yearly premium divided by 12, and HOA dues are added as entered.

Mortgage insurance is added only when your down payment is below the level where it usually applies on a conventional loan, using the yearly mortgage insurance rate you enter. The schedule then runs month by month. Each payment covers that month's interest first, and the rest lowers the balance. If you add an extra principal payment, it is applied every month from the first payment, and the tool shows the new payoff time and the interest saved.

The tool assumes a fixed rate for the whole term. It does not model adjustable rates, interest-only periods or mortgage insurance coming off later, and it keeps taxes, insurance and HOA dues flat. Property tax is based on the price you enter, but your real bill depends on your county's assessment. Closing costs, prepaid items and escrow cushions are not included.

When you apply, a lender adds up the same pieces, principal, interest, taxes, insurance, mortgage insurance and HOA dues, into one housing payment. That figure goes into your debt-to-income ratio. Your Loan Estimate shows the lender's own numbers, so compare it line by line with this estimate.

Example: type a home price of $500,000, your planned down payment and the rate from your Loan Estimate. Then add $100 as an extra monthly payment and compare the results.

Related: Debt-to-income calculator · Home affordability calculator · Refinance calculator · Conventional loans

Common questions

What is included in a mortgage payment?

Most payments include principal and interest, plus property taxes and homeowners insurance collected in an escrow account. Some loans also include mortgage insurance, and condos and some neighborhoods add HOA dues, which are usually paid separately.

How do extra payments save money?

Extra principal lowers the balance that interest is charged on, so each later payment goes further. Even a small extra amount each month can shorten the loan by years and cut total interest. Check that your loan has no prepayment penalty first.

More home & mortgage tools

Refinance comparison calculatorYour current loan against a new one: payment change, the break-even month on closing costs, and total interest each way.Home affordability calculatorHow much house fits your budget using the 28/36 rule of thumb, with taxes, insurance and your other debts included.Debt-to-income (DTI) calculatorThe ratio lenders check first, with your front-end and back-end ratios and a plain-English read on where you stand.

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