How to use this mortgage payment calculator
Enter your home price and down payment to see your loan amount, then adjust rate, term, taxes, insurance, HOA, PMI, and extra payments to see how your mortgage payment changes. Results update automatically so you get a live mortgage amortization schedule, payoff date, and total interest at a glance.
- Home price & down payment: we compute the loan amount automatically.
- Rate & term: shows principal + interest and the full amortization table.
- Taxes, insurance, HOA, PMI: adds escrow to show your true monthly mortgage payment.
- Extra payments: see how recurring or one-time boosts shorten the payoff date and reduce interest.
- Print-ready amortization schedule: export a mortgage amortization schedule with principal and interest by year.
What this mortgage calculator covers
Mortgage Payment Breakdown
Principal & interest with an amortization schedule so you can track balance, interest paid, and remaining term.
Escrow & PMI
Includes property tax, home insurance, HOA dues, and PMI to show your full monthly cash outlay. PMI is removed automatically once the loan reaches 80% LTV.
Extra Payment Scenarios
Recurring or one-time extra payments with instant impact on payoff date and interest saved.
Printable Amortization Table
Print-ready amortization schedule for monthly and yearly totals.
Mortgage Payment Formula at a Glance
Monthly principal & interest = P x r x (1 + r)n / ((1 + r)n - 1) where P is loan amount, r is monthly interest rate, and n is total payments. We layer in taxes, insurance, HOA, and PMI to show your full mortgage payment plus an amortization schedule and payoff date for any mortgage repayment scenario.
Practical payoff tips
- Use the payment summary to track principal & interest, escrow, and total interest so you know the amount of interest you pay over the loan.
- Include estimated closing costs if you roll them into the loan; keeping them out can reduce the amount financed and lower the amount of interest.
- After each extra payment, check the principal balance to see how much extra paid cuts future interest charges.
- Test bi-weekly or monthly extra payments to reach your first payment goal faster and retire the loan sooner.
Mortgage Calculator FAQs
What expenses does this mortgage calculator include?
Principal & interest, property taxes, homeowners insurance, HOA dues, optional PMI, and extra payments. We also show when PMI drops off and provide a printable amortization schedule.
How is PMI calculated?
We apply your PMI rate annually to the remaining balance and include it monthly until your loan-to-value ratio hits 80% based on the home price and down payment you enter.
How do extra payments change my mortgage?
Extra principal payments reduce interest and shorten the term. The calculator shows interest saved, months saved, and a new payoff date immediately.
Can I use this as a mortgage payment calculator with taxes and insurance?
Yes. Enter property tax, insurance, HOA, and PMI to see a realistic monthly payment alongside your principal & interest amount.
Does it generate a mortgage amortization schedule?
Yes. You can view and print a yearly and monthly mortgage amortization schedule showing principal, interest, balance, and any extra payments.
Deep dive: mortgage costs beyond principal & interest
Your monthly mortgage payment typically includes four core elements (PITI): principal, interest, property taxes, and homeowners insurance. Depending on your loan and location, you might also pay PMI (private mortgage insurance) and HOA dues. This calculator models all six so you can see the real cash outlay each month and how it changes over time. Use the amortization schedule to track the declining balance, the shift from interest-heavy early payments to principal-heavy later payments, and the month PMI drops off once your loan-to-value reaches 80%.
Lowering Your Payment
- Increase down payment to cut principal and reduce or remove PMI.
- Shop rates and points to lower the interest portion of your payment.
- Extend term for a smaller payment (but higher total interest).
- Appeal property tax assessments if local taxes are high.
Paying Off Faster
- Add bi-weekly or monthly extra payments to principal to cut years off the term.
- Refinance to a shorter term if rates drop and cash flow supports it.
- Apply windfalls (bonuses, tax refunds) as one-time principal payments.
- Track interest saved and the new payoff date in the amortization schedule.
Common Mortgage Questions (Beyond PMI)
What is escrow and why does it change?
Escrow covers property tax and insurance. Tax bills and premiums can change yearly, so your escrow portion may adjust during the annual escrow analysis. This calculator lets you model different annual tax and insurance amounts so you can see the payment impact.
How do rate changes affect amortization?
A lower rate shifts more of each payment to principal earlier, reducing total interest and shortening the effective payoff if you keep the same payment amount. Use this tool to compare rate scenarios and see the interest saved line by line.
What happens if I pay semi-monthly or bi-weekly?
Bi-weekly payments add up to one extra monthly payment per year, lowering principal faster. Select bi-weekly in the extra payments section to see the new payoff date and interest savings automatically.
Do HOA dues belong in the mortgage payment?
HOA dues are not part of principal or interest, but they are part of your monthly housing cost. Including them here gives you a truer total monthly outflow alongside taxes, insurance, and PMI.
Mortgage Glossary (Quick Reference)
Amortization
Scheduled repayment of a loan over time, showing how each payment splits between interest and principal until payoff.
PMI (Private Mortgage Insurance)
Insurance that protects the lender when down payment is below 20%. It typically drops when loan-to-value hits 80%.
Escrow
Portion of the payment set aside for property taxes and homeowners insurance, sometimes HOA dues.
APR vs. Interest Rate
The interest rate drives your payment; APR includes certain fees to show total borrowing cost over the loan term.