Overview
Estimates your monthly mortgage payment, including principal and interest, property tax, home insurance, PMI and HOA dues. See the loan amount, total interest and payoff date, browse a year-by-year amortization schedule, test extra monthly or yearly payments and download the full schedule as CSV. Calculations run in your browser.
How It Works
Enter the home price, the down payment as a percentage or an amount, the interest rate and the term in years, and pick a currency. Add property tax as a yearly percentage of the price or a yearly amount, yearly insurance, a PMI rate and monthly HOA dues to see the full monthly payment broken down by part. Extra payments every month or once a year show how much interest you save and how much sooner the loan ends. Expand any year in the schedule to see each month.
Step-by-Step Usage Guide
- Enter the home price, down payment, interest rate and loan term.
- Add property tax, home insurance, a PMI rate and HOA dues if they apply.
- Review the monthly payment breakdown, total interest and payoff date.
- Try extra monthly or yearly payments to compare interest saved.
- Expand years in the amortization schedule or download it as CSV.
Technical Specifications & Standards
Principal and interest use the standard fixed-rate formula: the loan amount times the monthly rate, divided by one minus one plus the monthly rate raised to the negative number of payments. A 0% rate simply divides the loan evenly. The schedule applies each month's interest to the remaining balance, puts the rest of the payment toward principal and then subtracts any extra payment, so extras shorten the loan instead of lowering the payment. The interest saved and the months saved come from running the same loan a second time without extras. PMI is charged only when the down payment is under 20%, at the annual rate you enter times the original loan amount, and it stops automatically once the scheduled balance reaches 78% of the original price. That mirrors automatic cancellation under the US Homeowners Protection Act, though lenders may differ for some loans. Tax, insurance and HOA dues are held constant. These are estimates, not financial advice.
Targeted Use Cases
- Working out what monthly payment a house price fits before talking to a lender.
- Comparing a 15-year and a 30-year term by total interest paid.
- Seeing how much an extra payment each month shortens the loan.
- Estimating when PMI will drop off with a small down payment.
- Exporting an amortization schedule to a spreadsheet for budgeting.
Notes & Gotchas
- Use the rate from a real loan estimate rather than an advertised rate.
- Include property tax and insurance, which often add a large share of the monthly cost.
- Check with your lender that extra payments go to principal and that there is no prepayment penalty.
- Treat the result as an estimate and confirm figures with a licensed lender before deciding.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
Principal and interest use the fixed-rate amortization formula based on the loan amount, monthly rate and number of payments. Property tax, insurance, PMI and HOA dues are then added as monthly amounts to give the total.
When does PMI stop?
In this calculator PMI is charged while the balance is above 78% of the original home price and stops automatically after that, matching the US rule for automatic cancellation. Many lenders let you request removal earlier, at 80%.
How much do extra payments save?
Enter an extra monthly or yearly amount and the calculator compares the schedule with and without it, showing total interest saved and how many years and months sooner the loan is paid off.
Does it work for currencies other than dollars?
Yes. Choose USD, EUR, GBP, INR, CAD or AUD to format amounts. The maths is the same, but PMI and the 78% rule are US conventions, so set the PMI rate to 0 where it does not apply.
Is this financial advice?
No. It gives estimates for a fixed-rate loan. Actual payments depend on your lender, escrow changes, fees and local taxes, so confirm the numbers with a licensed professional.
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