Mortgage Calculator
Calculate monthly mortgage payments (PITI) including principal, interest, property taxes, and home insurance.
How to Use the Mortgage Calculator
- Enter your parameters: Type, paste, or select your input values above.
- View instant results: Calculations update in real time as you change values.
- Copy or export: Click copy, download, or print to use your results immediately.
About this Tool
Estimate your monthly mortgage payments, total interest paid, and full amortization schedule based on home price, down payment, loan term, and interest rate.
Fixed-Rate Amortization Formula
Monthly Payment (M) = P * [r(1 + r)^n] / [(1 + r)^n - 1]Monthly interest is calculated on your remaining loan balance, while principal repayment reduces the debt baseline for all future months. Loan amortization schedules recalculate this ratio each month.
Worked Example: 30-Year Fixed Mortgage Example
$400,000 Loan Amount at 6.50% Annual Interest for 30 Years (360 Months)
$2,528.27 Monthly Principal & Interest Payment
Over 30 years, total principal repaid is $400,000.00 and total interest paid is $510,177.20. An extra $100 monthly payment saves over $58,000 in interest and shortens the loan by nearly 3 years.
Frequently Asked Questions
What is included in a monthly mortgage payment (PITI)?
A standard mortgage payment consists of Principal (loan reduction), Interest (lender charge), Taxes (county property taxes held in escrow), and Insurance (homeowners insurance and private mortgage insurance if down payment is under 20%).
How do extra principal payments reduce overall loan interest?
Extra payments reduce your principal balance directly. Because monthly interest is calculated as (Remaining Balance * Monthly Rate), reducing principal immediately shrinks the interest charged in every subsequent month.
What is the difference between APR and interest rate on a mortgage?
The interest rate is the base cost of borrowing the principal. The Annual Percentage Rate (APR) reflects the broader cost of credit, including lender origination fees, discount points, and closing charges.
Calculation Standards
Calculations follow standard Consumer Financial Protection Bureau (CFPB) mortgage amortization formulas and Fannie Mae underwriting conventions. For tax, legal, or medical advice, consult certified professionals.
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