Mortgage Calculator

Calculate monthly home loan principal and interest, PITI + HOA breakdown, and full amortization schedule with extra payment savings.

Estimated Total Monthly Payment
USD 2,648.75
Includes USD 2,123.75 P&I + USD 525.00 taxes, insurance & fees
Loan Principal USD 336,000.00
Principal & Interest USD 2,123.75
Total Interest Over Term USD 428,549.48
Total Principal + Interest USD 764,549.48
Inputs
Amounts are treated in the selected currency; no foreign-exchange conversion is applied.
USD ($)
Agreed contract price or estimated property value.
USD ($)
Upfront cash equity (20% or more avoids conventional PMI).
% / yr
Nominal annual fixed interest rate (0% supported).
years
Common terms are 15, 20, or 30 years.
USD / yr
Local annual real estate tax assessment.
USD / yr
Annual hazard/property insurance premium.
USD / mo
Monthly homeowners association dues, if applicable.
USD / mo
Optional recurring extra principal to accelerate payoff.
Results & Graph
Estimated Total Monthly Payment
USD 2,648.75
Includes USD 2,123.75 P&I + USD 525.00 taxes, insurance & fees
Loan Principal
USD 336,000.00
20% down payment
Principal & Interest
USD 2,123.75
Total Interest Over Term
USD 428,549.48
127.5% of loan principal
Total Principal + Interest
USD 764,549.48
Paid off in 30 years

Annual Principal vs. Interest Breakdown

How each year of payments shifts from interest toward equity
Graph 1 • Annual Principal vs. Interest Breakdown How each year of payments shifts from interest toward equity
0 6.4k 12.7k 19.1k 25.5k Yr 1Yr 5Yr 9Yr 13Yr 17Yr 21Yr 25Yr 29Yr 30
Graph 2 • Latest Period Component Values Values retain their calculator-defined labels and units.
Principal Paid (USD) 24,610 USD Interest Paid (USD) 875 USD
Graph 3 • Monthly Payment vs. Interest Rate Shows the scheduled monthly loan payment across rate assumptions, with other inputs held constant.
0 1.7k 3.4k 4.5%: 2,227.46 2.2k 4.5% 5.5%: 2,432.77 2.4k 5.5% 6.5%: 2,648.75 2.6k 6.5% 7.5%: 2,874.36 2.9k 7.5% 8.5%: 3,108.55 3.1k 8.5%
Summary: Across 360 months, total principal repaid is USD 336,000.00 and total interest paid is USD 428,549.48.
Summary: On a USD 336,000.00 loan at 6.5% over 30 years, you will pay USD 2,123.75/month in principal and interest (USD 2,648.75/month including taxes, insurance and HOA). Total cumulative interest is USD 428,549.48.
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Interactive chart & math engine powered by CalculatorGraph

Annual Mortgage Amortization Schedule

YearPrincipal PaidInterest PaidEnding Balance
Year 1USD 3,755.56USD 21,729.43USD 332,244.44
Year 2USD 4,007.07USD 21,477.91USD 328,237.37
Year 3USD 4,275.44USD 21,209.55USD 323,961.93
Year 4USD 4,561.77USD 20,923.21USD 319,400.16
Year 5USD 4,867.28USD 20,617.70USD 314,532.88
Year 6USD 5,193.25USD 20,291.73USD 309,339.63
Year 7USD 5,541.05USD 19,943.93USD 303,798.58
Year 8USD 5,912.15USD 19,572.84USD 297,886.44
Year 9USD 6,308.09USD 19,176.89USD 291,578.34
Year 10USD 6,730.56USD 18,754.42USD 284,847.78
Year 11USD 7,181.32USD 18,303.67USD 277,666.47
Year 12USD 7,662.26USD 17,822.72USD 270,004.21
Year 13USD 8,175.42USD 17,309.56USD 261,828.79
Year 14USD 8,722.94USD 16,762.04USD 253,105.85
Year 15USD 9,307.13USD 16,177.85USD 243,798.71
Year 16USD 9,930.45USD 15,554.53USD 233,868.27
Year 17USD 10,595.51USD 14,889.47USD 223,272.76
Year 18USD 11,305.11USD 14,179.87USD 211,967.65
Year 19USD 12,062.23USD 13,422.75USD 199,905.41
Year 20USD 12,870.06USD 12,614.92USD 187,035.35
Year 21USD 13,732.00USD 11,752.99USD 173,303.35
Year 22USD 14,651.65USD 10,833.33USD 158,651.70
Year 23USD 15,632.90USD 9,852.08USD 143,018.80
Year 24USD 16,679.87USD 8,805.12USD 126,338.93
Year 25USD 17,796.95USD 7,688.04USD 108,541.98
Year 26USD 18,988.84USD 6,496.14USD 89,553.14
Year 27USD 20,260.56USD 5,224.42USD 69,292.58
Year 28USD 21,617.45USD 3,867.54USD 47,675.14
Year 29USD 23,065.21USD 2,419.77USD 24,609.93
Year 30USD 24,609.93USD 875.06USD 0.00

Formula & Mathematical Methodology: Fixed-Rate Monthly Mortgage Payment Formula

M = P · r(1 + r)n(1 + r)n − 1 + Tax + Insurance + HOA + PMI12(r > 0)
M = Pn(r = 0)
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ] (for r > 0); M = P / n (for r = 0)
  • M: Scheduled monthly principal and interest payment
  • P: Loan principal (Home Price minus Down Payment)
  • r: Monthly periodic interest rate (Annual Rate ÷ 12 ÷ 100)
  • n: Total number of monthly payments (Loan Term in Years × 12)

Rounding: Internal amortization tracks full floating-point precision; currency outputs round to 2 decimal places (cents) at display.

Worked Example: $420,000 Home with 20% Down ($84,000) at 6.5% for 30 Years

A buyer purchases a $420,000 home with $84,000 down, leaving a $336,000 loan principal at 6.5% over 360 months, plus $4,800/yr property tax and $1,500/yr insurance.

  1. Compute monthly P&I: $336,000 × [0.0054167 × (1.0054167)^360] ÷ [(1.0054167)^360 − 1] = $2,123.75.
  2. Add monthly escrow: $4,800 ÷ 12 = $400.00 property tax + $1,500 ÷ 12 = $125.00 insurance.
  3. Total monthly PITI payment = $2,123.75 + $400.00 + $125.00 = $2,648.75/month.
Result: Monthly P&I is $2,123.75 ($2,648.75 total PITI) and total interest over 30 years is $428,550.20.

Frequently Asked Questions

How do extra monthly payments reduce total mortgage interest?

Every extra dollar paid above your scheduled P&I directly reduces your remaining loan principal. Because next month’s interest is calculated on a smaller balance, more of every future regular payment goes toward principal, shortening your payoff timeline.

When is Private Mortgage Insurance (PMI) required?

On most conventional US mortgages, lenders require PMI when your down payment is less than 20% of the home purchase price (Loan-to-Value > 80%). Under the Homeowners Protection Act, borrowers can request PMI cancellation once equity reaches 20%.

Finance & Investing · Real Estate & Home Loans

Mortgage Calculator: inputs, method, and how to read the result

Calculate monthly home loan principal and interest, PITI + HOA breakdown, and full amortization schedule with extra payment savings.

Choose inputs for the case you are checking

The defaults are illustrative. Replace them with values for your case and keep the units shown beside each field.

  • Display Currency: Amounts are treated in the selected currency; no foreign-exchange conversion is applied.
  • Home Purchase Price: Agreed contract price or estimated property value.
  • Down Payment Amount: Upfront cash equity (20% or more avoids conventional PMI).
  • Annual Interest Rate (APR): Nominal annual fixed interest rate (0% supported).

What the calculation includes

With the default values shown, Estimated Total Monthly Payment is USD 2,648.75. The calculation follows Fixed-Rate Monthly Mortgage Payment Formula; the formula and variable definitions above show how the inputs combine.

One-input check: With the other defaults held constant, changing Home Purchase Price from 420,000 USD ($) to 462,000 USD ($) changes Estimated Total Monthly Payment from USD 2,648.75 to USD 3,096.92. This is a comparison inside the calculator's stated model, not a prediction.

Where to use caution

  • Interest compounds monthly on a fixed-rate amortizing schedule.
  • Does not model adjustable-rate mortgage (ARM) rate resets or Canadian semi-annual mortgage compounding.

Scope: Global / United States Convention (Monthly Compounding) Check the assumptions and limitations against your situation before relying on the estimate.

More in Finance & Investing: Loan & EMI Calculator, Compound Interest Calculator, CAGR & FIRE Calculator (Financial Independence).