Mortgage calculator
Enter the home price, down payment, rate, and term to see your full monthly payment, how much interest you pay, and when PMI ends. Add extra payments to see what they save.
Enter a home price and an interest rate to see your monthly payment.
Where your payment goes
| Part of the payment | Per month |
|---|
Above the baseline conforming loan limit
How it’s calculated
- Formula
payment = L × r ÷ (1 − (1 + r)−n)- Where
- L is the loan amount, r is the interest rate per month (annual rate ÷ 12), and n is the number of monthly payments.
- With your numbers
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Amortization schedule
An estimate, not a loan offer
Your lender’s figures can differ. Property tax, insurance, PMI, and fees vary by home, lender, and place. This is general information, not financial or tax advice.Official figures used
PMI. You can ask your servicer to cancel private mortgage insurance when your balance is scheduled to reach 80% of the original value of your home, and the servicer must end it automatically at 78%, as long as you are current on payments. This calculator ends PMI when the balance, including your extra payments, reaches 78% of the home price.
Verified on October 8, 2026. Source: Consumer Financial Protection Bureau (CFPB), when can I remove PMI from my loan.
Conforming loan limit. For 2026, the baseline limit for a one-unit home is $832,750. In high-cost areas it is higher, up to $1,249,125.
Verified on October 8, 2026. Source: Federal Housing Finance Agency (FHFA), 2026 conforming loan limit values.
How to use it
- Enter the home price and your down payment, as a percent or in dollars.
- Enter the interest rate from your lender’s quote and choose a 30, 20, 15, or 10 year term.
- Add property tax, home insurance, HOA dues, and a PMI rate if your down payment is under 20%.
- Add extra payments, monthly, yearly, or one time, to see the interest you save and the new payoff date.
- Read the monthly breakdown and the amortization schedule, then download it as a CSV or copy a link.
Frequently asked questions
What is included in a mortgage payment?
Lenders often call it PITI: principal, interest, property taxes, and homeowners insurance. Add PMI if your down payment is under 20%, and HOA dues if your home has them. The calculator shows each part.
How is a monthly mortgage payment calculated?
Principal and interest follow payment = L × r ÷ (1 − (1 + r)^−n), where L is the loan amount, r the monthly rate (annual rate ÷ 12), and n the number of payments. On $320,000 at 6.5% for 30 years, that is about $2,022.62 a month.
When does PMI go away?
You can ask your servicer to cancel private mortgage insurance when your balance is scheduled to reach 80% of the home’s original value, and the servicer must end it automatically at 78%, as long as you are current on payments (CFPB). The calculator ends PMI at 78% of the price.
How much do extra payments save?
Extra money goes to principal, so later interest is charged on a smaller balance. The calculator compares your plan with the same loan and no extra payments and shows the interest saved and how many months sooner you finish.
Does this calculator use today’s mortgage rates?
No. It makes no requests to look up rates. Enter the rate from your lender’s quote, or try a few to see how the payment changes.
What is the conforming loan limit?
It is the largest loan Fannie Mae and Freddie Mac can buy. For 2026 the baseline for a one-unit home is $832,750 (FHFA), and it is higher in high-cost areas. The calculator warns you when your loan is above the baseline.
The formulas
- Principal and interest: payment = L × r ÷ (1 − (1 + r)−n), with r = annual rate ÷ 12 and n = years × 12.
- Each month: interest = balance × r, and principal = payment − interest. The new balance is the old balance minus principal and any extra payment.
- Property tax and insurance: the yearly amounts divided by 12. A tax rate is applied to the home price.
- PMI: loan amount × PMI rate ÷ 12, charged while the balance is above 78% of the price.
A worked example
Take a $400,000 home with 20% down. The loan is $320,000. At 6.5% for 30 years, principal and interest come to $2,022.62 a month, and you repay $728,142 over the life of the loan, of which $408,142 is interest. With $4,800 a year of property tax, $1,800 of insurance, and no PMI, the full payment is $2,572.62. This rate is an example, not a current quote.
Why early payments are mostly interest
Interest is charged on the balance, which starts at its largest. In the first year of the example about $20,700 of $24,271 in payments is interest. Over time the balance falls, so more of each payment goes to principal. That is why extra payments early in the loan save the most.
PMI
With less than 20% down, lenders usually require private mortgage insurance. Its cost depends on the lender and the loan, so the PMI rate is yours to edit. You can ask to cancel it at 80% of the original value, and it must end at 78% if you are current. The schedule marks the payment after which it stops.
Extra and biweekly payments
Enter an extra amount every month, every year, or once. Paying half a payment every two weeks adds up to 26 half payments, the same as 13 monthly payments a year, so the biweekly option adds one-twelfth of your payment as extra each month. Ask your servicer how it applies extra money: some plans charge a fee or hold the half payments until a full one is due.
Related calculators
To see how a car payment sits next to your mortgage, use the auto loan calculator, and to turn an hourly wage into a yearly income, the hourly to salary calculator. To compare other kinds of borrowing, use the loan calculator, and to see how savings grow while you save for a down payment, the compound interest calculator.
Updated on October 8, 2026