Mortgage Payment and Amortization Calculator
Estimate a complete monthly mortgage payment, see how each payment reduces the loan, and test how extra principal could change your payoff date and interest cost.
- Full payment estimate
- Extra-payment savings
- Amortization schedule
Estimate your home payment
Use figures from a lender estimate, tax record, insurance quote, and HOA statement when available. All fields stay in your browser.
Starting monthly payment
Mortgage amortization schedule
Principal and interest by loan year.
| Enter mortgage terms to create a schedule. |
How this mortgage calculator works
The calculator subtracts your down payment from the home price to find the original loan amount. It applies the fixed-rate amortization formula to calculate equal monthly principal-and-interest payments, then adds the monthly estimates you enter for property tax, homeowners insurance, private mortgage insurance, and HOA dues.
Loan amount
Home price − down payment
The down payment can be entered as a percentage or a dollar amount.
Monthly principal and interest
P × [r(1 + r)n] ÷ [(1 + r)n − 1]
P is principal, r is the monthly rate, and n is the number of payments.
What the monthly payment estimate includes
The large result combines six possible parts: scheduled principal, interest, property tax, homeowners insurance, estimated PMI, and HOA dues. The first two repay the mortgage. Taxes and insurance may be collected through an escrow account, while HOA dues are commonly billed separately. The tool combines them so you can see a broader starting housing-payment estimate.
Principal and interest
Early payments usually contain more interest. The principal share generally grows as the balance falls.
Taxes and insurance
Enter annual amounts. The calculator divides each by 12 and assumes the amount stays constant.
Extra principal
Optional extra principal can shorten payoff and reduce interest when the loan permits it.
Mortgage payment example
For a $400,000 home with 10% down, the loan amount is $360,000. At a fixed 6.50% rate for 30 years, the scheduled principal-and-interest payment is about $2,275.44 per month.
Adding $400 per month for property tax, $150 for homeowners insurance, and an initial $150 PMI estimate produces a starting payment of about $2,975.44 before HOA dues or optional extra principal.
How extra payments change amortization
An extra principal payment reduces the outstanding balance after the scheduled principal is applied. Future interest is then calculated on the smaller balance. The result compares your entered extra amount with the same loan at zero extra principal, showing the estimated interest and time saved. Confirm that your servicer will apply extra money to principal and check whether the loan has a prepayment penalty.
How this tool estimates PMI
If you enter a PMI rate, the calculator estimates a level monthly charge from the original loan amount while the balance is above 80% of the original home price. This is only a planning shortcut. Actual private mortgage insurance cancellation depends on the loan, payment history, property value, servicer process, and applicable rules. FHA, VA, USDA, and other government-backed loan charges are not calculated by this PMI field.
Reading the amortization schedule
The annual view makes long-term trends easy to compare. The monthly view shows every scheduled payment date, beginning balance, loan payment, principal, interest, extra principal, and ending balance. Download the CSV when you want to review the complete schedule in a spreadsheet.
- Beginning balance: principal owed before that payment.
- Loan payment: scheduled principal and interest plus any extra principal.
- Principal: the portion that reduces the balance, including the separate extra amount.
- Interest: the financing charge calculated from the balance and monthly rate.
- Ending balance: estimated principal remaining after the payment.
This calculator provides a general estimate, not a loan estimate, approval, rate quote, tax assessment, insurance quote, financial recommendation, or legal advice. It assumes a fixed rate, monthly compounding, and on-time monthly payments. Actual lender or servicer figures may differ because of rounding, payment timing, escrow adjustments, fees, changing taxes and insurance, mortgage-insurance rules, or contract terms. Verify all figures with qualified professionals and review your loan documents before making a financial decision.