What You Can Calculate

Monthly Mortgage Payments

Calculate your exact monthly payment including principal and interest. Choose between equal installment (level payment) or equal principal repayment methods. See how to use.

PITI Breakdown

See a complete breakdown of Principal, Interest, property Taxes, homeowners Insurance, PMI, and HOA fees. Understand exactly where your money goes each month.

Amortization Schedule

View a detailed payment schedule for every month of your loan. See how your principal balance decreases and interest payments change over time. Common questions answered.

Prepayment Analysis

Simulate the impact of extra payments on your mortgage. See how much interest you can save and how many years you can shave off your loan term.

Plan Comparison

Compare different loan scenarios side by side. Evaluate 15-year vs 30-year mortgages, or different interest rates and down payments.

Multi-Currency Support

Calculate mortgages in various currencies including USD, EUR, GBP, JPY, CNY, and more. Perfect for international buyers and investors.

How to Use This Mortgage Calculator

  1. 1

    Enter Your Loan Details

    Input the home loan amount (purchase price minus down payment), annual interest rate, and loan term in years. For example, a $300,000 loan at 6.5% interest for 30 years.

  2. 2

    Add Additional Costs (PITI)

    Enter your annual property tax, annual homeowners insurance premium, PMI (Private Mortgage Insurance, if your down payment is less than 20%), and monthly HOA fees if applicable. These form your complete PITI payment.

  3. 3

    Choose Your Repayment Method

    Select between Equal Installment (Level Payment) or Equal Principal repayment. Equal Installment keeps your monthly payment constant throughout the loan. Equal Principal means you pay the same principal amount each month, with interest decreasing over time.

  4. 4

    Calculate and Review Results

    Click Calculate to view your monthly payment breakdown. See the split between principal, interest, taxes, and insurance. Review the amortization schedule showing your loan balance and payments over time.

  5. 5

    Simulate Prepayments (Optional)

    Use the prepayment feature to see how extra payments affect your loan. Enter an additional payment amount and see the updated schedule showing interest savings and reduced loan term. Even small extra payments can save thousands over the life of your mortgage.

Pro Tip

Run multiple scenarios to find the best mortgage strategy for your situation. Compare 15-year vs 30-year terms, different down payment amounts, and various interest rates. Use the comparison feature to see all scenarios side by side.

Frequently Asked Questions

What is a mortgage calculator?

A mortgage calculator is a financial tool that helps you estimate your monthly home loan payment. It calculates the principal, interest, taxes, and insurance (PITI) based on your loan amount, interest rate, loan term, and additional costs like property taxes, homeowners insurance, PMI, and HOA fees. This calculator provides accurate estimates to help you budget and compare different mortgage options before committing to a loan.

How do I calculate my monthly mortgage payment?

To calculate your monthly mortgage payment: 1) Enter your loan amount (home price minus down payment), 2) Input the annual interest rate (e.g., 6.5%), 3) Select your loan term (typically 15 or 30 years), 4) Add property tax, homeowners insurance, PMI, and HOA fees if applicable. Our calculator will instantly show your total monthly payment including all components. The formula accounts for amortization, meaning your payment is split between principal and interest, with more going toward principal as the loan progresses. Read our detailed guide for step-by-step instructions.

What is PITI in a mortgage?

PITI stands for Principal, Interest, Taxes, and Insurance - the four main components of a monthly mortgage payment. Principal is the amount you borrowed (the loan amount). Interest is the cost of borrowing money from the lender. Taxes are annual property taxes divided into monthly payments. Insurance includes homeowners insurance and PMI (Private Mortgage Insurance) if your down payment was less than 20%. Understanding your PITI helps you budget accurately and see exactly where your monthly payment goes.

Should I choose equal installment or equal principal repayment?

Equal installment (level payment) keeps your monthly payment constant throughout the loan term, making budgeting easier and more predictable. This is the most common option in the US. Equal principal means you pay the same principal amount each month plus decreasing interest, resulting in higher initial payments but lower total interest paid over the loan term. Choose equal installment if you prefer stable payments and easier budgeting. Choose equal principal if you can afford higher initial payments and want to pay less interest overall. Use our calculator to compare both methods and see the exact difference in total cost.

How do extra payments affect my mortgage?

Extra payments (also called prepayments) directly reduce your principal balance, which decreases the total interest paid and shortens your loan term. Even small additional payments can save thousands of dollars over the life of the loan. For example, paying just $100 extra per month on a $300,000 30-year mortgage at 6.5% can save over $60,000 in interest and reduce the loan term by about 6 years. Use our calculator's prepayment feature to see the exact impact of additional payments on your specific loan. There's typically no penalty for making extra payments, but always verify with your lender. Explore all features.

What is PMI and when can I remove it?

PMI (Private Mortgage Insurance) is required by lenders when your down payment is less than 20% of the home's purchase price. It protects the lender if you default on the loan. PMI typically costs 0.5% to 1% of the loan amount annually. You can request PMI removal once you reach 20% equity in your home through regular payments or home value appreciation. By law, lenders must automatically cancel PMI when your loan balance reaches 78% of the original home value. To remove PMI, contact your lender and request a current home appraisal. Some lenders may require you to have held the mortgage for a minimum period (often 2 years) before allowing PMI cancellation.

How accurate is this mortgage calculator?

This calculator provides highly accurate estimates based on the information you input using standard mortgage formulas. However, your actual mortgage payment may vary slightly due to factors like specific lender requirements, closing costs, escrow account management, mortgage insurance premiums, and changing property tax rates. The calculator assumes fixed interest rates and does not account for adjustable-rate mortgages (ARMs) after the initial period. For the most accurate payment amount, always consult with your mortgage lender who can provide a Loan Estimate that includes all fees and charges specific to your loan.

Can I use this calculator for refinancing?

Yes, this calculator works perfectly for refinancing scenarios. To calculate your new refinanced mortgage payment, enter your remaining loan balance as the loan amount, input the new interest rate you've been offered, and select your desired new loan term. You can then compare your current monthly payment with the refinanced payment to determine if refinancing will save you money. Remember to factor in closing costs (typically 2-5% of the loan amount) when deciding if refinancing makes sense. Use our comparison feature to see side-by-side how much you could save over the life of the loan.

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