Mortgage Calculator
Know your true monthly payment — principal, interest, taxes, insurance, PMI, HOA fees and complete amortization schedule.
Mortgage Details
⚡ Extra Payments (Pay Off Sooner & Save Interest)
Total Monthly Payment
Payoff: —Monthly Cost Breakdown
30-Year vs. 15-Year Fixed Mortgage Comparison
See how choosing a 15-year mortgage can save you tens or hundreds of thousands of dollars in interest.
| Comparison Metric | 30-Year Fixed | 15-Year Fixed | Difference / Savings |
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Amortization Schedule
Track your principal repayment, interest, and home equity growth.
| Year | Beginning Balance | Total Payment | Principal | Interest | Taxes & Ins. | Ending Balance | Home Equity |
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Mortgage Calculator FAQ
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Mortgage Calculator — know your true monthly payment
Your real mortgage payment is more than just principal and interest. Property tax, homeowners insurance, PMI and HOA fees all add up. This complete PITI mortgage calculator shows your true monthly outlay, the principal-and-interest split, and a full amortization schedule — perfect for buyers comparing houses or refinancing.
Understanding PITI and DTI
PITI = Principal + Interest + Taxes + Insurance. Lenders underwrite primarily on PITI and total Debt-to-Income (DTI).
The 28/36 rule: keep PITI under 28% of gross income and total debts under 36%.
A 400,000 monetary-unit home with 20% down at 6.5% for 30 years has a base P&I near $2,022; adding $400/month taxes, $125 insurance and $50 HOA brings the real payment to about $2,597 — giving you the true cost of homeownership.
PMI — when you must pay it
PMI (Private Mortgage Insurance) is required when your down payment is below 20%. It costs roughly 0.3–1.5% of the loan per year.
PMI automatically ends at 78% loan-to-value and can be cancelled at 80% by request.
Ways to avoid PMI: a 20% down payment, a piggyback second loan, or lender-paid PMI with a slightly higher rate.
15 vs 30 year mortgage
A 30-year loan maximizes affordability but roughly doubles total interest. On $320,000 at 6.5%, 30 years costs over $408,000 in interest, while 15 years at 6.0% costs just $166,000 — saving over $242,000!
The 15-year loan also builds equity twice as fast and serves as a forced savings plan.
Many borrowers choose 30 years with extra monthly payments — giving the flexibility of lower required payments with the interest savings of a shorter term.
How to use this calculator
- Enter your target Home Price and Down Payment (as a dollar amount or percentage).
- Choose your loan term: 30, 20, 15, or 10 years.
- Input the interest rate and start date.
- Adjust annual property tax, home insurance, and any HOA fees.
- Optionally enter extra payments to see your interest savings and earlier payoff date.
- Review the interactive donut breakdown, 30 vs 15-year comparison, and amortization schedule.
Pro tips
- Shop rates from at least 3 lenders; even 0.25% saves thousands over 30 years.
- Paying an extra $100 to $200 per month directly towards principal can shorten a 30-year loan by 4 to 6 years.
- Refinance when rates drop 0.75–1% and you plan to stay at least 2 to 3 years.