How do I calculate my monthly mortgage payment?

Use M = P * r(1+r)^n / ((1+r)^n − 1) for principal & interest. P is loan amount, r is monthly rate (APR/12), n is total payments. Add property taxes, homeowners insurance, HOA and PMI for an all-in monthly estimate.

What’s included in a mortgage payment?

Typically principal & interest. Many borrowers also escrow property taxes and homeowners insurance. If down payment is less than 20% on a conventional loan, PMI may apply until you reach 20% equity.

How can I lower my monthly payment?

Shop multiple lenders for a lower rate, choose a longer term, increase your down payment, or buy a lower-priced home. Refinancing later can also help if rates fall.

Is a 15-year or 30-year mortgage better?

15-year loans usually have lower rates and far less total interest, but higher monthly payments. 30-year loans keep payments lower and improve monthly cash flow.

Do extra payments save interest?

Yes. Applying extra to principal each month shortens the term and reduces total interest. Use the extra-payment inputs or add principal to test scenarios.

Mortgage Calculator

Inputs

Home value ($)

Down payment ($)

Interest rate (APR, %)

Loan term (years)

Start month

Start year

Property tax (≤20 = % of value / >20 = $ per year)

Home insurance ($ per year)

PMI (annual %, used if down < 20%)

HOA ($ per month)

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Mortgage Repayment Summary

Total Monthly Payment

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PMI

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Down payment amount

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Down payment %

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Loan pay-off date

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Total Interest Paid

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Monthly Tax Paid

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Total Tax Paid

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Monthly Home Insurance

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Total Home Insurance

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Annual Payment Amount

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Total of N Payments

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Property tax ≤20 is treated as a percent of home value; >20 as $/yr. PMI applies only when down payment < 20% and drops once LTV ≤ 80%.

First-month amortization (reference)

Payment (P&I)	Interest	Principal	End balance

Principal vs Interest – Visuals

First 12 months

Lifetime (to payoff)

Cumulative line (lifetime)

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Mortgage Calculator — Monthly Payment, Amortization & Extra Payments

Use this free mortgage calculator to estimate your monthly payment including principal & interest, property taxes, homeowners insurance, optional PMI and HOA. Compare terms (10/15/20/30 years), view a full amortization schedule, and export CSV for lender comparisons. Toggle extra payments to see how quickly you can reach payoff and how much interest you can save.

Standard amortization formula (APR/12; 360 payments for a 30-year loan).
Add local taxes & insurance for an all-in monthly budget.
Model extra principal and see term/interest reduction.
CSV export for your full schedule.

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