Mortgage Calculator

What this tool does

Estimate a fixed-rate mortgage payment from a home price, a down payment, a rate, and a term. Optional tax, insurance, HOA, and PMI stay at 0 until you enter them. Extra payments and a 15-year versus 30-year comparison are on this same page.

How to use

1. Enter the home price, the down payment as a percent or a dollar amount, the rate, and the term.
2. Use 15 years or 30 years, or type another whole number of years from 1 to 50.
3. Leave tax, insurance, HOA, and PMI blank if you only want principal and interest.
4. Add an extra monthly payment or a one-time payment if you want a payoff estimate.
5. Press Calculate. The rate in the sample is an example, not a live lender rate.

Examples

• A 400,000 home with 20% down

  The loan amount is 320,000. The main payment is principal and interest only until you type tax, insurance, HOA, or PMI.

• An extra 200 a month

  The payoff section shows a shorter term and the interest difference. It is an estimate of applying that extra amount to principal.

Main features

• Principal and interest shown apart from the full monthly housing cost.
• A yearly schedule and an optional monthly schedule.
• An extra-payment estimate with months saved and interest saved.
• A 15-year and 30-year comparison on the same price, down payment, and rate.

How it works

The loan amount is the home price minus the down payment. Principal and interest use the same fixed-rate formula as the loan calculator. At 0% interest, the payment is the loan amount divided by the number of months. Yearly property tax and insurance are divided by 12. HOA and PMI are monthly amounts you enter. The 15-year and 30-year rows use the same price, down payment, and rate so you can see the payment and the total interest side by side.

Tips

• A 100% down payment leaves a loan amount of 0 and a principal-and-interest payment of 0.
• PMI is whatever monthly amount you type. This page does not decide whether a loan has PMI.

Limitations

Estimates are for educational purposes and are based on the information you enter. Actual loan terms, lender fees, taxes, insurance, and other costs may differ. Extra payments are a mathematical estimate. A lender may apply them on a different schedule. This is not a quote.

See the disclaimer for what these tools do not cover.

FAQ

How is a mortgage payment calculated?

The page subtracts the down payment from the home price, then applies the fixed-rate payment formula to that loan amount and term.

What is included in a monthly mortgage payment?

The principal-and-interest line is only the loan. Tax, insurance, PMI, and HOA are added only when you enter them.

How does a down payment affect a mortgage?

A larger down payment lowers the loan amount, which lowers principal and interest. The down payment cannot be larger than the home price.

How do extra mortgage payments reduce interest?

In this estimate, an extra monthly payment and an optional one-time payment reduce the balance faster. The page then shows the shorter payoff and the interest that was not charged.

Are these numbers sent to a server?

No. The home price, down payment, and rate stay in this tab while the payment is estimated. They are not sent to a server.

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