🏡 Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, PMI and HOA. Add extra payments to see how much you can save and when you'll pay off your loan. View detailed amortization schedules and payment breakdowns.
🏠Basic Information
Monthly Payment(per month)
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❓Frequently Asked Questions
How do you calculate a mortgage payment?▼
A mortgage payment is calculated using the formula M = P × r(1+r)^n / ((1+r)^n - 1), where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This gives you the principal and interest (PI) portion. Add property taxes, insurance, PMI, and HOA fees for your total PITI payment.
Do extra payments reduce my interest?▼
Yes! Extra payments go directly toward your principal balance, reducing the amount of interest you'll pay over the life of the loan. Even small extra payments can save thousands in interest and help you pay off your mortgage years earlier. Our calculator shows exactly how much you can save.
What's the difference between PI and PITI?▼
PI stands for Principal and Interest—the core mortgage payment based on your loan amount and interest rate. PITI includes Principal, Interest, Taxes (property tax), and Insurance (homeowners insurance). Many lenders require PITI payments, and some also include PMI (Private Mortgage Insurance) and HOA fees for a complete monthly housing cost.
How do bi-weekly payments save money?▼
Bi-weekly payments mean you pay half your monthly payment every two weeks. This results in 26 half-payments (13 full payments) per year instead of 12, effectively making one extra monthly payment annually. This extra payment reduces your principal faster, saving significant interest and shortening your loan term by several years.
When does PMI drop off?▼
Private Mortgage Insurance (PMI) is automatically removed once your loan-to-value (LTV) ratio reaches 80%—meaning you've paid down 20% of your home's value. You can request PMI removal earlier if your home's value increases or you make extra payments. PMI typically costs 0.5% to 1% of the loan amount annually.
What's an interest-only mortgage?▼
An interest-only mortgage allows you to pay only the interest for a set period (typically 5-10 years), with no principal paydown. After this period, you begin paying both principal and interest, resulting in higher monthly payments. While this reduces initial payments, you build no equity during the interest-only phase and pay more interest overall.