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Mortgage Calculator
A mortgage payment is more than principal and interest. This calculator estimates a standard fixed-rate payment, then layers optional property tax, homeowners insurance, PMI, HOA dues, and extra principal so you can see a fuller monthly picture and how prepayments shorten the loan.
Last reviewed July 30, 2026.
Monthly total = P&I + tax + insurance + PMI + HOA + extra. Estimate only — lenders may use different escrow and PMI rules.
When to use this
- Comparing home prices or down payments before you talk to a lender
- Estimating escrow items (tax and insurance) alongside P&I
- Seeing how an extra monthly principal payment changes payoff time
Worked example
Home $400,000, down payment $80,000 (loan $320,000), 6.5% APR, 30 years. Principal & interest is about $2,022 per month. Add $4,800/year tax and $1,400/year insurance (~$400 + ~$117 monthly) and the all-in payment rises accordingly. Extra principal reduces total interest and months to pay off.
Common mistakes
- Comparing only P&I when your real budget must include tax, insurance, and HOA
- Assuming today’s quote matches this estimate—credit, points, and fees change offers
- Forgetting PMI when the down payment is under 20%
How it works
Monthly rate r = APR ÷ 12 ÷ 100. For n months, P&I = P × r(1+r)^n ÷ ((1+r)^n − 1) when r > 0. Amortization applies interest to the remaining balance each month; extra principal reduces balance faster. Tax, insurance, and PMI are converted from annual amounts to monthly estimates.
How to use
- Enter home price, down payment, APR, and term in years.
- Optionally add annual tax, insurance, PMI, monthly HOA, and extra principal.
- Review P&I, total monthly, total interest, and payoff length.
- Open the first-year amortization table if you want month-by-month detail.
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FAQ
Is this a lender quote?
No. It is an educational estimate using standard fixed-rate amortization. Actual offers depend on credit, fees, points, and escrow rules.
What does the monthly total include?
P&I plus estimated monthly tax, insurance, PMI, HOA, and any extra principal you enter.
Does extra payment go to interest or principal?
In this model, the extra amount is applied to principal after the scheduled interest portion—similar to a principal-only prepayment.
Can I model an ARM?
Not in this version. The math assumes a fixed rate for the full term.
Why might PMI disappear later in a real loan?
Many loans drop PMI after a certain equity threshold or appraisal. This tool keeps the PMI amount you enter unless you set it to zero.
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