Mortgage Calculator

Extra payments and comparing loans

Any amount you add each month goes straight to principal, so it shortens the loan and cuts the total interest. Example: on a $320,000 loan at 6.5% for 30 years, an extra $200 a month pays it off about 6½ years early and saves roughly $105,000 in interest.

The comparison table shows three loans side by side. The most useful row is cost of borrowing over the years you'll keep the loan: interest, points and PMI over that time. Most people sell or refinance within about 7 to 10 years, so a lower rate bought with points only pays off if you keep the loan past the break-even point the calculator shows.

What's in a monthly mortgage payment

Lenders often quote a payment as PITI: principal, interest, taxes and insurance. This calculator adds private mortgage insurance (PMI) and HOA dues where they apply, so you see the full amount leaving your account each month.

• Principal & interest uses the standard fixed-rate amortization formula on the loan amount (home price minus down payment).
• Property tax is the home price × your annual tax rate ÷ 12. Rates vary a lot by county, often 0.3%–2.5%.
• Home insurance is your annual premium ÷ 12.
• PMI applies only when the down payment is under 20%. It's the loan amount × the PMI rate ÷ 12 (often 0.3%–1.5% per year).
• HOA dues are added as entered.

Example: a $400,000 home with 20% down ($320,000 loan) at 6.5% for 30 years is $2,022.62 in principal and interest. Add 1.1% property tax ($366.67) and $1,800/year insurance ($150.00) for about $2,539 a month.