Mortgage Calculator
A mortgage is the most important long-term loan most people will ever take. This calculator shows your complete monthly payment — principal & interest, property taxes, home insurance, PMI (private mortgage insurance when LTV exceeds 80%), and HOA fees — so you can see the true cost of homeownership. Add extra payments to see how much you can save in interest and how early you can pay off.
Extra payments (optional)
Annual increases (%)
Total monthly payment
Loan amount
Down payment
Total paid (P&I)
Total interest
Lifetime totals
Based on the fixed-rate amortization formula. Taxes, insurance, HOA, and other costs are estimates and may vary.
Amortization schedule
| Date | Interest | Principal | Remaining balance | |
|---|---|---|---|---|
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How it works
The loan amount equals home price minus down payment. The monthly principal & interest payment is calculated using the fixed-rate formula: PMT = P × r / (1 − (1+r)^−n). Monthly property tax = home price × annual rate / 12. PMI applies only when LTV exceeds 80% and is cancelled once the balance drops to 80% of the home price. Extra monthly or one-time payments reduce the principal balance, shortening the loan and reducing total interest paid.
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Preguntas frecuentes
- How much should a mortgage down payment be?
- Most lenders require a minimum of 20% of the home price as a down payment to avoid PMI. Some programs allow as little as 3–5% down, but you will pay private mortgage insurance until your equity reaches 20%. A larger down payment reduces your monthly payment and total interest paid.
- What is PMI and when do I need it?
- PMI (Private Mortgage Insurance) protects the lender if you default on the loan. It is required when your LTV exceeds 80%. It typically costs 0.3%–1.5% of the loan amount per year. You can request PMI cancellation once your loan balance drops to 80% of the original home value.
- Should I make extra mortgage payments?
- Extra payments apply directly to principal, reducing your balance faster. This shortens the loan term and can save tens of thousands in interest. For example, paying an extra $200/month on a $300,000 loan at 7% over 30 years can cut more than 5 years off the term.
- What is LTV (Loan-to-Value)?
- It is the ratio between the loan amount and the home price, expressed as a percentage. If you buy a $300,000 home with a $60,000 down payment, the LTV is 80%. Lenders generally require PMI when LTV exceeds 80%.
- What other monthly costs should I budget for beyond principal and interest?
- The most common recurring costs are: property taxes (1–2% annually), home insurance ($50–$200/month), PMI if LTV is above 80%, HOA fees, and other maintenance costs. There are also one-time closing costs (attorney fees, appraisal, title, origination) that typically run 2%–5% of the home price.