1. Enter price and down payment
Choose a dollar or percentage down payment. The difference becomes the starting loan amount.
Loans
Mortgage calculator
Estimate the complete monthly housing payment, model several extra-payment types, compare biweekly payoff and review a dated amortization schedule.
Estimated monthly payment
$3,105.44
Loan amount
$360,000.00
Principal and interest
$2,275.44
Total loan interest
$459,160.16
Down payment amount
$40,000.00
Estimated total PMI
$16,234.62
Estimated payoff term
360 mo
Estimated payoff date
Aug 2056
Modeled biweekly payment
$1,137.72
Biweekly payoff date
Oct 2050
Biweekly interest saved
$105,746.14
Payment schedule
A breakdown of each payment into principal, interest and extra repayment.
| Month | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Sep 2026 | $2,275.44 | $325.44 | $1,950.00 | $359,674.56 |
| 2 | Oct 2026 | $2,275.44 | $327.21 | $1,948.24 | $359,347.35 |
| 3 | Nov 2026 | $2,275.44 | $328.98 | $1,946.46 | $359,018.37 |
| 4 | Dec 2026 | $2,275.44 | $330.76 | $1,944.68 | $358,687.61 |
| 5 | Jan 2027 | $2,275.44 | $332.55 | $1,942.89 | $358,355.05 |
| 6 | Feb 2027 | $2,275.44 | $334.36 | $1,941.09 | $358,020.70 |
| 7 | Mar 2027 | $2,275.44 | $336.17 | $1,939.28 | $357,684.53 |
| 8 | Apr 2027 | $2,275.44 | $337.99 | $1,937.46 | $357,346.54 |
| 9 | May 2027 | $2,275.44 | $339.82 | $1,935.63 | $357,006.73 |
| 10 | Jun 2027 | $2,275.44 | $341.66 | $1,933.79 | $356,665.07 |
| 11 | Jul 2027 | $2,275.44 | $343.51 | $1,931.94 | $356,321.56 |
| 12 | Aug 2027 | $2,275.44 | $345.37 | $1,930.08 | $355,976.19 |
The first 12 months are shown initially.
Actual escrow, PMI cancellation, taxes, insurance, closing costs and lender rules vary. This estimate is not a loan offer.
Calculation method
How the mortgage payment is calculated
Principal and interest use the standard amortization formula. Extra monthly, annual and one-time amounts reduce principal after the scheduled payment. The U.S. estimate adds tax, insurance, HOA and PMI, and compares a 26-payment biweekly schedule.
Detailed guide
Estimate a complete monthly mortgage payment
A U.S. mortgage payment can include more than principal and interest. This calculator adds annual property tax and homeowners insurance, monthly HOA dues and estimated private mortgage insurance to the amortized loan payment.
PMI is modeled while the opening loan balance is above 80% of the home value. Monthly, annual and one-time extra principal rebuild the dated schedule. A separate biweekly scenario shows the effect of making 26 half-payments per year.
Calculate a mortgage
2. Add rate, term and housing costs
Enter the mortgage rate, term, annual tax and insurance, monthly HOA and estimated PMI rate.
3. Add dates and payoff scenarios
Set the first payment month, combine extra-payment types, compare biweekly payoff and download the dated amortization table.
Mortgage payment formula
P&I = Loan × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
The fixed principal-and-interest payment uses the monthly mortgage rate r and n payments. Tax, insurance and HOA are added as monthly estimates.
Estimated PMI is charged on the opening balance while loan-to-value is above 80%. Extra amounts reduce principal after the regular payment. The biweekly comparison uses half the monthly principal-and-interest payment every two weeks.
Mortgage payment example
For a $400,000 home with 10% down, the starting loan is $360,000. The complete payment adds the calculated principal and interest to one-twelfth of annual tax and insurance, monthly HOA and estimated PMI.
Costs to verify before buying
Escrow changes
Property taxes and insurance premiums can change, so the escrow portion of a real payment may rise or fall.
PMI cancellation
The model uses an 80% loan-to-value threshold. Federal rules and lender policies can use scheduled or requested cancellation dates and additional conditions.
Closing costs
Appraisal, origination, title and prepaid costs are not included unless you deliberately add financed costs to the home or loan assumptions.
Decision guide
Estimate the full monthly cost of a home
Google leaders expand the principal-and-interest payment with taxes, homeowners insurance, mortgage insurance, association dues, amortization, and extra payments. That broader view is necessary when comparing homes or deciding whether the payment fits a household budget.
Move from purchase price to loan amount
Subtract the down payment from the purchase price and include financed charges only when they are truly part of principal. Closing costs, moving, repairs, and initial furnishing often require cash outside the mortgage. Retaining reserves after closing is as important as reaching a particular down-payment percentage.
Add ownership costs explicitly
Property tax, insurance, association dues, maintenance, and utilities are not generated by the basic amortization formula. Convert annual estimates to monthly amounts when assessing affordability. If insurance or taxes are uncertain, use a higher case rather than relying only on the first-year estimate.
Understand mortgage insurance and rate assumptions
Mortgage insurance can depend on loan type, equity, and lender rules. Adjustable rates can change the future payment. Enter the terms of the actual quote and model a higher-rate period separately; the calculator is not a substitute for a lender’s disclosure.
Use amortization to test decisions
The schedule shows how principal and interest change and what balance may remain when you expect to move or refinance. Extra payments can reduce future interest, but their treatment and any recast rules come from the contract. Compare payoff timing, not just the first payment.
Home-payment checklist
- Keep cash for closing and reserves.
- Add taxes, insurance, dues, and maintenance.
- Stress-test the interest rate.
- Review balance and total interest.
How to compare scenarios
Save a baseline, then change only one input at a time: amount, rate, term, or recurring payment. Record the supporting outputs as well as the headline result—contributions, interest, total cost, remaining balance, or target date. This isolates the assumption that actually changes the decision instead of hiding it inside several simultaneous edits.
Do not tune every assumption until the calculator produces a preferred answer. Start with a cautious case, follow with a central case, and treat the favorable case as an upside scenario. A calculator result is not a lender quote, market forecast, or tax determination; actual dates, rounding, fees, contract rules, and required payments must be checked in primary documents.
Keep enough precision in the inputs and round only the output used for a decision. If the estimate supports a transaction, loan, tax calculation, or long-term plan, repeat it with figures from the contract or official statement. Any difference helps identify the assumption that still needs verification.
Mortgage calculator questions
What does the monthly result include?
It includes principal, interest and the tax, insurance, HOA and PMI estimates entered.
When does PMI stop in this calculator?
It stops when the modeled opening loan balance reaches 80% of the original home price.
Which extra payments can I combine?
In fixed-payment mode you can combine a monthly amount, one payment every loan year and a one-time payment in a selected payment month.
How is the biweekly comparison calculated?
It applies half the scheduled monthly principal-and-interest payment every two weeks, producing 26 payments in a full year.
Is this a mortgage quote?
No. It is an educational estimate and does not include lender underwriting or a binding rate.
Data sources
Updated: August 1, 2026
Useful comparisons