Home Loan Calculator
Calculate your estimated monthly mortgage payment, total interest, total repayment, and amortization schedule.
Your Home Loan Summary
Monthly Payment Breakdown
| Principal & Interest | $0 |
| Property Tax | $0 |
| Home Insurance | $0 |
| HOA / Condo Fees | $0 |
| Total Monthly Housing Cost | $0 |
|---|
Extra Payment Impact
Loan Cost Summary
| Home Price | $0 |
| Down Payment | $0 |
| Loan Amount | $0 |
| Interest Rate | 0% |
| Loan Term | 0 years |
| Total Principal | $0 |
| Total Interest | $0 |
| Total Loan Payments | $0 |
|---|
Annual Amortization Schedule
| Year | Starting Balance | Principal | Interest | Ending Balance |
|---|---|---|---|---|
| Calculate your loan to see the schedule. | ||||
First 12 Monthly Payments
| Payment | Payment Amount | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Calculate your loan to see the payment schedule. | ||||
How the Home Loan Calculator Works
This free home loan calculator estimates your monthly mortgage payment using the loan amount, interest rate, and repayment term. It also allows you to include property taxes, homeowners insurance, and HOA fees so you can see a more realistic monthly housing cost.
The calculator uses the standard fixed-rate mortgage amortization formula. Each monthly payment contains an interest portion and a principal portion. At the beginning of the loan, more of the payment generally goes toward interest. As the balance decreases, more of each payment goes toward principal.
What Is Included?
- Home price and down payment
- Mortgage loan amount
- Annual interest rate
- Loan terms up to 40 years
- Property taxes
- Homeowners insurance
- HOA or condo fees
- Optional extra monthly principal payments
- Total interest calculation
- Complete annual amortization schedule
- First 12 monthly payments
- Estimated payoff date
How Extra Mortgage Payments Can Help
Paying extra toward your mortgage principal can shorten the repayment period and reduce the amount of interest paid over the life of the loan. Even a relatively small additional monthly payment can make a meaningful difference on a long mortgage.
Use the extra payment field above to compare the standard mortgage schedule with a faster repayment strategy. The calculator estimates the potential interest savings and time saved.
Frequently Asked Questions
How is a home loan payment calculated?
The principal and interest payment is calculated using the standard mortgage amortization formula based on the loan amount, annual interest rate, and loan term.
Does this calculator include property taxes?
Yes. Enter your estimated annual property taxes and the calculator divides that amount across 12 months and adds it to the principal and interest payment.
Does the calculator include homeowners insurance?
Yes. Enter your estimated annual insurance cost to include an estimated monthly insurance amount in the total housing payment.
What is PITI?
PITI commonly refers to principal, interest, taxes, and insurance. This calculator also allows you to include HOA or condo fees for a broader estimate of your monthly housing cost.
Does making extra mortgage payments save money?
Extra principal payments can reduce the outstanding loan balance faster. This can reduce the amount of future interest and potentially shorten the repayment period. Actual savings depend on your loan terms and lender rules.
Is this home loan calculator accurate?
The calculator uses standard mortgage mathematics and provides an estimate. Actual mortgage payments can differ because of lender fees, escrow requirements, PMI, rate changes, taxes, insurance, closing costs, and individual loan terms.