Calculate your full monthly payment including taxes, insurance, PMI, HOA, and see how extra payments accelerate payoff
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This mortgage calculator helps you estimate your total monthly payment including principal, interest, taxes, insurance, PMI, and HOA fees. Understanding the full cost of homeownership is essential for budgeting and choosing the right home loan. It shows a complete amortization schedule, bi-weekly payment comparison, and how extra payments can save thousands in interest and shorten your loan term.
This calculator uses the standard amortization formula for the principal and interest portion, then adds monthly equivalents of taxes, insurance, and other costs.
Your monthly mortgage payment is determined by the loan amount, interest rate, loan term, property taxes, homeowners insurance, PMI, and HOA fees. A longer term lowers monthly payments but increases total interest paid.
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage offers lower monthly payments, making homeownership more accessible.
Your credit score directly impacts the interest rate you qualify for. Borrowers with scores above 740 typically receive the lowest rates, while lower scores may result in higher rates and additional PMI requirements.
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. It protects the lender and typically costs 0.3% to 1.5% of the loan amount annually. PMI can be removed once you reach 20% equity.
Yes, making extra principal payments can significantly reduce your loan term and total interest. Even one extra payment per year can shave years off a 30-year mortgage and save thousands in interest.
Fixed-rate mortgages lock in your interest rate for the entire loan term, providing predictable payments. Adjustable-rate mortgages (ARMs) start with a lower rate that adjusts periodically based on market conditions.