Free mortgage calculator for a clearer monthly budget. Use this mortgage calculator to estimate principal, interest, taxes, insurance and other housing costs, then explore how extra payments may change your payoff date.
Monthly repayment model • No registration • Results calculated in your browser
Biweekly payment illustration
This is a separate illustration with 26 equally spaced payments per year, each half the normal monthly loan payment, and a periodic interest rate of annual rate ÷ 26. It excludes your other extra payments and all housing costs. It is not a dated 14-day schedule or a prediction of your lender’s payment handling. No fees or penalties are included.
What extra payments change
| Measure | Standard schedule | Your extra-payment plan |
|---|
Remaining loan balance
Blue: standard schedule. Green dashed line: your plan. Exact figures appear in the schedule below.
Mortgage calculator amortization schedule
| Period | Loan paid | Principal | Interest | Extra principal* | Housing costs | Balance |
|---|
How this mortgage calculator estimate works
Enter a home price and down payment, then set your interest rate, loan term, and first payment month. Add expenses and optional extra principal payments. Calculate again whenever you change an input.
Formula and payment assumptions
Loan amount = home price − down payment. For a positive rate, monthly principal and interest = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is annual rate ÷ 100 ÷ 12, and n is the number of monthly payments. At 0% interest, payment = P ÷ n.
Interest is calculated on the opening balance each month. The final payment is reduced to clear the remaining balance. Calculations retain precision internally and round displayed amounts; lenders may use different rounding or interest conventions.
What is included and excluded?
This models a fully amortizing fixed-rate loan with monthly payments. It does not model variable rates, daily interest, closing costs, financed fees, tax deductions, lender penalties, or country-specific compounding conventions. The currency selector only changes the display.
If included, annual property taxes and insurance are spread evenly across 12 months. Other housing costs follow your optional annual increase settings. Costs shown over the repayment period stop being counted at loan payoff, but owning a home still involves expenses after the mortgage ends. Mortgage-insurance duration is supplied by you.
Example inputs are illustrative, not current market rates. Results are estimates, not lender quotes.
Understanding your mortgage payment
This mortgage calculator helps answer two questions: how much will the loan cost each month, and how much room should you allow for the home itself? This calculator separates the loan from ownership expenses so you can see both.
Principal, interest and housing expenses
Principal is the amount borrowed that you still owe. Interest is the charge for borrowing it. Paying principal reduces the balance; paying interest does not. Property taxes, homeowners insurance and possible mortgage insurance add to the amount you need to budget. HOA charges may be paid separately from the lender.
The first-month breakdown shows each input separately. Unchecking “Include taxes, insurance and other costs” removes those expenses from the estimate without erasing the values you entered. It does not mean those costs disappear in real life.
A worked example
A mortgage calculator example for a home priced at $300,000 with a 20% down payment, the loan amount is $240,000. At an illustrative fixed annual rate of 6.5% over 30 years, monthly principal and interest is approximately $1,516.96. Adding $3,600 in annual property tax and $1,200 in annual homeowners insurance brings the starting monthly budget to approximately $1,916.96, before HOA, mortgage insurance, other expenses or extra payments.
These figures are an example, not a mortgage offer or current market quote. Your actual rate, payment dates and lender calculations can differ.
Why the principal portion changes
In this monthly model, interest is calculated on the balance at the start of each payment period. As that balance falls, the interest portion falls too. More of the scheduled payment can then reduce principal. The amortization table makes this progression visible, with yearly summaries or each individual payment.
Planning for changing ownership costs
A fixed loan rate does not freeze the whole household budget. Taxes, insurance and association charges can change. Use the mortgage calculator annual increase settings to explore your own cost assumptions. The calculator applies the chosen increase after each 12-payment period; it does not forecast tax assessments or insurance premiums.
For property tax, choose either an annual cash amount or a percentage of the original home price. The percentage is a planning shortcut. A local tax bill may use a different assessed value, exemptions or other rules.
How extra payments affect this estimate
Try a recurring monthly amount, a yearly contribution, or several one-time payments. This model applies them to principal after the normal payment. Reducing principal earlier generally reduces subsequent interest and can bring the final payment forward. Compare the standard and extra-payment columns to see the modeled difference.
Before sending extra money, confirm how your servicer will apply it and whether your loan has a prepayment penalty. The calculator does not include penalties or extra-payment fees.
What the biweekly illustration means
Twenty-six half-monthly payments add up to thirteen monthly payments over a year. Our optional illustration uses 26 equal periods and the assumptions stated beside its results. Actual lender programs can hold funds or apply payments on different dates, so their results may differ. This comparison is independent of the extra payments you enter elsewhere.
Frequently asked questions
Does mortgage insurance stop automatically in this calculator?
No. Enter the monthly amount and number of months you want to model. The tool does not determine legal eligibility for cancellation or your lender’s requirements.
Does paying off the mortgage remove property taxes and insurance?
No. The repayment comparison counts housing costs only during each loan’s repayment period. A shorter period is not evidence that those ownership costs have been saved.
Can I compare different down payments or interest rates?
Yes. Calculate one set of inputs and download its schedule, then change the inputs and calculate again. Keep the assumptions with each result so the comparison remains meaningful.
Is the total shown a complete cost of buying a home?
No. Closing costs, moving expenses, renovations and any costs you have not entered are excluded. The calculator also does not estimate taxes saved, investment returns or future home values.
Further reading
- CFPB: loan payment versus total monthly payment
- CFPB: how mortgage repayment works
- CFPB: prepayment penalties
- CFPB: mortgage terms and biweekly payments
These references describe U.S. mortgages. Country-specific loan rules are not automatically applied by the currency selector.