PlanetToolbox
Mortgage Calculator
Estimate monthly mortgage payments, total interest, payoff timing, and a full amortization schedule from your own loan assumptions.
Mortgage result
Estimated required monthly payment
$2,875
Includes principal and interest plus any tax, insurance, HOA, and PMI assumptions entered below. Extra principal payments are shown separately.
- Principal and interest
- $2,275
- Loan amount
- $360,000
- Payoff
- April 2056
- Down payment
- $90,000
Presets
Compare common mortgage assumptions
Local saves
Saved scenarios
Saved scenarios stay in localStorage in this browser. They are not sent or synced.
No saved scenarios yet.
Mortgage inputs
Adjust the assumptions
Enter the rate and cost assumptions you want to compare. This calculator does not quote current lender rates.
PMI is often required with less than 20% down.
Payment breakdown
Estimate only. This is not a lender quote, rate offer, tax bill, insurance quote, or approval decision.
Loan summary
- Down payment
- $90,000
- Down payment percent
- 20%
- Annual property tax
- $5,400
- Annual insurance
- $1,800
- Total interest
- $459,164
- Total estimated cost
- $1,035,164
- Scheduled payoff
- April 2056
- Actual payoff
- April 2056
- Interest saved
- $0
- Time saved
- 0 months
Amortization schedule
View the loan payoff by year or every monthly payment.
Mortgage payment formula and examples
Use the calculator for scenario planning when comparing loan amounts, rates, terms, escrow costs, PMI, and extra principal payments.
Fixed-rate mortgage formula
For a fixed-rate loan, principal and interest are estimated with M = P x r(1 + r)^n / ((1 + r)^n - 1), where P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments.
If the interest rate is zero, the principal portion is simply the loan principal divided by the number of payments.
What changes the payment
- Loan amount changes when the purchase price, down payment, or financed fees change.
- Interest rate and term control the principal-and-interest payment.
- Taxes, homeowners insurance, PMI, and HOA dues can change the total monthly housing cost without reducing the loan balance.
- Extra principal payments can shorten the payoff timeline and reduce lifetime interest.
Example scenario
A $400,000 home with 20% down leaves a $320,000 loan balance. At 6.5% for 30 years, the estimated principal-and-interest payment is about $2,023 per month before taxes, insurance, PMI, HOA dues, and other costs.
How to use the result
- Compare multiple rates and terms before focusing on one monthly number.
- Add realistic property tax and insurance estimates for a more complete housing-cost view.
- Use the amortization schedule to see how much of each payment goes to interest versus principal over time.
Mortgage calculator notes
This tool is an estimator. It does not provide lender quotes, current mortgage rates, tax advice, insurance quotes, or approval terms.
Actual loan payments can vary based on credit profile, lender fees, rate locks, points, taxes, insurance, PMI rules, escrow setup, location, and closing date.
Frequently asked questions
Does this mortgage calculator use live mortgage rates?
No. The calculator uses the interest rate you enter, which is better for comparing quotes, rate scenarios, points, down payments, and extra-payment plans.
What is included in the monthly mortgage payment estimate?
The estimate can include principal and interest, property taxes, homeowners insurance, PMI, HOA dues, and optional extra principal payments.
Can I see how extra payments affect payoff time?
Yes. Enter an extra monthly principal payment to estimate interest savings, payoff timing, and changes to the amortization schedule.
Is this mortgage calculator a lender quote?
No. It is a planning estimate only. Actual payments depend on lender pricing, credit profile, taxes, insurance, closing date, escrow rules, and loan terms.
Related tools
Continue with practical tools that answer similar questions.
Affordability Calculator
Estimate a home purchase budget from income, debts, down payment, mortgage rate, taxes, insurance, HOA, and DTI.
Personal Loan Calculator
Estimate personal loan payments, origination fees, interest, payoff timing, and amortization.
Auto Loan Calculator
Estimate auto loan payments with down payment, trade-in, taxes, fees, extra payments, and amortization.
Credit Card Payoff Calculator
Estimate how long it will take to pay off a credit card balance and how much interest you may pay.