Full mortgage amortization schedule with payoff date, property tax, home insurance, and PMI included, so you see the true monthly housing cost, not just principal and interest.
A mortgage calculator estimates your loan payment, home price, interest rate, or loan term, then shows the payoff date and full amortization schedule.
Common ways to use this calculator:
Buy a $400,000 home with a 20% down payment ($80,000), leaving a $320,000 loan at 6.5% over 30 years: the loan payment is about $2,023/month. Add roughly $367/month in property tax and $150/month in home insurance, and the total out-of-pocket comes to about $2,540/month, the number that actually leaves your bank account.
If your down payment is under 20%, lenders usually require PMI (private mortgage insurance) until you build enough equity, which adds to your monthly cost without reducing the loan itself. Property tax and home insurance amounts vary by location, so the Total out-of-pocket figure, not just the loan payment, is what shows your real monthly housing cost.
Enter home price, down payment, interest rate, and loan term. The calculator estimates the mortgage payment, total mortgage payments, total interest, payoff date, and amortization schedule.
Loan payment covers the mortgage principal and interest only. Total out-of-pocket adds recurring ownership costs such as property taxes, insurance, mortgage insurance, and other housing costs when Advanced options are enabled.
No. The amortization table stays focused on the mortgage itself: beginning balance, interest, principal, total mortgage payment, and ending balance. Taxes and insurance are shown separately in the housing-cost breakdown.
Yes. The calculator uses the start date and repayment schedule to estimate the payoff date, and it shows total mortgage payments, total interest, and a full period-by-period amortization table.
Not directly. This calculator models a standard fully-amortizing loan, where every payment covers both principal and interest. An interest-only mortgage only requires interest for a set period, so the balance doesn't go down until that period ends and payments increase.
The loan payment (principal and interest) is PMT = P × r(1+r)^n / [(1+r)^n − 1], where P is the loan amount after any down payment, r is the monthly interest rate, and n is the number of monthly payments. Property tax, insurance, and PMI are added separately to get the total out-of-pocket cost.
PMT = P × r(1+r)^n / [(1+r)^n − 1]
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