Work out your full monthly mortgage payment, see how much interest the loan costs over its lifetime and check how extra payments shorten the term.
Advanced: taxes, insurance, HOA, PMI and extra payments
A small recurring overpayment goes straight to the loan balance, which shortens the term and cuts total interest.
The solid line is the remaining balance with your inputs. When an extra payment is set, the dashed line shows the slower payoff without it. Balance drops faster late in the term as more of each payment becomes principal.
| Year | Interest paid | Principal paid | Balance at year end |
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For beginners: how to read this result
To get a result, choose a scenario preset or enter your own figures: home price, down payment, interest rate and loan term. The down payment can be typed as a percentage or as a cash amount with the % / $ toggle. Open the Advanced section to add annual property tax, annual home insurance, a monthly HOA fee, a PMI rate and an optional extra monthly payment.
How the monthly payment is built
The headline figure is the full monthly housing payment, often called PITI. It is made of four parts:
- Principal and interest: the loan repayment. The loan amount is the home price minus the down payment. The monthly principal and interest equals the loan amount multiplied by the monthly interest rate, divided by one minus (one plus the monthly rate) raised to the negative number of months. The monthly rate is the annual rate divided by twelve, and the number of months is the term in years times twelve. If the rate is zero, it is simply the loan amount divided by the number of months.
- Property tax: the annual property tax divided by twelve.
- Home insurance: the annual insurance premium divided by twelve.
- PMI and HOA: private mortgage insurance is charged while the remaining balance is above 80 percent of the home price, calculated as the loan amount times the PMI rate divided by twelve; any monthly HOA or community fee is added on top.
Interest, total cost and extra payments
The calculator runs a month-by-month simulation of the loan. Total interest paid is the sum of the interest portion of every payment. Total of all payments adds principal, interest, property tax, insurance, PMI and HOA across the whole term. When you set an extra monthly payment, that amount is applied directly to the balance each month, so the loan is repaid sooner; the what-if block reports how many months and how much interest this saves. The balance chart and the year-by-year amortization table both reflect the same simulation.
What is not included
This is an estimate. It does not include closing costs, loan origination or appraisal fees, points, escrow shortfalls, late fees, rate changes on adjustable loans, or tax and insurance increases over time. PMI rules, property tax rates and insurance pricing vary by location and lender. Use the result as a planning guide and confirm exact terms with a qualified lender.