Mortgage Calculator
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Amortization Schedule
| Month | Payment (PI) | Interest | Principal | Balance |
|---|---|---|---|---|
| Total | — |
About This Mortgage Calculator
Use this free mortgage calculator to estimate a home loan payment based on loan amount, interest rate, and term. It shows the principal and interest (PI) payment and lets you add property taxes, homeowners insurance, and HOA dues to see an estimated all-in monthly payment (PITI). You’ll also get total interest, payoff time, and a complete amortization schedule.
How the payment is calculated
Fixed-rate mortgages are amortizing loans. Each payment covers that month’s interest on the remaining balance and applies the rest to principal. The PI payment is computed using the standard PMT formula from your loan amount, annual rate, and term length. Adding taxes, insurance, and HOA converts PI into your estimated PITI.
Ways to lower your mortgage payment
- Increase your down payment to reduce the loan size.
- Compare lenders to find a lower interest rate.
- Choose a longer term for a smaller monthly PI (you’ll pay more total interest).
- Make small extra principal payments to shorten payoff and cut interest.
Mortgage Calculator FAQs
What’s included in my monthly mortgage?
Your core payment is principal & interest. Many homeowners also pay property taxes, homeowners insurance, and HOA fees—this tool lets you add those so you can budget realistically.
What is an amortization schedule?
It’s a month-by-month table showing how each payment is split between interest and principal and how your balance falls to zero.
Do extra principal payments help?
Yes. Extra principal goes straight to your balance, lowering future interest and shortening your payoff timeline.