Calculate your monthly payment, view amortization schedule, and see the impact of extra payments.
Adjust your mortgage parameters
Payment Frequency
Standard monthly payments
Use these examples to compare loan structures before you request live quotes.
These examples are not live market rates. Actual offers vary by lender, credit score, loan type, and location.Learn about mortgage types >
Total Monthly Payment
$2,573
Principal & Interest per payment: $2,023
Bi-Weekly Payment
$1,265
every 2 weeks
Interest Saved
$93,997
Time Saved
70 months
Payoff Date
April 2050
Compared with a standard monthly payment of $2,573/mo, the bi-weekly draft annualizes to $2,741/mo and accelerates principal paydown.
Mortgage composition
Amortization view
Cost split
Total
$926,142
Payment planning
Use this tool to estimate your mortgage payment with taxes, insurance, HOA dues, and extra principal payments layered in.
Typical Use
1-2 minutes
Best For
Purchase planning, loan comparisons, and monthly budget checks
Main Output
Payment breakdown plus a full amortization timeline
Built Around
Standard mortgage math and planning assumptions
Source notes and methodology details are available on our references page.
Our calculations follow the Truth in Lending Act (TILA) guidelines and use standard financial formulas employed by major lending institutions.
Monthly Payment Calculation
M = P[r(1+r)^n]/[(1+r)^n-1]Where M = monthly payment, P = principal loan amount, r = monthly interest rate, n = number of payments
Amortization Schedule
Standard declining balance methodEach payment is split between interest (calculated on remaining balance) and principal reduction
APR Estimation
Includes interest + fees over loan termAnnual Percentage Rate calculations include all financing charges as required by Truth in Lending Act (TILA)
Content is published under the MortgageCalcMaster editorial team workflow, currently led by the site operator, reviewed against public mortgage and consumer-finance sources, and updated when assumptions, formulas, or product behavior materially change.
Last reviewed: March 2026. All calculators and guides are intended for education and planning. They do not replace lender disclosures or advice from licensed professionals. Learn more about our editorial process
Enter your home price or loan amount in the 'Home Price' field.
Input your down payment amount or percentage. The calculator will automatically calculate the loan amount.
Set your interest rate and loan term (15 or 30 years are most common).
Optionally add property tax, homeowners insurance, and HOA fees for a complete monthly payment estimate.
Review your monthly payment breakdown and explore the amortization schedule to see how much interest you'll pay over time.
Try the 'Extra Payments' feature to see how additional principal payments can save you money and shorten your loan term.
This calculator provides estimates based on standard formulas. Actual loan terms may vary based on your credit score, lender policies, and market conditions. Always consult with a qualified mortgage professional before making financial decisions.
Use these guides to turn a payment estimate into a stronger purchase or refinance decision.
Understand why amortization front-loads interest and changes payoff timing.
Compare payment pressure, total interest, and payoff speed before choosing a term.
See how each payment is split and why extra principal changes the schedule.
Open the same mortgage math through the specific search intent you want to solve next.
Inspect each monthly payment, balance step-down, and PMI timing.
See what 26 half-payments per year can save in time and interest.
Compare payment pressure and interest cost before choosing a term.
FAQ
These answers explain the assumptions behind the calculator so users can interpret the output with the right context.
Your monthly payment is calculated based on the loan amount, interest rate, and loan term using the standard amortization formula. We also include estimates for property taxes, homeowners insurance, and PMI if applicable.
PMI (Private Mortgage Insurance) is usually required if your down payment is less than 20% of the home's value. It protects the lender in case of default. Once you reach 20% equity, you can typically request to cancel PMI.
Making extra payments goes directly toward your principal balance, which reduces the total interest you pay and shortens your loan term. Even small extra payments can save thousands of dollars over the life of the loan.
Closing costs are fees paid at the closing of a real estate transaction. They typically range from 2% to 5% of the loan amount and include appraisal fees, title insurance, origination fees, and prepaid taxes/insurance.