Full monthly cost — not just the loan payment. PMI drops off automatically, any term works, and every number exports.
Home & loan details
Any loan term works — 5, 8, 30, whatever your mortgage says. Estimates only; your lender's figures govern.
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years
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Taxes & other costs
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Extra payments & biweekly
Total monthly payment
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Monthly
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Show the math
Loan amount—
Down payment—
Total interest—
Payoff date—
PMI ends—
Extra payments save you
Interest saved—
Paid off earlier by—
New payoff date—
Biweekly plan
Payment every 2 weeks—
Paid off in—
Interest saved vs monthly—
Balance over time
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Date
Interest
Principal
Extra
Balance
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How this mortgage calculator works
Your monthly principal & interest payment uses the standard amortization formula every lender uses:
M = L × r ÷ (1 − (1 + r)−n)
where L is the loan amount (home price minus down payment), r is the monthly rate (annual ÷ 12) and n is the number of monthly payments. On top of that, the calculator adds the real costs of owning: property tax, home insurance, PMI, HOA and other costs — giving you the full PITI picture (Principal, Interest, Taxes, Insurance), the way lenders qualify you.
Worked example
$400,000 home, 20% down ($80,000), 30 years at 6.5%: the loan is $320,000, the monthly rate is 0.5417%, and n is 360 → M = $2,022.62. Add 1.1% property tax ($366.67/mo) and $1,800/yr insurance ($150/mo) and the real monthly cost is about $2,539. Over 30 years you'd pay roughly $408,142 in interest — more than the loan itself, which is exactly why the extra-payment and biweekly tools below matter.
PMI that behaves like the real thing
Put down less than 20% and lenders charge private mortgage insurance. This calculator applies it the way servicers actually do: PMI is charged only while your balance is above 80% of the home price, then drops off automatically — the results show the exact month it ends and the total you'll pay.
Most calculators lock you into 15 or 30 years. Real mortgages don't work that way: plenty of borrowers refinance into 8 or 12 years, buy-to-let and overseas loans often run 5–25 years, and some people simply want to see what an aggressive 5-year payoff costs. Type any term from 1 to 40 years — the quick chips (5 · 10 · 15 · 20 · 30) are shortcuts, not limits. A $200,000 loan at 5% over 5 years is $3,774.25/month: heavy, but you'd pay only ~$26,455 in interest versus ~$186,512 over 30 years at the same rate.
Three ways to beat your interest bill
Extra monthly: even $100–200 a month goes straight to principal and compounds forward — the green savings card shows exactly how many months you cut and the interest saved. One big payment: a bonus or inheritance applied early beats the same amount applied late, because it kills interest for every remaining month. Biweekly: paying half your payment every two weeks means 26 half-payments — 13 full payments a year instead of 12. On a $320,000 loan at 6.5%/30yr that alone typically shaves close to 6 years and roughly $94,000 of interest. One caution: some loans carry prepayment penalties in the first years — check your agreement before going aggressive.
What the numbers can't see
Results are planning estimates. Lenders round differently, escrow adjusts yearly as taxes and insurance change, ARM rates reset after the fixed period (this tool models fixed rates), and closing costs — often $8,000–15,000 on a $400k purchase — happen at signing, outside the monthly math. Use the CSV export to compare against your lender's official amortization schedule line by line. And if you already have a mortgage and rates have moved, the refinance calculator works out whether swapping loans actually pays for itself — and how many months it takes to get there.
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Frequently asked questions
What is PITI?
PITI stands for Principal, Interest, Taxes and Insurance - the four core parts of a real monthly housing payment. Lenders qualify you on PITI (plus HOA if any), not just principal and interest, which is why this calculator shows the full stack rather than only the loan payment.
Can I really use a 5-year or other unusual term?
Yes - type any term from 1 to 40 years. The 5/10/15/20/30 chips are shortcuts, not the only options. Short full-payoff terms are common for refinances, land loans, and many non-US mortgages; the tradeoff is a much higher monthly payment in exchange for dramatically less total interest.
When does PMI go away?
On conventional US loans, PMI can be cancelled when your balance reaches 80% of the home's original value, and servicers must auto-terminate it at 78%. This calculator charges PMI only while your balance is above 80% and shows the exact month it ends plus the total PMI you will have paid.
Is biweekly payment worth it?
Usually yes, if your servicer applies payments properly. Half a payment every two weeks equals 13 full payments a year instead of 12 - the extra payment goes entirely to principal. On a $320,000 loan at 6.5% over 30 years this typically cuts around 6 years off the loan. Confirm your servicer does not just hold the money until month end, and watch for third-party biweekly services charging fees for something you can do free.
How much property tax and insurance should I enter?
US property tax averages about 1.1% of home value per year but ranges from about 0.3% to over 2% by state - check your county assessor or the listing. Home insurance commonly runs $1,200-2,500 per year depending on location and coverage. Both can be entered as a percent of home price or a fixed amount.
Why is my lender's payment slightly different?
Small gaps come from rounding conventions, when the first payment is due, escrow cushion rules, and lender-specific fees rolled into the payment. This calculator uses the exact standard amortization formula, so differences should be small - the CSV export lets you compare schedules line by line.
Does this work for adjustable-rate mortgages (ARMs)?
It models fixed rates. For an ARM, enter the initial fixed rate to see payments during the intro period, then re-run with a higher assumed rate to stress-test the reset. If a payment at rate plus 2 percentage points would break your budget, the ARM discount may not be worth the risk.
Are extra payments always a good idea?
They guarantee a return equal to your mortgage rate, tax-free and risk-free - hard to beat at 6-7%. But weigh three things first: any prepayment penalty in your loan's early years, whether you have higher-interest debt to clear first, and whether the cash is needed for an emergency fund. Money in the house is hard to get back out.