Mortgage payment calculator
Enter the price, down payment, rate and term, then taxes, insurance, HOA dues and any mortgage insurance. See the full monthly payment, total interest and how each year splits between interest and principal.
Amortization by year
| Year | Interest | Principal | Balance |
|---|
Estimate for a fixed-rate loan. Taxes, insurance and mortgage insurance change over time, and mortgage insurance here is a flat amount from the rate you enter; your loan terms say when it ends. Your lender's Loan Estimate shows the real payment.
A fixed-rate mortgage payment is principal and interest, P&I = L × r ÷ (1 − (1 + r)^−n), with r the monthly rate and n the months, plus monthly property tax, insurance, HOA dues and mortgage insurance. A $400,000 loan at 6.5% for 30 years is $2,528.27 a month in principal and interest, and $510,177.95 of interest over the loan.
How to use the mortgage payment calculator
Enter the loan
Home price, down payment as a percentage or dollars, interest rate and term.
Add the extras
Yearly property tax and insurance, monthly HOA dues, and a mortgage insurance rate from your quote.
Read the payment
The monthly total and its parts, total interest, and the year-by-year amortization.
What the mortgage payment calculator covers
Full PITI
Principal, interest, taxes and insurance, plus HOA dues and mortgage insurance.
Amortization by year
Interest, principal and remaining balance for every year of the loan.
Total interest
What the loan costs in interest over its full term, and the first year's split.
Mortgage insurance prompt
With less than 20% down, a reminder that lenders typically require it.
Any term
30, 25, 20, 15 or 10 years, at any fixed rate.
- Formula
- P&I = L × r ÷ (1 − (1 + r)^−n); r = annual rate ÷ 12, n = years × 12
- Mortgage insurance
- Loan amount × the annual rate you enter ÷ 12, held flat
- Loan types
- Fixed-rate loans; not adjustable-rate or interest-only
- Cost and privacy
- Free, no sign-up; runs in your browser
Questions about the mortgage payment calculator
How is a mortgage payment calculated?
Principal and interest use the level-payment formula L × r ÷ (1 − (1 + r)^−n). For $400,000 at 6.5% for 30 years, r is 0.065 ÷ 12 and n is 360, which gives $2,528.27. Add one twelfth of the yearly tax and insurance, plus HOA dues and mortgage insurance, for the full payment.
What does PITI stand for?
Principal, interest, taxes and insurance: the parts of a typical monthly mortgage payment. Lenders often collect the taxes and insurance into an escrow account and pay those bills for you.
When do I need mortgage insurance?
The CFPB notes that mortgage insurance is typically required when the down payment is under 20% of the price. Rates vary by loan type, credit and down payment, so enter the rate from your lender's quote.
Why is most of the early payment interest?
Interest is charged on the remaining balance, which is highest at the start. On a $400,000 loan at 6.5%, about $25,868 of the first year's $30,339 in payments is interest and only about $4,471 pays down the loan.
Is this the payment my lender will quote?
It's an estimate. Your Loan Estimate shows the lender's figures, including the actual escrow amounts and mortgage insurance, and they can change as taxes and premiums change.
Does Closingbird calculate mortgage payments?
No. Closingbird tracks the transaction: it reads the contract, keeps every deadline, document and party on the file, and keeps the buyer and agents informed through closing.
Guides and features for this step of the deal
Where the rules come from
Let Closingbird keep every date for you
Closingbird reads the executed contract, fills in every deadline, party and amount, and reminds each deadline owner before the date. Calendar or business days, with weekends and US federal holidays skipped.
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