Principal & interest
The part of the payment that actually pays for the house. It is fixed for the life of a fixed-rate loan, and early on most of it is interest; the year-by-year schedule shows the balance tipping toward principal over time.
Free tool
Mortgage Calculator
See what a home really costs each month (principal and interest, taxes, insurance and mortgage insurance) and watch it change as you move the numbers.
- Conventional, FHA and VA rules built in
- Typical taxes and insurance for Florida, Colorado, Georgia and Tennessee
- Year-by-year payoff and extra-payment savings
Live estimate
Your loan
Move a slider or type a number. The estimate keeps up.
Try:
Sets typical tax and insurance for the state.
Taxes, insurance & extras
Leave at 0 if there is no association.
Optional. See how much sooner you would own the home.
Est. payment See breakdown
What's in the number
How this estimate is built
A mortgage payment is four or five smaller payments bundled together. Knowing which one is moving is what turns a guess into a plan.
Property tax & insurance
Lenders collect these monthly into escrow and pay the bills for you. We pre-fill typical figures for your state; the real numbers come from the county tax roll and an insurance quote, and in Florida wind and flood cover can move them a lot.
Mortgage insurance
Conventional loans under 20% down carry PMI until the balance reaches 78% of the price. FHA charges MIP for the life of the loan under 10% down. VA loans have none. The calculator switches the rule with the program you choose.
Extra principal
Even a small extra payment each month shortens the loan and cuts total interest. Add one and the chart draws the second payoff curve, so you can see exactly how many years it buys back.
Good to know
Questions people ask the calculator
How accurate is this estimate?
The principal-and-interest figure is exact for the numbers you enter. Taxes, insurance and mortgage insurance are typical figures for the state and program, so treat the total as a realistic range rather than a quote. A free quote from a loan officer replaces them with the real tax bill, a live insurance quote and pricing based on your credit.
What interest rate should I use?
Rates change daily and depend on your credit score, down payment, loan program and whether you pay points. The default is a round, current-market figure; drag the slider to see how sensitive your payment is. A quarter-point move on a $400,000 loan changes the payment by roughly $65 a month.
Why does the payment jump when I go below 20% down?
On a conventional loan, less than 20% down means private mortgage insurance. It is priced as a percentage of the loan and stops once the balance amortises to 78% of the original price. The down-payment hint tells you how much more you would need to avoid it, and the chart marks the month it drops off.
Does a shorter term always save money?
A 15-year loan carries a lower rate and roughly half the total interest of a 30-year loan, but the monthly payment is much higher. Switch between the terms and compare the “Total interest” figure with the monthly payment to find the balance that fits your budget.
Do I need to provide contact details to use the calculator?
No. The calculator is free to use immediately, without entering your name, email or phone number. Adjust your estimate, compare scenarios, and print or share it. You can request a quote separately whenever you are ready.
