Mortgage Payment Calculator with Amortization
Calculate your monthly mortgage payment, total PITI cost and full amortization schedule. See every dollar of interest and how extra payments move the payoff date.
Total monthly payment (PITI)
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Principal & interest
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Property tax
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Insurance
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HOA
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Total interest
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Paid off
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Principal, interest, property tax, insurance and HOA, using the numbers you entered.
Change any field and the figures update as you type. Nothing is sent anywhere: the arithmetic runs in this page.
How this is calculated
The payment formula, the amortization schedule and the way extra payments are applied are described below. Nothing on this page is a live market quote.
The scheduled monthly payment comes from the standard amortization formula:
M = P · r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
P is the amount borrowed, which this page works out as the home price minus the down payment. r is the annual rate you entered divided by twelve, and n is the term in months. From that one figure the calculator builds a schedule month by month: interest is charged on the balance still outstanding at the start of the month, and whatever is left of the payment after that interest reduces the balance.
The full monthly payment is the principal and interest figure plus property tax divided by twelve, insurance divided by twelve, and any HOA fee. Those three are yours to set: the calculator has no idea what your local assessment or your insurer charges, and it does not guess on your behalf.
An extra monthly payment is applied to principal, so it lowers the balance that the next month's interest is charged on. The scheduled payment does not change, the loan finishes earlier, and the total interest falls.
What this calculator does not do
- It does not check whether you qualify for a loan, and it does not look at your credit score, income, debt-to-income ratio or any lender's underwriting rules.
- It does not quote current market rates for your postcode. The interest rate you enter is the rate you use, and nothing on this page is live.
- It does not model private mortgage insurance, points, loan origination fees, closing costs, or the escrow timing that decides which month a tax bill lands in.
- It does not tell you whether to buy a home. It produces a number and the working behind it.
Sources and assumptions
Guides that go deeper
Common questions
What does PITI stand for?
Principal, Interest, Taxes and Insurance. It is the four-part monthly housing payment: the part that repays the loan, the part that pays the lender for borrowing, property tax, and homeowners insurance. This calculator shows each part separately so you can see what drives the total.
How is the monthly principal and interest payment worked out?
It is the standard amortization formula: M = P · r(1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the amount borrowed, r is the monthly interest rate and n is the number of monthly payments. The schedule that follows it moves interest down and principal up every month, so early payments are mostly interest.
What happens to the final payment?
The scheduled payment is rounded to the nearest cent, which leaves a few cents outstanding at the end of the term. The last scheduled payment is adjusted so the loan closes at exactly zero, the same way a lender adjusts a final payment.
Do extra payments shorten the loan or the payment?
They shorten the loan. An extra payment is applied to principal, which lowers the balance that the next month's interest is charged on. The scheduled payment stays the same, and the loan finishes sooner with less total interest.
Is the total interest figure affected by my tax and insurance inputs?
No. Total interest covers the loan only. Property tax, insurance and HOA are housing costs that continue after the loan is paid off, which is why the calculator reports total housing cost separately.
Does the calculator account for inflation?
No. Every figure is in the dollars you entered. A mortgage payment in 30 years is a much smaller share of income than the same payment today, and none of the numbers on this page adjust for that.