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Mortgage Calculator

Your full monthly payment, including taxes, insurance and PMI, plus how extra principal payments shorten the loan.

What goes into a mortgage payment

Lenders talk about PITI: principal, interest, taxes and insurance. The principal and interest part stays fixed on a fixed-rate loan. Property tax and insurance usually go into an escrow account and change from year to year. If you put down less than 20% on a conventional loan, private mortgage insurance (PMI) is added until you owe about 78% of the original price.

Why extra payments help so much

Early on, most of each payment is interest. Every extra dollar of principal cuts the balance that future interest is charged on. On a $280,000 loan at 6.5%, an extra $200 a month saves roughly $100,000 in interest and ends the loan about seven years early. Try it above.

Property tax rates vary a lot by county, from about 0.3% of value in Hawaii to over 2% in parts of New Jersey and Illinois. Check your county assessor's rate.

Common questions

What is included in a monthly mortgage payment?

Principal and interest, plus property tax and homeowners insurance (often paid through escrow), private mortgage insurance (PMI) if you put down less than 20%, and any HOA fees. This calculator includes all of them.

How much does an extra $200 a month save on a mortgage?

On a $280,000, 30-year loan at 6.5%, an extra $200 a month toward principal saves about $101,000 in interest and pays the loan off about 7 years and 3 months early.

When does PMI stop?

On conventional U.S. loans, PMI is removed automatically once the balance reaches 78% of the original home value, and you can ask to remove it at 80%. The calculator shows the month it drops off.