๐ Mortgage Calculator
Estimate your monthly payment, visualize amortization, simulate extra payments, compare loan scenarios, and find out how much home you can afford.
Loan Details
Currency
Home Price
?
$
Down Payment
?
$
%
Loan Term
Interest Rate (APR)
?
%
Monthly Extras
Property Tax (annual)
?
%
Home Insurance (annual)
?
%
PMI Rate (annual)
?
%
โ ๏ธ PMI applies โ down payment is under 20%
HOA Fee (monthly)
?
$
Monthly Payment
$2,594
Principal & Interest + Tax + Insurance
$320,000
Loan Amount
$571,260
Total Paid
$171,260
Total Interest
34.5%
Interest / Total
๐ Loan Milestones
๐ Amortization Schedule
| Year | Principal | Interest | Balance | Equity |
|---|
Actions
Recent Calculations (click to restore)
No history yet โ results appear here
Extra Payment Settings
Extra Monthly Payment
$
Extra Yearly Payment
$
One-time Lump Sum Payment
$
Apply lump sum in month
of loan
โ
Interest Saved
โ
Time Saved
โ
New Payoff Date
With Extra Payments vs Without
Amortization with Extra Payments
| Year | Principal | Extra | Interest | Balance |
|---|
Loan A (Current Settings)
Best Rate
30-Year Fixed
โ
per month
Rateโ
Total Interestโ
Total Paidโ
Interest / Principalโ
Best Rate
15-Year Fixed
โ
per month
Rateโ
Total Interestโ
Total Paidโ
Interest / Principalโ
Loan B Settings
Term
yr
Rate
%
Down %
%
Side-by-Side Interest Comparison
Your Financial Situation
Gross Monthly Income
$
Monthly Debts
$
Down Payment Budget
$
DTI Limit %
%
Maximum Home Price (Conservative)
$0
Based on 36% DTI ratio at 6.75% for 30 years
โ
Max Monthly
โ
P&I Budget
โ
Your DTI
โ
Max Loan
DTI Ratio 0%
0% 28% โ Ideal 36% โ Conventional 43% โ FHA Max 100%
Affordability by Scenario
Frequently Asked Questions
Your principal & interest (P&I) payment uses the standard amortization formula: M = P[r(1+r)โฟ]/[(1+r)โฟ-1], where P is the loan amount, r is monthly interest rate, and n is total months. The total monthly payment adds P&I, property tax, home insurance, PMI (if applicable), and HOA fees.
By law (Homeowners Protection Act), you can request PMI cancellation when your loan-to-value (LTV) ratio reaches 80% โ meaning you have 20% equity. It automatically terminates when LTV reaches 78%. This calculator tracks when that milestone occurs in the amortization schedule.
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility. Use the Compare Loans tab to see the exact difference for your numbers. A good middle ground: take a 30-year mortgage but make extra payments when possible.
Extra principal payments directly reduce your loan balance, which reduces future interest charges. On a $320,000 loan at 6.75%, adding just $200/month extra can save over $50,000 in interest and cut 5+ years off your loan. Use the Extra Payments tab to calculate your exact savings.
PITI stands for Principal, Interest, Taxes, and Insurance โ the four components of a full mortgage payment. Lenders use PITI to determine if you qualify for a loan. The DTI ratio (debt-to-income) compares your PITI plus all other monthly debt payments to your gross monthly income.
Most conventional lenders want a back-end DTI below 36% (all debts / income). FHA loans allow up to 43-50%. A front-end DTI below 28% (just housing costs / income) is considered ideal. Use the Affordability tab to see your DTI and how much home you can qualify for.