Mortgage Payment Calculator
Calculate the monthly principal and interest, add property taxes and insurance, and see how an extra payment changes the interest and payoff date.
Remaining balance over time
What is included in the payment
Principal and interest pay the lender back. Property tax and insurance are collected by many lenders and held in escrow, but they do not reduce the loan balance. HOA dues are a housing cost and are not part of the mortgage. The total monthly payment adds those costs to the loan payment.
The interest rate here is the note rate used to amortize the loan. An APR can be higher because it includes lender fees. Use the note rate when you want the payment, and the APR when you are comparing loan offers.
Extra payments, payoff, and recast
A monthly extra payment keeps the required payment the same and shortens the loan. If you already have a balance, the mortgage payoff calculator with extra payments starts from that balance and shows the earlier payoff date. A mortgage recast calculator is the other choice: a lump sum that lowers the required payment and leaves the payoff date alone.
One extra principal payment per year is close to paying half a monthly payment every two weeks. This page models a flat extra amount each month. It does not model a biweekly draft schedule.
Common questions
Does this mortgage payment include taxes and insurance?
The principal and interest payment is calculated from the loan amount, rate, and term. Property tax, homeowners insurance, and HOA dues are entered separately and added to get the total monthly payment. They are not part of the loan amortization.
How do extra mortgage payments save interest?
An extra payment reduces the balance that interest is charged on next month. The scheduled payment stays the same, so more of each later payment goes to principal. This calculator assumes the lender applies the extra amount to principal. Confirm that with your servicer before relying on the savings.
What is the difference between this payment calculator and a payoff calculator?
This page prices a home purchase: price, down payment, rate, term, taxes, and insurance. A payoff calculator starts from the balance you already owe and focuses on the date the loan ends.