Mortgage Calculator
Estimate your total monthly mortgage payment, explore loan terms, understand the impact of down payments, and visualize complete amortization schedules.
Loan & Property Details
Adjust purchase price, down payment, and rate
Total purchase or appraised value of the property.
Cash paid upfront. 20% or more typically avoids PMI.
Annual fixed interest rate.
Duration of the mortgage.
Monthly Housing Cost
All-inclusive estimated monthly outlay
Estimates are based on user inputs and standard financial modeling. Actual lender payments, tax assessments, and insurance premiums may vary.
What If?
Change an input to see how the result changes.
What if you pay extra toward principal each month?
See how additional principal contributions reduce loan duration and total interest paid.
* Note: Extra payment calculations assume continuous recurring principal prepayment throughout the loan life. Prepayment terms are subject to lender policies.
Remaining Loan Balance Over Time
Estimated principal balance reduction by year
Trajectory Summary: After 10 years, your estimated remaining loan balance is $271,284.00 (having paid $550.00 in principal).
Principal vs. Interest Cumulative Paid
Tracking cumulative equity growth versus borrowing cost
Cost Dynamics: Over the full 30-year loan, you will pay $320,000.00 in principal and $408,142.36 in total interest charges.
Amortization Schedule
Detailed breakdown of every principal payment, interest fee, and ending loan balance
| Year | Annual Payment | Principal Paid | Interest Paid | Ending Balance |
|---|---|---|---|---|
| Year 1 | $24,271.44 | $3,577.00 | $20,695.00 | $316,423.00 |
| Year 2 | $24,271.44 | $3,816.00 | $20,455.00 | $312,607.00 |
| Year 3 | $24,271.44 | $4,072.00 | $20,200.00 | $308,535.00 |
| Year 4 | $24,271.44 | $4,345.00 | $19,927.00 | $304,191.00 |
| Year 5 | $24,271.44 | $4,636.00 | $19,636.00 | $299,555.00 |
| Year 6 | $24,271.44 | $4,946.00 | $19,325.00 | $294,609.00 |
| Year 7 | $24,271.44 | $5,277.00 | $18,994.00 | $289,332.00 |
| Year 8 | $24,271.44 | $5,631.00 | $18,641.00 | $283,701.00 |
| Year 9 | $24,271.44 | $6,008.00 | $18,264.00 | $277,694.00 |
| Year 10 | $24,271.44 | $6,410.00 | $17,861.00 | $271,284.00 |
| Year 11 | $24,271.44 | $6,839.00 | $17,432.00 | $264,444.00 |
| Year 12 | $24,271.44 | $7,297.00 | $16,974.00 | $257,147.00 |
| Year 13 | $24,271.44 | $7,786.00 | $16,485.00 | $249,361.00 |
| Year 14 | $24,271.44 | $8,308.00 | $15,964.00 | $241,053.00 |
| Year 15 | $24,271.44 | $8,864.00 | $15,407.00 | $232,189.00 |
| Year 16 | $24,271.44 | $9,458.00 | $14,814.00 | $222,732.00 |
| Year 17 | $24,271.44 | $10,091.00 | $14,180.00 | $212,641.00 |
| Year 18 | $24,271.44 | $10,767.00 | $13,505.00 | $201,874.00 |
| Year 19 | $24,271.44 | $11,488.00 | $12,784.00 | $190,386.00 |
| Year 20 | $24,271.44 | $12,257.00 | $12,014.00 | $178,129.00 |
| Year 21 | $24,271.44 | $13,078.00 | $11,193.00 | $165,051.00 |
| Year 22 | $24,271.44 | $13,954.00 | $10,317.00 | $151,097.00 |
| Year 23 | $24,271.44 | $14,888.00 | $9,383.00 | $136,208.00 |
| Year 24 | $24,271.44 | $15,886.00 | $8,386.00 | $120,323.00 |
| Year 25 | $24,271.44 | $16,949.00 | $7,322.00 | $103,373.00 |
| Year 26 | $24,271.44 | $18,085.00 | $6,187.00 | $85,289.00 |
| Year 27 | $24,271.44 | $19,296.00 | $4,976.00 | $65,993.00 |
| Year 28 | $24,271.44 | $20,588.00 | $3,683.00 | $45,405.00 |
| Year 29 | $24,271.44 | $21,967.00 | $2,305.00 | $23,438.00 |
| Year 30 | $24,271.44 | $23,438.00 | $833.00 | $0.00 |
How this Mortgage Calculator Works
This mortgage calculator uses standard US fixed-rate amortization formulas to project monthly debt service, escrow requirements, and lifetime interest expenses.
1. Loan Principal (P)
Calculated as the total purchase price minus upfront cash down payment.
2. Fixed Monthly P&I (M)
Computed via standard monthly annuity compounding based on annual APR and loan term.
3. Escrow Elements
Annual property tax and hazard insurance divided into 12 monthly escrow installments.
4. Extra Payments
Directly applied to reduce remaining principal balance at the end of each monthly cycle.
Key Financial Assumptions & Limitations
- Fixed Interest Rate: Assumes interest rate remains constant over the entire duration of the loan term.
- Monthly Compounding: Interest is calculated monthly on the remaining principal balance using nominal APR / 12.
- Constant Escrow: Property taxes, homeowners insurance, and HOA fees are assumed level and do not model inflation or tax reassessment.
- Prepayment Allocation: Additional payments are credited entirely to principal reduction with no prepayment penalty.
- Tax Deductibility: Does not calculate individual federal or state mortgage interest tax deductions (consult a licensed CPA).
Frequently Asked Questions
Learn More About This Calculation
Learn how monthly mortgage payments are determined using standard annuity formulas, plus how property taxes, homeowners insurance, and PMI impact your total housing cost.
Understand how amortization schedules work, why early mortgage payments are interest-heavy, and how extra principal payments accelerate debt freedom.
Understand Private Mortgage Insurance (PMI): how it works, how much it costs, how it is calculated, and the legal rules for cancellation under the Homeowners Protection Act.
Editorial Transparency & Sources
FinoQuick financial models adhere to standard Consumer Financial Protection Bureau (CFPB) guidelines and US statutory lending formulas.