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Home Loan Calculator

Calculate your monthly home loan (mortgage) payment including property tax, insurance, PMI and HOA fees. See total interest, your payoff date, how much extra payments save, and the full amortization schedule.

100% Private Amortization schedule Any currency

Loan Details

$
 
%
Taxes, insurance & extra payments
%
PMI only applies when the down payment is under 20%, and stops once the balance reaches 80% of the home price.
Total monthly payment
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—

Monthly payment breakdown

Loan amount
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Total interest
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Total of payments
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Principal + interest
Payoff date
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Interest saved
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with extra payments
Total PMI paid
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Amortization schedule

Year Principal Interest Balance

How is a home loan payment calculated?

The principal-and-interest part of a home loan is a fixed monthly installment (also called EMI) worked out with the standard amortization formula:

M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P = loan amount  |  r = annual rate ÷ 12  |  n = number of monthly payments

Early in the loan most of each payment goes to interest; as the balance falls, more of it goes to principal. On top of that, most lenders collect property tax and home insurance monthly (escrow), plus PMI if you put down less than 20%, and HOA dues if your building or community charges them.

Ways to lower your monthly payment

  • Bigger down payment — reduces the loan and removes PMI at 20%.
  • Lower interest rate — even 0.5% makes a large difference over 30 years.
  • Longer term — lowers the monthly amount but increases total interest.
  • Extra payments — don't lower the monthly bill, but cut years and interest off the loan.

Frequently Asked Questions

Usually four parts, often called PITI: Principal, Interest, property Taxes and Insurance. If your down payment is below 20% you may also pay PMI (private mortgage insurance), and some homes have monthly HOA fees.

A common guideline is that your total monthly housing payment should be no more than about 28% of your gross monthly income, and all your debt payments together no more than about 36%. Use this calculator to test different prices against that budget.

PMI protects the lender when you borrow more than 80% of the home value. It is typically 0.3%–1.5% of the loan per year. This calculator stops PMI once your balance reaches 80% of the original home price; lenders must cancel it automatically at 78%.

A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan is easier on the monthly budget. Switch the term above to compare the total interest of both.

Every extra amount goes straight to principal, so you pay interest on a smaller balance for the rest of the loan. Enter an extra monthly payment above to see exactly how much interest and how many months it saves.

Results are estimates for a fixed-rate loan and are not financial advice. Your lender's figures may differ because of fees, rate changes and local tax rules.

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