AI-An

Mortgage Calculator

Estimate your monthly mortgage payment (PITI) and see how every payment splits between principal and interest over the life of the loan.

Taxes, insurance and extras

Monthly payment

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    Amortization schedule (by year)
    YearInterestPrincipalBalance

    Estimate for information only, not financial or tax advice.

    How it works

    The payment formula

    Principal and interest use the standard amortization formula M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of monthly payments. Each month, interest is the balance × r (rounded to the cent) and the rest of the payment reduces the balance; the final payment is adjusted so the balance ends at exactly zero.

    Taxes, insurance, HOA and PMI

    Property tax and insurance are divided by 12 and added to principal and interest. PMI is added only when the down payment is below 20%, at the annual rate you enter times the loan amount ÷ 12 (lenders usually drop PMI as the balance falls; we keep it constant, which slightly overstates later payments).

    Frequently asked questions

    How much house can I afford?

    Many lenders look for total housing costs under about 28% of gross monthly income and total debt payments under about 36%–43%. Use this calculator to test prices and rates against your budget.

    Does an extra payment really save interest?

    Yes. Extra principal lowers the balance immediately, so every later month accrues less interest and the loan ends sooner. The schedule shows the new payoff date.

    Sources