US Mortgage Calculator

US Mortgage Calculator works out the monthly payment on a fixed-rate US home loan, with property tax, insurance, PMI and extra payments, and shows the full amortization table. It is for home buyers comparing prices, down payments and terms, and for owners who want to see what an extra payment each month would save. Every figure is worked out in whole cents in your browser, and each month of the loan is shown so you can follow the balance down to nil.

How to use

1. Type the Home price and your Down payment. The loan amount is the difference.
2. Type the yearly Interest rate, up to three decimals, and the Term in whole years.
3. Add the Property tax and Homeowners insurance for a year, if you know them. Each is split into twelve monthly amounts.
4. If your lender charges private mortgage insurance, type the monthly PMI amount it quotes. The calculator does not work PMI out for you.
5. Type an Extra payment toward principal if you plan to pay more each month.
6. Read the monthly payment and its parts, the totals and the payoff time, then read the amortization table year by year, or pick By month to see every payment.

Examples

The page opens on a $250,000 home with $50,000 down, so the loan is $200,000 at 6% for 30 years. Principal and interest come to $1,199.10 a month. With $3,000 of property tax and $1,200 of insurance a year, the monthly payment is $1,549.10. Total interest over 360 payments is $231,677.04. Add $200 a month toward principal and the loan is paid off in 21 years, with $151,876.18 of interest. The first month’s interest is $1,000.00, one twelfth of 6% of the loan.

Limits

This handles a fixed-rate loan with monthly payments only. It does not handle adjustable rates, interest-only periods, balloon payments, points, closing costs, HOA dues or escrow changes over time. PMI is only the amount you type, added to every month; the calculator does not estimate it or remove it when it ends. Interest each month is rounded to the nearest cent and the last payment clears what is left, so a lender’s own rounding can make figures differ by cents. Prices are up to $100 million, rates up to 30% and terms up to 40 years, limits we chose.

FAQ

Why is the last payment slightly different from the others?

The level payment is rounded to the cent, so a small amount is left over or short by the end. The final payment pays exactly what remains, which keeps the total of the table equal to the loan plus the interest.

Does an extra payment change my monthly payment?

No. The required payment stays the same. The extra amount goes straight to principal, which lowers the interest in every later month and ends the loan sooner, as the payoff time and the table show.

Is the property tax figure accurate for my county?

Only if you type it. The calculator divides whatever yearly amount you enter by twelve. The assessment of your county and the escrow account of your lender decide the real figure.