Mortgage Calculator
Estimate monthly mortgage payments including taxes and insurance, with a dated payoff schedule
Estimated Monthly Payment
$2,489.28
The date your first payment is due, usually the 1st of the month after closing. Later payments fall on the same day each month. It only puts dates on the schedule, chart and payoff; it does not change your payment or interest, because every period is treated as a full month. Clear it to use the 1st of next month.
Car, credit card minimums, student loans. Used with your income above.
Principal & interest
$2,022.62
Property tax
$366.67
Home insurance
$100.00
Loan amount (80.0% of price)
$320,000.00
Total interest paid
$408,142.36
Down payment
$80,000.00
Closing costs (3%)
$12,000.00
Cash to close (down payment + closing costs)
$92,000.00
Payoff
Nov 2056
First payment Dec 1, 2026. Last payment Nov 1, 2056.
Program fees: 2026 standard rates, confirm with your lender.
15-year vs 30-year, same rate and price
| 15 years | 30 years | |
|---|---|---|
| Monthly P&I | $2,787.54 | $2,022.62 |
| Payoff (from Dec 2026) | Nov 2041 | Nov 2056 |
| Total interest | $181,758 | $408,142 |
The 15-year loan costs $765 more a month and saves about $226,385 in interest. Both use your rate; 15-year rates are often lower. Extra payments are not included here.
Where each month's payment goes
- Principal and interest$2,022.6281.3%
- Property tax$366.6714.7%
- Home insurance$100.004.0%
How this was calculated
1. Loan amount
Home price - down payment
Using Home price = $400,000.00; Down payment = $80,000.00
Result: $320,000.00
2. Monthly interest rate
Annual rate / 100 / 12
Using Annual rate = 6.5%
Result: 0.00541667
3. Principal and interest
Loan amount x rate / (1 - (1 + rate) ^ -payments)
Using Loan amount = $320,000.00; Monthly rate = 0.00541667; Payments = 360
Result: $2,022.62
4. Property tax, insurance and HOA
Each yearly amount / 12, then added as monthly amounts
Using Property tax = $366.67; Insurance = $100.00; HOA = $0.00
Result: $466.67
5. Estimated monthly payment
Principal and interest + property tax + insurance + HOA + mortgage insurance
Using Principal and interest = $2,022.62; Tax, insurance and HOA = $466.67; Mortgage insurance = $0.00
Result: $2,489.28
6. Total interest
Add up the interest part of every payment in the schedule
Using Payments = 360
Result: $408,142.36
7. Payoff date
The first payment date plus (number of payments - 1) months
Using First payment = Dec 1, 2026; Payments = 360
Result: Nov 2056
8. Cash to close
Down payment + closing costs (closing costs = home price x closing percent)
Using Down payment = $80,000.00; Closing costs = $12,000.00 (3%)
Result: $92,000.00
Take it with you
The CSV has the yearly summary first, then every month.
Estimate only. Conventional PMI ends here when the balance reaches 78% of the original price; lenders may differ. FHA figures use the standard HUD insurance table (1.75% upfront, financed; annual MIP by down payment and term) for loans within the standard limit. VA and USDA fees are 2026 standard rates, confirm with your lender. Rates, taxes and insurance vary by lender and location. The page address updates with your numbers so you can copy it and share it; nothing is stored.
Reading results never uses a trial use. Copying, saving or printing uses 1 per visit.
About Mortgage Calculator
Estimates your full monthly mortgage payment (principal, interest, property tax, home insurance, HOA and mortgage insurance) for Conventional, FHA, VA and USDA loans, shows cash to close, the effect of extra payments, a 15-year versus 30-year comparison and how the payment compares with your income. Every schedule row, the chart and the payoff date use real calendar dates that start from your first payment date.
Enter the home price and your down payment as a dollar amount or a percentage, then the rate and term. Property tax can be a yearly amount or a percentage of the price. If you put down less than 20%, PMI is added automatically until your balance reaches 78% of the home price. Set the first payment date to the day your first payment is due (it starts as the 1st of next month) to see the real dates in the schedule, the chart and the payoff date; it only labels the schedule and does not change the amounts.
A down payment of 20% or more avoids PMI, which usually costs about 0.3%–1.5% of the loan each year. Compare the total monthly cost, not just principal and interest — taxes and insurance can add hundreds of dollars.
Watch: Mortgage Calculator in Action
- Does a bigger down payment only lower my monthly payment?
- It can also help you avoid private mortgage insurance if it gets you above the typical 20% equity threshold, which is worth checking with your specific lender — so a larger down payment can save money beyond just the smaller monthly amount.
- What is the first payment date, and what should I enter?
- It is the date your first mortgage payment is due. Enter the due date shown on your loan estimate or closing documents. If you do not know it yet, leave the suggested date, the 1st of next month. Every later payment falls on the same day of the following months, and the schedule, chart and payoff date show real calendar dates from it.
- Why is my first payment usually a month or more after closing?
- Mortgage interest is paid in arrears, so each payment covers the month that just ended. If you close in the middle of a month, you pay interest for the days left in that month at closing, and your first full payment is then due on the 1st of the month after next. Close on June 20, for example, and the first payment is usually due August 1. Your lender's closing disclosure gives the exact date.
- Does changing the first payment date change my monthly payment or interest?
- Not in this calculator. The date only puts calendar dates on the schedule, the chart and the payoff date. Principal and interest are worked out from whole monthly periods, so the amounts stay the same whatever date you choose. The interest you pay at closing for the first partial month is a separate closing cost that this estimate does not include.
- What happens if my payment date is the 31st?
- A payment on the 29th, 30th or 31st moves to the last day of shorter months, such as Feb 28 (Feb 29 in a leap year) or Apr 30, and goes back to your day in longer months. Most lenders set the due date to the 1st, so this rarely matters in practice.
How to use Mortgage Calculator
Start with the home price, the down payment and the loan type, then the rate and the term. The first payment date comes next and starts as the 1st of next month; change it to the due date on your loan estimate and every date on the page follows: the payment date in the monthly schedule, the calendar years in the yearly view, the labels along the balance chart and the payoff date in the summary. Property tax, insurance, HOA and your gross monthly income are optional extras that turn the result into a full monthly housing cost and a comparison with the common 28% and 36% guidelines. The extra payment boxes show how many months and how much interest a larger payment saves, and the new payoff date.
When to use it
The clearest use is before you make an offer or lock a rate: see the real monthly cost for a conventional, FHA, VA or USDA loan, how much cash you need at closing, and when the loan would be paid off if you closed this month. The dates matter when you plan around the loan: a payoff that lands in your retirement year, the calendar year in which most of your interest falls, or the month an extra yearly payment would bring the balance to zero. The 15-year against 30-year table answers the common question of how much monthly payment you give up for a much earlier payoff date.
When not to use it
This models a fixed-rate loan, so it is not the right tool for an adjustable-rate mortgage where the rate resets partway through, or for an interest-only period. It also does not model a prorated first period: the interest you pay at closing for the days left in the closing month is a separate closing cost, and the first payment date only labels the schedule, it never changes the payment or the interest. For a car loan, a personal loan or a student loan without the housing costs, the loan calculator is simpler.
Tips for best results
Check the first payment date against your closing documents instead of guessing: lenders usually set it to the 1st of the month after next if you close mid-month. Then try a small extra payment, even 100 dollars a month, and compare the new payoff date with the original one; the dates make the saving easier to picture than a total. Download the monthly CSV if you want the schedule with its payment dates in a spreadsheet.
Limitations
Insurance, tax and HOA are flat monthly amounts, so they do not rise over the years as real bills often do. Conventional PMI stops when the balance reaches 78% of the original price, and your lender may use a different rule or a new appraisal. FHA, VA and USDA fees are the standard published rates and your own may differ. Payment dates use the calendar: a payment day of the 29th to 31st moves to the last day of shorter months, and every month is treated as a full period. Treat every figure as an estimate and confirm it with your lender's loan estimate.
Privacy
Every figure, including the schedule and the dates, is worked out in your browser. Nothing you type is sent to a server or stored. The page address updates with your numbers so you can copy it and share it; the first payment date is only added to the address when you change it from the default.
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