Mortgage Calculator
Calculate your monthly mortgage payment, understand the true cost of borrowing, and discover how extra repayments could save interest and shorten your home loan.
Mortgage Details
Enter your home price, loan terms and additional costs.
Optional costs are entered in your selected currency. Property taxes and insurance are converted to monthly amounts.
Your Mortgage Results
Updated as you enter values
Results assume a fixed interest rate and monthly amortization. The total housing outlay includes the down payment and modeled housing costs over the original loan term.
Loan Repayment Breakdown
See how principal and interest contribute to your total loan repayment.
This breakdown excludes down payment, property tax, insurance and service charges.
Mortgage Amortization Schedule
Review principal repayments, interest and remaining loan balance over time.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Calculating schedule… | |||
How to Use the Mortgage Calculator
Enter the home purchase price, down payment, annual mortgage interest rate and repayment term. ToolZippy calculates your estimated monthly principal-and-interest payment automatically.
You can also add annual property taxes, home insurance, monthly mortgage insurance and HOA or service charges to estimate a more complete monthly housing payment.
Enter an additional monthly principal payment to see how paying extra may reduce your overall interest costs and loan duration.
How Mortgage Payments Are Calculated
A standard fixed-rate mortgage uses an amortization formula based on the borrowed principal, monthly interest rate and total number of monthly payments.
Monthly payment = P × r × (1 + r)n ÷ [(1 + r)n − 1]
P represents the loan principal, r is the monthly interest rate, and n is the number of monthly payments. At a zero interest rate, the payment is simply the principal divided by the number of months.
Mortgage Payment Example
Consider a home priced at $400,000 with a 20% down payment. The resulting mortgage principal is $320,000.
At a hypothetical 6.5% annual fixed interest rate over 30 years, the principal-and-interest payment is approximately $2,023 per month.
Adding $300 in monthly property tax and $100 in monthly insurance increases the estimated monthly housing payment to approximately $2,423, before any other charges.
Can Extra Mortgage Payments Save Money?
Extra principal repayments can reduce the balance on which future interest is calculated. Depending on the loan terms, this can help you pay off your mortgage earlier.
This calculator assumes extra payments are applied directly to principal every month. It does not account for prepayment penalties, lender restrictions or loan recasting.
Mortgage Calculator FAQs
Does this mortgage calculator include property taxes?
Yes. Enter the annual property tax amount, and the calculator converts it to a monthly cost and adds it to your housing payment.
Can I compare different mortgage interest rates?
Yes. Change the annual interest rate to explore how different rates affect your estimated monthly payment and total interest.
Does the calculator support extra repayments?
Yes. Enter a recurring extra monthly principal payment to estimate potential interest savings and a shorter repayment period.
Can I use the mortgage calculator outside the US?
You can select USD, GBP, CAD, AUD, AED or INR. Currency selection changes formatting only. It does not convert exchange rates or apply country-specific mortgage regulations.
Is the mortgage payment estimate guaranteed?
No. Actual lender payments can differ because of fees, variable rates, escrow adjustments, compounding conventions and local lending rules. Use the results for general financial planning.
Important Mortgage Planning Considerations
The monthly mortgage payment is only one part of the cost of homeownership. Buyers should also consider maintenance, utilities, closing costs, moving expenses, possible mortgage insurance and future changes in taxes or insurance premiums.
This calculator is designed for fixed-rate mortgages with monthly amortization. It does not model adjustable-rate mortgages, balloon payments, refinancing costs or changing interest rates.
For consumer guidance, visit the Consumer Financial Protection Bureau .