Mortgage Calculator

Updated: Jan 30, 2026

Estimate your monthly mortgage payment, total interest, and amortization over time. Then dive deeper with guides on PMI, APR vs interest rate, extra payments, refinance break-even, and affordability.

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Tip: Start with a base scenario (rate + down payment), then run a “rates +1%” sensitivity and an “extra payments” scenario.

How to use the Mortgage Calculator hub

This hub helps you understand the real cost of a mortgage using a simple framework: monthly payment (principal + interest), total interest, and the amortization schedule (how much of each payment goes to interest vs principal over time). The guides below explain the inputs that change your payment the most: interest rate, term length (15 vs 30 years), down payment, points, PMI, and extra payments.

If you’re unsure where to start, read How monthly payments are calculated first, then open the mortgage calculator and test two scenarios: (1) your base rate and (2) a higher-rate scenario to see how sensitive your payment and total interest are.

Start here

Monthly mortgage payment explained Principal vs interest, escrow, and why small rate changes move payments a lot. Amortization schedule (interest vs principal) Why early payments are interest-heavy—and what that means for equity. PMI explained: when you pay it and how to remove it How down payment, loan type, and LTV determine PMI costs. Extra payments: how much interest you can save See the trade-off between paying down debt vs investing.

All Mortgage guides

Monthly payment: P&I + escrow How the payment is built (principal, interest, taxes, insurance) and how to model it correctly. Amortization schedule How your payment shifts from interest to principal over time. APR vs interest rate Why APR can be a better comparison tool than headline rate. PMI: cost, rules, and removal What triggers PMI, typical ranges, and how/when it can be removed. 15-year vs 30-year mortgage Payment vs interest savings—and the flexibility trade-off. Mortgage points: should you buy down the rate? Break-even logic for points and when paying upfront makes sense. Extra payments How much interest you save, how much faster you pay off, and the investing alternative. Refinance break-even When a refi saves money after closing costs (and when it doesn’t). Debt-to-income (DTI) and affordability How lenders look at DTI and how to estimate your safe payment range.

Related calculators

Rent vs Buy See how your mortgage affects the full rent vs buy outcome and break-even. Total Cost of Ownership Taxes, insurance, HOA, and maintenance—costs beyond the mortgage payment. Real Overpayment Understand the real long-term cost of mortgage interest. Taxes & Fees Model property taxes, closing costs, and other transaction expenses.

Mortgage Calculator FAQ

What does a mortgage calculator include?

Most calculators include principal + interest (P&I). Some also estimate taxes and insurance (escrow). For the most accurate monthly number, include your local property tax and insurance estimates, plus PMI if your down payment is under 20%.

Why is my payment so sensitive to interest rate?

A mortgage is a long-duration loan. Small rate changes compound over 30 years and can move the payment a lot, especially at higher prices. Always test a +1% scenario.

Is it better to do 15-year or 30-year?

A 15-year loan saves interest and builds equity faster, but the payment is higher and reduces flexibility. Many people choose a 30-year for flexibility and optionally make extra payments.

Do extra payments always make sense?

Extra payments reduce interest and shorten the loan, but the trade-off is opportunity cost—what that money could earn if invested. Compare both strategies using realistic assumptions.

Ready to calculate?

Run a base scenario + a +1% rate scenario — you’ll instantly see what changes your payment most.

Open calculator → Read monthly payment explained