Housing
Mortgage Calculator
Estimate your monthly housing payment: principal and interest plus property tax, insurance, and HOA, and see how extra payments could shorten your mortgage.
How this mortgage calculator works
Enter the home and the mortgage
The home price and your down payment give the mortgage amount. With the APR and term, the calculator works out the fixed monthly principal and interest payment.
Add the housing costs you want to include
Annual property tax and homeowners insurance become monthly amounts; mortgage insurance and HOA dues are added as entered. Calcora never estimates them.
Add extra principal, if you like
An amount paid every month on top of principal and interest goes straight to the balance, so the mortgage is paid off sooner with less interest.
Compare the results
See the monthly housing payment and its parts, the mortgage's total interest, and how a different down payment, extra principal, or term would change them.
What goes into a mortgage payment
The loan payment, the amount you borrow, and the housing costs paid alongside it.
Principal and interest
Principal and interest is the loan payment itself: a fixed amount, worked out so the last payment clears the mortgage. Early payments are mostly interest; later ones are mostly principal.
Each month's interest is the APR divided by 12 on the balance still owed. It is the only part of the housing payment that pays down the mortgage.
Down payment and mortgage amount
The mortgage amount is the home price minus your down payment. A larger down payment means a smaller mortgage, a lower principal and interest payment, and less interest over the term.
This calculator does not judge how much to put down. Closing costs are not included, because they can be paid upfront, financed, or paid by the seller.
Property taxes
Property tax depends on the home's assessed value, local rates, and exemptions, so Calcora asks for the annual amount rather than a rate. It is divided by 12 to show a monthly equivalent.
Homeowners insurance
Homeowners insurance covers the home itself. Enter the yearly premium you expect; it is divided by 12. Calcora does not estimate premiums from location or home value.
Mortgage insurance
Some loans require mortgage insurance, such as private mortgage insurance (PMI), often when the down payment is small. Whether it applies, what it costs, and when it ends depend on the loan and the lender.
Calcora does not infer any of that. Enter a monthly amount only if it applies to your loan; it is added as entered and stays the same in every comparison.
HOA fees
Homeowners association dues pay for shared spaces and services in some communities. They are added to the monthly housing payment as entered and do not affect the mortgage.
How extra principal payments affect a mortgage
A $400,000 home with $80,000 down: a $320,000 mortgage at 6.5% APR over 30 years, with different extra principal payments. Calculated the same way as the calculator above.
| Extra principal | Planned loan payment | Payoff time | Interest | Interest saved |
|---|---|---|---|---|
| $0.00 | $2,022.62 | 30 years | $408,140.64 | $0.00 |
| $100.00 | $2,122.62 | 26 years, 2 months | $346,442.60 | $61,698.04 |
| $200.00 | $2,222.62 | 23 years, 5 months | $302,712.79 | $105,427.85 |
| $500.00 | $2,522.62 | 18 years | $222,589.43 | $185,551.21 |
Every extra dollar goes to principal, so the balance falls faster and each later month accrues less interest. The required principal and interest payment does not change, and neither do property tax, insurance, or HOA; the mortgage simply ends sooner.
How mortgage term changes the payment
A $400,000 home with $80,000 down: a $320,000 mortgage at 6.5% APR, with no extra principal, over different terms. Housing costs stay the same. Calculated the same way as the calculator above.
| Mortgage term | Principal & interest | Total interest | Estimated monthly housing payment |
|---|---|---|---|
| 15 years | $2,787.54 | $181,758.21 | $3,437.54 |
| 20 years | $2,385.83 | $252,601.23 | $3,035.83 |
| 30 years | $2,022.62 | $408,140.64 | $2,672.62 |
A shorter term means a larger principal and interest payment but much less interest in total, because the balance is repaid sooner. The housing costs are the same whatever the term.
Example mortgage calculation
A $400,000 home with $80,000 down: a $320,000 mortgage at 6.5% APR over 30 years, with $4,800 of property tax and $1,800 of homeowners insurance a year, $100 of HOA dues a month, no mortgage insurance, and $200 of extra principal each month. Calculated the same way as the calculator above.
The standard mortgage
- Mortgage amount
- $320,000.00
- Principal & interest
- $2,022.62
- Estimated monthly housing payment
- $2,672.62
- Payoff time
- 30 years
- Total mortgage interest
- $408,140.64
The housing payment adds $400.00 of property tax, $150.00 of insurance, and $100.00 of HOA to principal and interest.
With extra principal
- Planned loan payment
- $2,222.62
- Housing payment with extra principal
- $2,872.62
- Payoff time
- 23 years, 5 months
- Total mortgage interest
- $302,712.79
- Interest saved
- $105,427.85
- Time saved
- 6 years, 7 months
The last loan payment, payment 281, would be $379.19: just what is left of the balance and its interest.
Assumptions
- The APR stays the same for the whole mortgage, and payments are monthly. The first payment is one month after the loan starts. Adjustable rates are not modeled.
- Principal and interest come from Calcora's amortization engine: the standard payment formula, rounded to the nearest cent, with each month's interest (balance × APR ÷ 12) rounded half up. The final payment absorbs the rounding.
- The mortgage amount is the home price minus the down payment. Closing costs, points, and lender fees are not included.
- Annual property tax and homeowners insurance are divided by 12 and rounded half up to the cent. This is a monthly equivalent, not an escrow schedule.
- Property tax, insurance, mortgage insurance, and HOA are treated as constant monthly equivalents in this calculation. They do not rise over time; in practice they often change. This is a modeling assumption, not a forecast.
- Mortgage insurance is only what you enter. Calcora does not decide whether it applies, estimate it, or remove it when equity reaches a threshold, and it stays the same in every comparison.
- Extra principal is the same amount every month, from the first payment, applied to the balance after that month's interest. The required principal and interest payment stays the same; housing costs are unchanged.
- Tax deductions, home value changes, and affordability are not modeled. Results are estimates for education, based on the values you enter; they are not a loan offer or advice.
How Calcora calculates
- Every calculator explains the formula behind its result in plain language.
- Calculators are designed to run in your browser, so your inputs are not sent to Calcora.
- Results help you understand your options. They are not financial advice.
Frequently asked questions
What is included in the estimated monthly housing payment?
Why doesn't Calcora estimate property tax or insurance?
Does the calculator add PMI when I put less than 20% down?
How do extra principal payments save interest?
Why are taxes and insurance not in the amortization schedule?
Does this tell me how much house I can afford?
Does Calcora store my information?
Related calculators
For any other fixed-rate loan, with upfront fees, use the Loan Calculator. To see how a loan's schedule works payment by payment, use the Amortization Calculator.