Mortgage & Home Loan Calculator
Home price · Down payment · PMI, taxes & insurance · Full amortization schedule
Monthly schedule
| Mo | Payment | Principal | Interest | PMI | Balance |
|---|
Annual schedule
| Year | Principal | Interest | Cumulative interest | Balance |
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Compare your current scenario against alternative down payments and terms.
Independent verification of the payment formula and amortization accuracy.
Tips for getting the best mortgage
Putting 20% down avoids PMI
Private mortgage insurance adds a monthly cost on top of principal and interest whenever your down payment is under 20%. Use the down payment slider to see exactly how much PMI adds to your payment, and how it disappears once your equity crosses 20%.
Compare 15-year vs 30-year terms
A shorter term usually means a lower rate and dramatically less total interest, but a higher monthly payment. Try the quick 15 yr / 30 yr term chips above to see both scenarios side by side in the Compare tab.
Don't forget taxes, insurance and HOA
Your loan payment is only part of the story. Property taxes, homeowners insurance and HOA dues can add hundreds of dollars a month. This calculator rolls them into your total monthly payment so you see the full picture.
Extra principal payments save real money
Adding even a small amount to your monthly principal payment can shave years off your mortgage and save thousands in interest. Enter an amount in Advanced options and watch the total interest and payoff time change.
Keep your payment within the 28/36 guideline
Enter your gross monthly income in Advanced options to see your total payment as a share of it. Many lenders like to see housing costs at or under about 28% of gross income, and total debt under about 36%.
Shop your interest rate
Even a 0.25% difference in your rate can change your monthly payment by a meaningful amount over a 30-year loan. Move the interest rate slider to see how sensitive your payment is to the rate you're quoted.
Frequently asked questions
How is a monthly mortgage payment calculated?
It's based on the loan amount (home price minus down payment), the interest rate, and the term, using a standard amortization formula. Most lenders then add a monthly share of property taxes, insurance, PMI and HOA dues, together often called PITI.
What is PMI and when do I need it?
Private mortgage insurance protects the lender when your down payment is under 20%. It's usually removed automatically once your loan balance reaches roughly 78-80% of the home's original value.
What does PITI stand for?
Principal, Interest, Taxes and Insurance — the components most US lenders combine into one monthly mortgage payment, often collected through an escrow account.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan usually has a lower rate and far less total interest but a bigger monthly payment. A 30-year loan lowers the payment and adds flexibility but typically costs more in interest over time.
How much house can I afford?
A common guideline (the 28/36 rule) suggests keeping your total housing payment at or under about 28% of gross monthly income, and all debts combined under about 36%. Enter your income above to check your ratio.
Is this calculator accurate?
The math follows standard amortization formulas and is self-checked on the Verify tab. Real loan offers can include lender-specific rounding, closing costs, escrow cushions or rate adjustments, so treat this as a close estimate rather than a final figure.
Want to know how much house you can really afford?
This calculator estimates the numbers for a specific home price and rate, but figuring out your true budget means weighing income, existing debt, down payment savings and closing costs together. Our guide walks through the 28/36 rule, how lenders actually calculate your debt-to-income ratio, and the costs first-time buyers often forget.
Read: How Much House Can You Really Afford →Disclaimer
This calculator is provided for general informational and educational purposes only and does not constitute financial, legal, or tax advice. It is not affiliated with, endorsed by, or a substitute for consultation with a licensed mortgage lender, loan officer, or financial advisor.
All figures — including monthly payment, PMI, total interest, total cost, and estimated loan-to-value — are approximations based on the numbers you enter and standard amortization formulas. They do not include one-time closing costs, escrow cushions, rate locks, discount points, adjustable-rate resets, or underwriting conditions that may apply to your actual loan.
Property tax and homeowners insurance estimates use the rates and amounts you enter and may not reflect your actual local tax rate, assessment, or insurance premium. PMI cancellation is estimated using a standard 80% loan-to-value threshold and may differ from your servicer's actual policy.
FinToku is not a lender and does not broker, originate, or guarantee financing. Use of this tool does not create any financial relationship between you and FinToku. You are solely responsible for decisions made using these estimates.
Free tool by FinToku · Results are indicative. Consult a licensed lender for exact figures.