Support: Mortgage Calculator

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Common questions

How is a mortgage payment calculated?

Principal and interest use M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate and n the number of months. Property tax, insurance, PMI and HOA dues are added on top.

What is the monthly payment on a $320,000 loan at 6.5% for 30 years?

$2,022.62 for principal and interest. Tax, insurance and any PMI or HOA dues come on top.

When does PMI stop?

On most conventional loans, the federal Homeowners Protection Act ends PMI automatically when the balance is scheduled to reach 78% of the original value, and you can ask to cancel it at 80%. FHA loans follow different rules.

How much does an extra payment save?

Every extra dollar goes to principal. On a $320,000 loan at 6.5% for 30 years, $200 extra a month saves about $105,000 of interest and ends the loan about six and a half years early.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan costs more each month but far less interest in total; a 30-year loan keeps the payment lower. Pick each term in the list to compare.

Does this include closing costs?

No. Closing costs are paid once, at the start, and do not change the monthly payment unless they are rolled into the loan; if they are, add them to the price.

Is anything sent anywhere?

No. The calculation runs in your browser and nothing you type is sent to us or stored.