Estimate your true monthly mortgage payment with Mortgage Smart Tools. This mortgage calculator includes Principal, Interest, Property Taxes, Home Insurance, and PMI. It also generates a detailed yearly amortization schedule.
See how your loan balance decreases over time. In the early years, most of your payment goes toward interest. As time goes on, more goes toward the principal.
| Year | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
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Want to learn more about how mortgages work? Read our detailed guides:
This calculator provides a highly accurate estimate based on standard formulas. However, your actual payment may vary based on your specific lender fees, HOA (Homeowners Association) dues, flood insurance requirements, and the exact day your loan funds (which affects prepaid interest).
No. If you are buying a condo, townhouse, or a home in a planned community, you will have a monthly HOA fee. You will need to add this amount to the total monthly payment shown above manually.
A larger down payment reduces the amount you need to borrow (the principal), which lowers your monthly payment. Additionally, if you put down 20% or more, you completely eliminate the need to pay Private Mortgage Insurance (PMI), saving you hundreds of dollars a month.
Private Mortgage Insurance (PMI) is required by lenders if your down payment is less than 20%. It protects the lender, not you. Once you build 20% equity in your home (either through paying down the loan or home appreciation), you can request that your lender remove the PMI.
Financial experts generally recommend the 28/36 rule: your monthly housing payment should not exceed 28% of your gross monthly income, and your total debt should not exceed 36%. Use this calculator to ensure your total payment (PITI) fits within that budget.
Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the loan amount and include lender origination fees, appraisal fees, title insurance, and prepaid taxes and insurance.
Yes. Most mortgages have no prepayment penalty. By making extra principal payments, you can shave years off your loan term and save tens of thousands of dollars in interest. Check out our "Extra Payment Mortgage Guide" for more details.