How to use Mortgage Calculator
- Enter the home price, down payment, annual interest rate and fixed loan term.
- Open More options for your annual tax and insurance, monthly HOA dues, upfront closing fees and optional extra monthly principal.
- The figures update as you change the fields. Compare principal and interest with the estimated total, then inspect the yearly balance schedule.
Example: Mortgage Calculator
Estimate a fixed-rate loan on a 300,000 home with a 60,000 down payment.
Options
- Tax and insurance
- These are annual amounts you provide. The tool divides their sum by 12 and adds it to principal and interest; it does not look up local rates or policies.
- Extra principal
- An extra amount is added to each scheduled monthly loan payment until payoff. It reduces the balance sooner; the final loan payment is capped at the amount owed.
- HOA dues and upfront closing fees
- Monthly dues add to estimated outlay. Upfront fees add to the down payment for the displayed cash due. They stay outside the financed principal; enter only the fees you want included.
Supported inputs and limits
Where your input is processed
This tool processes your input in this browser. Your text and files are not uploaded to UseFreeTools. Check this tool's limits for anything it may save on your device.
Sources and assumptions
Checked 2026-09-28. Loan amount equals home price minus down payment. For a nonzero fixed monthly rate, scheduled principal and interest uses the standard amortizing-payment formula P × r ÷ (1 − (1+r)^−n), where P is the loan amount, r is the entered annual percentage divided by 1200 and n is the number of months. A zero rate divides principal evenly across months. Each schedule month charges interest on the opening balance, then applies the scheduled payment and any extra principal. The CFPB explains that a real total monthly payment may also include taxes, homeowner's insurance and mortgage insurance. This page adds only the tax and insurance figures you enter and gives no financial advice.
CFPB, Principal and interest versus total monthly payment (reviewed 2023; checked 2026-09-28)
Questions about Mortgage Calculator
Why is the total monthly estimate higher than principal and interest?
Monthly outlay adds one twelfth of entered annual tax and insurance, entered HOA dues and any extra principal. Upfront fees are shown separately as cash due at closing and do not change the loan amount or schedule.
Does an extra payment change my required payment?
The scheduled principal-and-interest amount stays the same in this model. Extra principal is an optional amount added each month, and the schedule shows earlier payoff when it is affordable.
Can I compare adjustable-rate loans here?
No. This page applies one fixed annual rate for the whole term. It cannot model future rate changes or a lender's adjustable-rate terms.
Will the schedule match my lender's statement?
It may differ because lenders use their own dates, rounding, fees and escrow rules. Compare the estimate with your lender's written Loan Estimate or statement.