Mortgage Calculator: Payments & Amortization
Estimate fixed-rate mortgage principal and interest, entered taxes, insurance, HOA, extra payments, payoff time, and annual amortization.
Interactive calculator · Method MORTGAGE-2.0 · Last reviewed: 2026-10-02
Enter your scenario
Results update as valid inputs change. Correct any highlighted field before relying on the answer.
Your inputs
Default worked example. Edit the inputs to calculate your scenario.
Default worked example
The fixed-rate principal-and-interest payment is $2,022.62. Entered taxes, insurance, HOA, and extra principal bring the planning total to $2,572.62 per month.
How to use the calculator
Enter principal, nominal annual interest and the term in whole years. Advanced options accept extra principal, annual property tax and insurance, and monthly HOA. Select annual totals or monthly payments. CSV export creates a local file.
What the result means
Principal and interest is separate from housing costs and extra principal. The schedule gives interest, principal and ending balance. Extra payments shorten payoff and reduce interest in this fixed-rate model.
Formula and units
With monthly rate r = nominal annual percent/1200 and n = 12 × years, monthly principal and interest = principal × r ÷ [1 − (1+r)^(−n)]. At 0%, payment = principal/n. Each month interest is opening balance × r, rounded to cents; the remaining payment reduces principal. The final payment clears only the remaining principal and interest.
Worked examples
$320,000 loan at 6.5% for 30 years: Loan principal: 320000 currency; Annual interest rate: 6.5 % per year; Loan term in years: 30 years; Extra principal per month: 0 currency per month; Annual property tax: 4800 currency per year; Annual homeowners insurance: 1800 currency per year; Monthly HOA or association charge: 0 currency per month; Amortization schedule: annual.
Example result: Monthly principal and interest: $2,022.62; Estimated monthly housing total: $2,572.62; Total loan interest: $408,140.64; Total paid to loan: $728,140.64; Estimated payoff time: 30 years, 0 months; Interest saved by extra payments: $0.00; Principal: $320,000.00.
Zero-interest ten-year loan: Loan principal: 120000 currency; Annual interest rate: 0 % per year; Loan term in years: 10 years; Extra principal per month: 0 currency per month; Annual property tax: 0 currency per year; Annual homeowners insurance: 0 currency per year; Monthly HOA or association charge: 0 currency per month; Amortization schedule: annual.
Example result: Monthly principal and interest: $1,000.00; Estimated monthly housing total: $1,000.00; Total loan interest: $0.00; Total paid to loan: $120,000.00; Estimated payoff time: 10 years, 0 months; Interest saved by extra payments: $0.00; Principal: $120,000.00.
Limitations and common mistakes
Nominal interest is not APR. Mortgage insurance, fees, taxes on transactions, variable rates, prepayment penalties and lender servicing rules are excluded. Payment and monthly interest use nearest-cent rounding, with the nominal final month clearing rounding residuals.
Do not enter APR as a nominal rate or include an extra principal payment in the loan principal. Annual tax/insurance and monthly HOA use different periods.
Sources and assumptions
The payment identity is mathematical; CFPB Regulation Z is used only to state the boundary between this estimate and lender APR or disclosure obligations.
Method MORTGAGE-2.0; last formula review 2026-10-02. Sources and their supported claims. Calculation methodology.
CFPB: nominal interest and APR cover different costs. This supports the APR boundary; the fixed-payment equation follows the monthly balance recurrence shown above.