Most US homeowners pay principal and interest (P&I) plus property taxes and homeowners insurance, often through an escrow account. This calculator focuses on the loan math; you can add tax and insurance estimates separately.
Fixed-rate mortgages use standard amortization: early payments are mostly interest, and later payments shift toward principal. A 30-year loan at 7% pays more interest over life than a 15-year loan at the same rate.
How to use these tools
Start with the full mortgage calculator for a complete picture including down payment, tax, and insurance. Use the payment-only tool when you already know your loan amount and want P&I quickly.
The amortization schedule shows how each payment splits between interest and principal — useful for understanding equity build-up and total interest paid.
A 20% down payment typically avoids private mortgage insurance (PMI).
Compare 15-year vs 30-year terms — shorter terms save interest but raise monthly P&I.
Rate quotes vary by credit score, loan type (conventional, FHA, VA), and points paid.
Limitations
Results are estimates, not loan offers. Lenders apply underwriting, appraisal, and closing costs not modeled here. Consult a licensed mortgage professional before committing.
Frequently asked questions
?How much does an extra mortgage payment save?
Extra principal payments reduce your balance faster, which cuts total interest and can shorten your loan by years. Even $100–$200/month extra on a 30-year mortgage can save tens of thousands in interest.
?Should I make extra principal payments?
Extra payments make sense if you have no higher-interest debt and adequate emergency savings. Compare the guaranteed interest savings against investing or other goals before prepaying.
?What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of many monthly housing payments. HOA fees and PMI are separate.
?How does down payment affect my loan?
A larger down payment reduces the loan principal, which lowers monthly P&I and may eliminate PMI if you reach 20% equity at closing.
?Are property tax estimates accurate?
Tax rates vary by county and assessment rules. Use local assessor data or your realtor's estimate rather than a national average.