Home price
Down payment
Mortgage term
Interest rate

Add extra payments:

Find out how making extra payments can help you pay off your house quicker.

To monthly mortgage payment
Extra yearly mortgage payment
Occurring every
One-time mortgage payment
Monthly Principal & Interest $999.03
Monthly Extra Payment $0.00
Estimated monthly payment $999.03
Down payment $52,000.00
Extra payments $0.00
Total principal paid $208,000.00
Total interest paid $151,650.40
Total of all payments $411,650.40
Start Date
Estimated Payoff Date

Amortization Schedule

Payment Date Payment Principal Interest Total Interest Balance
Use this mortgage calculator with PMI to see how much interest you should pay and determine the impact of insurance and taxes on your total monthly mortgage payment.
Have you decided to commit to an interest only mortgage? Use this free interest only mortgage calculator to calculate your monthly payments.
Use this mortgage calculator with extra payments to see how even small extra payments will save you months of payments and can help you to pay down your mortgage faster.

Mortgage Calculator Terms

Home Price

The price of the property to be purchased in dollars

Down Payment

This is part of the value of the real estate purchased on credit, which the borrower must pay independently to the seller of housing. The rest of the bank issues in the form of a mortgage loan. In the US the down payments vary between 4% and 20% of the price. The initial payment for at least 20% typically allows avoid paying mortgage insurance.

Mortgage term

Mortgage term is the length of the mortgage you're planning. Choose from 30-year fixed or 15-year fixed. Your mortgage term can affect interest rate and monthly payments.

Interest Rate

This field is filled with the current average mortgage rate. Your real rate will vary based on credit score and down payment.

Mortgage Start Date

The date when the mortgage payments will start.

Extra payments

Making an extra payments pays down the principal and helps reduce the loan tenure. Even making small extra payments can shave years off your loan and save you thousands of dollars in interest.

When to use a mortgage calculator?

About Mortgage Calculator with Extra Payments

This mortgage calculator with extra payments ( amortization schedule calculator ) allows you to estimate your monthly mortgage payment. It also shows out how much of your payments will go towards interest and how much will go towards the principal.

Think about different cases when using a Mortgage Calculator with Extra Payments

When deciding whether to buy property on credit, the potential borrower should first calculate the monthly mortgage payment to understand the burden on the family budget. The payments should not exceed a certain proportion of the monthly income of a borrower, most often - not more than 50%. Knowing the future payments, a potential borrower can independently calculate the maximum monthly payment, loan term and overpayments.

By changing the value of the down payment in the mortgage calculator, you can see how the monthly payment changes. It is also worth mentioning that a higher initial payment may affect the rate on the loan. Moreover, a higher initial deposit will help to avoid loan insurance in some cases. In some cases, higher down payment can help you avoid paying PMI (which stands for private mortgage insurance)

What does the Monthly Payment consist of?

When calculating a mortgage payment, you can be surprised by the final amount of the overpayment. Even a small difference in the interest rate can affect the amount of overpayment. Sometimes it may not seem so obvious, but at a long distance - this is very critical. That is why it is so important to understand what happens with payment, and where exactly the money goes - repayment of interest or the body of debt.

At the initial stage, most of the payment will go towards interest. Over time, the body of the debt decreases, respectively, the amount of interest to pay will also decrease, and most of the payment will go towards the body of debt.

Using the mortgage calculator, you can verify this by looking at the amortization schedule. Choose the optimal parameters - the interest rate, the down payment, the price of the house.

Calculate savings by making additional payments

You can find out how you can shorten your term by paying extra money toward your loan's principal every year, every month or even just one time.

This mortgage calculator has only been designed to give a useful general indication of costs. It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information.