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Mortgage Amortization Calculator

Calculate your monthly mortgage payment, full amortization schedule, and extra payment savings. Free, instant, and accurate.

✓ Tested formula & cited sources Checked against independent sources · Oct 12, 2026 Private: runs in your browser

Total purchase price of the home

Upfront cash — or enter as % below

Overrides the $ amount above when filled

Number of years to repay the loan

The rate on your lender quote (fixed-rate loan)

Annual property tax as % of home value — varies a lot by state and county

Annual homeowners insurance premium

Monthly homeowner association dues

Month of your first payment

Results

Total Monthly Payment (PITI)

$4,207.57

PITI bundles Principal, Interest, Taxes, and Insurance — the full housing payment lenders qualify you on, not just the loan payment. At 20% down you've reached the 20% threshold, so no PMI applies.

Principal & Interest
$3,682.57
Property Tax (est.)
$400.00
Homeowners Insurance
$125.00
Loan Amount
$320,000.00
Down Payment
$80,000.00 (20.0%)
Total Interest Paid
$121,908.47
Total Paid Over the Loan (excl. down payment)
$504,908.47
Mortgage Payoff Date
Dec 2035

The formula

M = P × [r(1+r)^n] / [(1+r)^n − 1]

M
Monthly P&I Payment
P
Principal
r
Monthly Rate
n
Number of Payments
PMI
Private Mortgage Insurance

Worked example — Home Price 400000, Down Payment ($) 80000, Down Payment (%) 20 %, Annual Interest Rate 6.8 %

Total Monthly Payment (PITI) = $4,207.57

Full explanation ↓

How Mortgage Amortization Calculator Works

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Calculates the fixed monthly principal and interest payment using the standard amortization formula. Your total PITI payment adds property taxes, homeowners insurance, HOA fees, and PMI (if applicable) on top of P&I. The amortization schedule shows the exact principal versus interest split for every payment over the full loan term.

M
Monthly P&I Payment — The fixed dollar amount paid toward principal and interest each month for the life of the loan. This amount stays constant for a fixed-rate mortgage.
P
Principal — The loan amount equal to the home purchase price minus your down payment. This is the actual amount you are borrowing from the lender.
r
Monthly Rate — Your annual interest rate divided by 12. For example, a 6.8% annual rate becomes a 0.567% monthly rate used in the payment formula.
n
Number of Payments — The total number of monthly payments over the loan term. For a 30-year loan, this is 360 payments. For a 15-year loan, this is 180 payments.
PMI
Private Mortgage Insurance — Estimated at a flat 0.8% of the loan amount per year when your down payment is under 20% (a typical-case assumption; real rates depend on credit score and down payment). PMI protects the lender, not you. It can be cancelled on request at 80% loan-to-value and ends automatically at 78% of the original value; this calculator charges it only until that 78% point.
Mortgage amortization — monthly payment calculated from principal, rate, and term

Understanding the Result

A PITI mortgage payment covers four distinct components. Principal is the portion that actually reduces your loan balance — in the early years this is a small fraction of each payment. Interest is the cost of borrowing money from the lender; in the early years of a 30-year loan most of each payment is interest — at a 6.8% rate about 87% of the first payment. Taxes are annual property taxes that the lender collects monthly and holds in an escrow account to pay on your behalf.

Insurance is homeowners insurance, also typically escrowed. If your down payment is under 20%, Private Mortgage Insurance (PMI) is typically required to protect the lender against default; this calculator estimates it automatically. PMI typically costs 0.3% to 1.5% of the loan amount per year depending on your credit score and down payment size. The amortization schedule is the key tool for understanding your mortgage: early payments are heavily weighted toward interest, but over time the ratio shifts.

At a 6.8% rate each payment starts applying more to principal than to interest around payment 238 (year 20) of a 30-year loan; at lower rates the crossover comes sooner. Making extra principal payments early in the loan term has an outsized effect on total interest savings because it reduces the balance on which future interest is calculated. One extra payment per year would shorten a 6.8%, 30-year mortgage by about 6 years and save roughly $98,000 in interest on a $320,000 loan.

How to Use

  1. Enter the home purchase price to set the starting point for the calculation.
  2. Enter your down payment as a dollar amount or as a percentage. If both are filled, the percentage overrides the dollar value.
  3. Select your loan term — shorter terms like 15 years have higher monthly payments but far less total interest paid over the life of the loan.
  4. Add optional details: property tax rate, annual homeowners insurance premium, and monthly HOA fee for a complete PITI picture.
  5. Review the full monthly breakdown including each PITI component, total interest paid over the loan term, and the projected payoff date.
  6. Scroll down to view the complete amortization schedule showing the principal and interest split for every monthly payment across the full loan term.

Frequently Asked Questions

What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Lenders use the full PITI amount (not just P&I) to calculate your front-end debt-to-income ratio when evaluating your loan application.
What is PMI and when can I remove it?
Private Mortgage Insurance protects the lender in case you default on the loan when your down payment is under 20%. It is estimated here at roughly 0.8% of the loan per year (actual rates vary with credit score and down payment). You can request removal once your loan-to-value ratio reaches 80% of the original value, and it must be terminated automatically when the scheduled balance reaches 78% under the Homeowners Protection Act; the calculator stops charging PMI at that 78% point.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage saves tens of thousands in total interest and builds equity much faster, but the monthly payment is significantly higher. A 30-year mortgage offers lower required monthly payments and flexibility to pay extra principal on your own schedule when you have additional cash available.
How do I use the percentage down payment toggle?
Enter a percentage in the Down Payment (%) field to auto-calculate the dollar equivalent. Leave it blank and only fill the dollar field if you know the exact cash amount you plan to put down. The percentage always overrides the dollar value when both are entered.
What happens if I make extra principal payments?
Extra principal payments reduce the loan balance faster, which means less future interest accrues. For example, one extra payment per year on a $320,000, 6.8%, 30-year loan shortens it by about 6 years and saves roughly $98,000 in interest. Use the extra-payment controls under the amortization schedule to model this.

Sources

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TheCalcUniverse. "Mortgage Amortization Calculator — Extra Payments." TheCalcUniverse, 2026, https://thecalcuniverse.com/finance/mortgage-amortization-calculator/. Accessed October 25, 2026.

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