Mortgage Calculator
Get your true all-in monthly payment — principal & interest, taxes, insurance, and PMI — then see how extra payments or bi-weekly payments shorten your loan.
- P&I: Standard fixed-rate amortization — M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = loan amount, r = monthly rate (annual ÷ 12), n = total payments.
- PMI: Required when down payment is below 20%. Rate is tiered: 0.50%/yr (15–19.9% down), 0.75%/yr (10–14.9%), 1.00%/yr (5–9.9%), 1.25%/yr (below 5%). Monthly PMI = loan amount × annual rate ÷ 12. Removed the month your remaining balance first reaches 78% of the original home price — the automatic cancellation threshold under the Homeowners Protection Act, not current appraised value. Note: you may request cancellation earlier once your balance reaches 80% LTV, but your lender is not required to cancel until 78%.
- Extra payments: Applied directly to principal each month after the standard P&I payment. The amortization is recalculated month-by-month, so the loan pays off earlier and you save the remaining interest.
- Bi-weekly payments: Half your monthly payment every 2 weeks = 26 half-payments per year = 13 full monthly equivalents. The extra payment per year accelerates principal paydown. Modeled as an equivalent monthly extra of P&I ÷ 12 in the re-amortization. Most lenders that offer true bi-weekly programs apply each half-payment every two weeks and credit it immediately — this calculator models the equivalent effect as a 13th full payment per year, which matches the net annual principal reduction.
- Combined acceleration: When both bi-weekly and extra payment are active, their effects are combined in one re-amortization pass — the payoff date and interest saved reflect both simultaneously.
- Property tax and insurance: Your estimates, divided by 12 for the monthly figure. Lenders escrow these and may use slightly different amounts. Actual costs vary by location and insurer.
- Privacy: No data is collected or transmitted. All calculations run entirely in your browser.
Frequently Asked Questions
Principal & interest, property tax, and homeowners insurance are always included in the headline number. PMI is added automatically if your down payment is under 20% (since that's when lenders typically require it), and HOA is added if you entered a monthly HOA fee. The breakdown below the headline number shows each piece separately.
Either — toggle between "$/yr" and "% of value." The default is 1.1% of home value, which is a reasonable national ballpark, but property tax rates vary a lot by state and county, so swap in your actual local rate or dollar amount if you know it for a more accurate result.
It defaults to roughly the national average (~$1,800/yr), which is a starting estimate, not a quote. Your actual premium depends on your home's value, location, and coverage — adjust the field to your own number or a real quote if you have one.
Switching it on splits your monthly payment into two half-payments made every two weeks instead of one full payment once a month. Because there are 52 weeks in a year, that works out to 26 half-payments — the equivalent of 13 full monthly payments instead of 12. That one extra payment a year goes straight to principal, which shortens your loan and cuts total interest without requiring a larger monthly payment.
They're two different ways to pay down principal faster, and you can use either one (they're not combined in this calculator). Extra monthly payment is a flat amount you add on top of your regular payment every month. Bi-weekly restructures your payment schedule to sneak in one extra payment per year automatically, without changing your budgeted monthly amount. Compare both to see which fits your cash flow better.
PMI (Private Mortgage Insurance) is only required by most lenders when your down payment is below 20% of the home price. If your down payment is 20% or more, PMI doesn't apply and won't show up in your monthly cost — that's standard lending practice, not a calculator quirk.
These are estimates for educational purposes, not a loan quote. Actual mortgage payments, taxes, insurance, and PMI vary by lender, location, and your specific financial profile — always confirm real numbers with a licensed lender before making a decision.
Yes — click "View full amortization schedule" below the payoff-acceleration section to see the month-by-month principal/interest breakdown for the life of the loan.
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