Mortgage Payment Calculator

Your real monthly payment is more than the loan: it includes taxes, insurance, HOA dues and often mortgage insurance. Enter a price below to see the full monthly cost, how it's made up, and how much extra payments could save.

These numbers are estimates only and may not be accurate. They depend on your real interest rate, credit, income and the home's actual taxes and insurance. Contact us for accurate figures; it's free and there's no obligation. The starting interest rate (6.5%) is an example only, not a quote: your rate depends on your credit, loan type, down payment and the market, and can be higher or lower. Change it to see the difference.

How to pay off your mortgage quicker and pay a lot less

Every extra dollar you send toward the principal (the amount you borrowed) stops being charged interest for the rest of the loan. Here's what that does to the loan you entered above.

Your loan if you just make the normal payment

Monthly payment (principal & interest)—

Paid off in—

Total interest you'd pay—

The pay-rise method

Each time you get a pay rise, raise your mortgage payment by the same percentage and ask your lender to put the extra toward principal. You still keep most of your raise. Change the numbers to match you:

First pay rise after (years)

Each pay rise (%)

A pay rise every (years)

What you'd actually pay

The result

Normal payments

Paid off in: —
Total interest: —

Pay-rise method

Paid off in: —
Total interest: —

You save $— in interest and own your home — sooner.

What you still owe, year by year Normal paymentsPay-rise method

Year by year, side by side

Green rows are the years your payment goes up. Compare the two "Still owed" columns to see the gap grow. Scroll the table to see every year.

Year	Normal payments	Pay-rise method
Year	Still owed paying — a month	Monthly payment	Still owed

Other ways to pay it off faster

No pay rise coming? These work too. Ranked by how much interest they save on your loan.

Extra each month ($)

Once-a-year lump sum ($)

Based on the loan above (principal and interest only). Estimates; your lender's statement is the final word.

Full amortization table (normal payments, including any extra entered in the calculator above)

Year	Principal paid	Interest paid	Balance left

Does paying weekly or every two weeks save interest?

Yes, mainly because you make one extra payment a year. Paying half your payment every two weeks means 26 half-payments, which equals 13 full payments instead of 12. Paying a quarter every week works out the same. On a 30-year loan this typically takes around 5 to 6 years off and saves a large amount of interest (see the table).

Most lenders only apply money once a full payment arrives, so paying more often doesn't save much by itself; the extra 13th payment does the work.
Ask your lender if they offer a free biweekly plan. Avoid companies that charge a fee to do it for you.
You get the same result for free by adding one-twelfth of your payment to each monthly payment, marked "apply to principal".

Before you start

Mark extra money "principal only". Otherwise some lenders hold it toward next month's payment.
Check for prepayment penalties. Most home loans have none, but check your note.
Want a lower monthly payment instead? After a large lump sum, ask your lender to recast the loan: they recalculate the payment on the lower balance (usually a small fee). Extra payments alone shorten the loan but don't lower the required payment.
Keep an emergency fund first, and pay off higher-rate debts (credit cards) before paying extra on a lower-rate mortgage.

Build a personal payoff plan from your income →

Worked example

A $350,000 home with 3.5% down on an FHA loan at an example rate of 6.5%: the loan is about $343,661 including the upfront mortgage insurance premium, principal and interest come to about $2,172 a month, and with $4,200 a year in taxes, $2,800 in insurance and FHA mortgage insurance of about $155 a month, the total is roughly $2,910 a month.

What's next?

Estimate your cash to closeDown payment plus closing costs.Go →Find the right loanFHA, VA, conventional and more.Go →Get pre-approvedFind out exactly how much you can borrow. It's free, there's no obligation, and sellers take your offer more seriously.Go →

Common questions

What is included in a monthly mortgage payment?

Usually four parts, often called PITI: principal (paying down the loan), interest, property taxes and homeowners insurance. Many homes also have HOA dues, and in Florida some communities have a CDD charge on the tax bill. Loans with less than 20% down often add mortgage insurance.

How much does mortgage insurance cost?

It depends on the loan. Conventional loans with under 20% down commonly add private mortgage insurance of roughly 0.3% to 1% of the loan a year, and it can usually be removed once you reach 20% equity. FHA loans have an upfront premium (1.75%) plus an annual premium (commonly 0.50% to 0.55%). VA loans have no monthly mortgage insurance but usually a one-time funding fee. This calculator uses typical figures; you can enter your own.

How much do extra payments save?

Extra money paid toward principal reduces the balance that interest is charged on. For example, on a $200,000 loan at 6% over 30 years, paying an extra $200 a month saves roughly $80,000 in interest and pays the loan off about 9 years early.

Why is my payment different from the listing?

Listings often show principal and interest only. Taxes, insurance, HOA dues and mortgage insurance can add several hundred dollars a month, especially in Florida where insurance costs are high.

For education and planning only. Approximate estimates; not legal, tax or financial advice. Not a loan offer, approval or commitment to lend. Example rates are for illustration only; rates can change and may not be available at commitment or closing. Rates, terms, taxes, insurance and program rules vary and change; your actual numbers may differ. Mortgage services by Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.

Your next step

How much can I afford? →A comfortable range Get pre-approved →Your real rate