Premium Mortgage Calculator

Calculate PITI, visualize your amortization schedule, and optimize your payments with extra contributions.

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Calculate FHA mortgage payments with MIP insurance. Ideal for first-time buyers with down payment from 3.5%.

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Refinance Calculator

Find out if refinancing saves you money. Compare loans, break-even point and total interest savings.

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Home Price $

Down Payment ($) $

Down Payment (%) %

Interest Rate %

Loan Term

Advanced Estimations (Taxes & Fees)

Property Tax (Annual) %

Estimated Tax ($/yr) $

Home Insurance $/yr

HOA Fees $/mo

Calculate Extra Payments Savings

Extra Monthly Payment $

Extra Yearly Payment $

Month Applied

One-Time Extra Payment $

Applied (Year)

Applied (Month)

ESTIMATED MONTHLY PAYMENT

$0,000.00

Principal & Interest: $0.00

$0,000

Principal & Interest $0.00
Property Taxes $0.00
Home Insurance $0.00
HOA Fees $0.00

                        Total Loan Amount
                        $0.00
                    

                        Total Interest Paid
                        $0.00
                    

                        Total Payoff Amount
                        $0.00
                    

                        Estimated Payoff Time
                        30 Years
                    

Loan Amortization Schedule

Track your remaining balance and payment breakdown over time.

Period	Principal Paid	Interest Paid	Extra Payments	Total Payment	Total Interest	Remaining Balance

Understanding Your Mortgage & Payments

Learn how monthly payments are calculated, what makes up your total monthly bill, and how you can optimize your home loan.

How is a Monthly Mortgage Payment Calculated?

The standard monthly principal and interest payment is calculated using the amortization formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]

Where M is your monthly principal & interest payment, P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years multiplied by 12).

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance. These are the four core components of a monthly housing payment:

Principal: The portion of your payment that goes directly toward paying off the loan balance.
Interest: The cost charged by the lender for borrowing the money.
Taxes: Real estate property taxes assessed by local government authorities.
Insurance: Homeowners insurance policies to protect the home against damage and hazards.

How do Extra Payments Save Money?

Making extra payments directly reduces your outstanding principal. Because interest is calculated based on your remaining principal balance, lowering the balance faster reduces the total interest generated over the loan's lifetime. This lets you pay off your mortgage ahead of schedule, saving thousands of dollars in interest charges.

What is the Difference Between Down Payment and Loan Amount?

The down payment is the initial cash sum you pay upfront to purchase the property. The total loan amount (principal) is the purchase price minus your down payment. Putting down at least 20% is typically recommended to avoid paying Private Mortgage Insurance (PMI).