Mortgage Calculator with PMI & Extra Payments
Estimate your full monthly house payment and see how extra payments shorten your loan.
How the mortgage payment is calculated
Principal and interest use the standard amortization formula M = P·r(1+r)n / ((1+r)n−1), where P is the loan amount, r the monthly rate and n the number of payments. Property tax, insurance and HOA are added on top. PMI is applied while your loan-to-value ratio is above 80% and is removed automatically once the balance falls to 80% of the home price.
How extra payments help
Every extra dollar goes straight to principal, so less interest accrues the next month. The schedule below shows exactly how many months and how much interest you save.
Frequently asked questions
What is PMI?
Private mortgage insurance is usually required on conventional loans when the down payment is under 20%. This calculator drops PMI once the loan balance reaches 80% of the purchase price.
Does the payment include taxes and insurance?
Yes. The total monthly payment includes principal, interest, property tax, homeowners insurance, PMI and HOA dues.
How much do extra payments save?
Enter an amount in Extra principal and the calculator shows the new payoff time and total interest saved.
Is this an official loan quote?
No. It is an estimate for planning. Your lender's figures may differ due to fees, escrow rules and rounding.