Complete Mortgage Calculator

Calculate fixed-rate mortgage principal and interest for 15 or 30 years, optional housing costs, extra principal and a monthly payoff schedule. Calculate it clearly with Figur.

Calculate a fixed mortgage payment and payoff plan

Principal P is home price minus down payment. With monthly rate r = annual percentage rate ÷ 100 ÷ 12 and n = years × 12, monthly principal and interest M = P × r ÷ (1 − (1 + r)^(−n)). At zero interest, M = P ÷ n. The scheduled payment is rounded to cents. The monthly schedule calculates interest on the remaining balance, then subtracts scheduled and extra principal. Optional property tax, insurance, PMI and HOA are added as monthly housing costs, not loan interest.

Method and assumptions

P = home price − down payment; r = annual rate ÷ 1,200; n = 12 × years. M = P × r ÷ (1 − (1 + r)^(−n)), or P ÷ n at 0%, rounded to cents.

  • The rate is fixed over the selected 15- or 30-year term; the monthly schedule rounds payments and interest to cents.
  • Dated extra payments apply in their assigned month, not using daily interest between dates.
  • Optional tax, insurance, PMI and HOA amounts remain constant and do not change amortization; PMI does not automatically disappear.
  • Closing costs, points, fees, prepayment penalties, escrow changes and lender-specific rules are excluded.

Educational planning estimate, not a loan quote or financial advice. Confirm dates, fees, payment rules and actual figures with your lender.

Sources and references

Worked example

Buy a $400,000 home with $80,000 down, at 6.5% fixed interest over 30 years; leave optional costs and extra payments blank.

P = $320,000, r = 0.065 ÷ 12 and n = 360. M = $2,022.62 per month in principal and interest, before taxes, insurance, PMI or HOA.

Frequently asked questions

Is the displayed payment the full housing cost?

Principal and interest are shown separately. Enter monthly property tax, insurance, PMI and HOA estimates to add them to housing costs; leaving them blank excludes them.

How are extra payments applied?

The schedule applies extra principal in the selected month after scheduled interest and principal. It compares payoff and interest with the baseline, without modeling daily interest or lender fees.

Does PMI stop automatically?

No. Optional housing costs are held constant. Confirm PMI cancellation and escrow changes with your lender rather than treating this model as a servicing statement.

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