Mortgage payment
Plan principal, interest, housing costs and extra payments, with a month-by-month payoff schedule.
How this works
For principal P, monthly rate i and n payments, scheduled payment = P × i / [1 − (1+i)^−n]; at zero interest it is P/n. Each month interest is opening balance × i. Principal repaid is payment minus interest; extra principal shortens the schedule. Annual tax and insurance are divided by 12 and added to monthly dues and mortgage insurance. The schedule calculates without intermediate cent rounding; displayed rows are rounded.
Example
The illustration may use different inputs from the reproducible default inputs listed below.
For a $200,000 loan at 6% for 30 years, principal and interest are $1,199.10 per month before other costs. Adding $2,400 annual property tax and $1,200 annual insurance adds $300 per month. Use extra principal to compare payoff dates without assuming a new interest rate.
- Home price
- 400000 USD
- Down payment
- 80000 USD
- Annual interest rate
- 6.5 %
- Loan term
- 30 years
- Annual property tax
- 0 USD/year
- Annual home insurance
- 0 USD/year
- Monthly HOA dues
- 0 USD/month
- Monthly mortgage insurance
- 0 USD/month
- Extra monthly principal
- 0 USD/month
- Monthly principal + interest
- $2,022.62
Tax, insurance, HOA and PMI are your flat monthly assumptions, paid separately from the loan. PMI does not automatically cancel. Final loan payment is capped at the remaining balance plus interest. Housing costs continue after payoff; closing costs and fees are excluded.
Scope and assumptions
Illustrative fixed-rate monthly model, not a quote or affordability assessment. Enter your own costs; taxes, insurance and dues can change. No automatic PMI cancellation, escrow reconciliation, prepayment penalties, variable rates or jurisdiction-specific tax rules.
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