Mortgage Amortization Calculator
Calculate principal & interest, escrow, and full monthly amortization schedule. Add taxes, insurance, HOA, PMI, and extra principal payments.
Mortgage Inputs
✨ Extra Payment Savings
Mortgage Payment Formula
Your principal and interest mortgage payment is calculated using the standard amortization equation:
Total Monthly Payment = Principal & Interest + Property Tax/12 + Insurance/12 + HOA + PMI.
Tips to Reduce Total Mortgage Cost
- Make consistent extra principal payments, even small amounts, to reduce lifetime interest.
- Review refinance opportunities if rates drop significantly below your current mortgage rate.
- Eliminate PMI early when your loan-to-value reaches lender thresholds.
- Contest property tax assessments if your home valuation appears overstated.
- Shop insurance annually; premium savings directly reduce your monthly payment.
Frequently Asked Questions
Why is my interest highest at the beginning?
Interest is based on your remaining principal balance. At the beginning of the loan, your balance is highest, so the interest portion of each payment is larger.
Do extra payments go to principal?
This calculator assumes extra monthly payments go directly to principal, which shortens the loan term and lowers total interest.
Is escrow required?
Many lenders require escrow for taxes and insurance, especially with lower down payments. HOA and PMI are lender/property specific.