Calculate your mortgage with taxes, insurance, PMI, extra payments, and a full amortization schedule — all in one place. No sign-up required.
Includes taxes, insurance & PMI
Based on your inputs — scroll down for full amortization schedule
Paying bi-weekly means one extra full payment per year — here's how much you can save.
See how much time and money you can save by making additional payments toward your principal.
Payment-by-payment breakdown of your loan
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Your monthly mortgage payment is more than just principal and interest. Understanding every component helps you budget accurately, save money, and pay off your loan faster.
Principal is the original amount of money you borrowed to purchase your home. Each monthly payment you make includes a portion that goes toward reducing this balance — this is called paying down your principal.
In the early years of a mortgage, a larger share of your payment goes to interest. As years pass, the balance shifts so more goes toward principal. This is called amortization.
Mortgage interest is the cost you pay your lender for borrowing money. It's calculated monthly on your remaining loan balance. The annual interest rate divided by 12 gives your monthly rate.
Even a 0.5% difference in your interest rate can mean tens of thousands of dollars over the life of a 30-year loan — which is why shopping multiple lenders is so important.
Property taxes are assessed by your local government and are typically calculated as a percentage of your home's assessed value. The national average is around 1.07%, but rates vary dramatically by state and county.
Most lenders require you to pay 1/12th of your annual tax bill each month into an escrow account, which they then pay on your behalf when the bill is due.
Homeowners insurance protects your home and belongings from damage or loss due to events like fire, theft, or storms. Lenders require it to protect their investment in your property.
Premiums vary based on your home's value, location, coverage level, and claims history. The national average is roughly $1,200–$2,000 per year, but homes in disaster-prone areas often pay much more.
Private Mortgage Insurance (PMI) protects the lender — not you — in case you default on the loan. It's typically required when your down payment is less than 20% of the home's purchase price.
PMI typically costs between 0.5% and 1.5% of your loan amount annually. Once your home equity reaches 20%, you can request cancellation. At 22% equity, lenders are legally required to remove it automatically.
Making even small extra payments toward your principal can dramatically reduce your loan term and the total interest you pay. On a $400,000 loan at 6.85%, an extra $200/month could save you over $60,000 in interest and cut 5+ years off your loan.
Extra payments go directly to principal reduction, shrinking the balance on which future interest is calculated — creating a compounding savings effect.
A bi-weekly payment schedule means you make a payment every two weeks — totaling 26 half-payments, or the equivalent of 13 full monthly payments per year instead of 12.
That one extra payment per year goes entirely toward principal. On a typical 30-year mortgage, bi-weekly payments can shave 4–6 years off your loan and save $20,000–$40,000 in interest.
An amortization schedule shows every payment over the life of your loan, broken down into how much goes to principal versus interest. In the early years, the interest portion dominates.
For example: on a 30-year $320,000 loan at 6.85%, your first payment of roughly $2,100 might include $1,827 in interest and only $273 toward principal. By year 25, that ratio flips dramatically.