Break down any loan or mortgage into its monthly payment, total interest, and a full payoff schedule. See exactly how extra payments save you money.
| Period | Principal | Interest | Total interest | Balance |
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Amortization is the schedule by which a loan is paid off. Each payment is split between interest and principal. Early payments are mostly interest, and the balance shifts steadily toward principal over the life of the loan.
Private mortgage insurance is generally required when you put less than 20 percent down, and it typically drops off once the balance reaches 80 percent of the original value. This calculator shows the month that happens.
A great deal, because every extra dollar goes straight to principal and removes all future interest on that dollar. The calculator shows both the interest saved and how much sooner the loan clears.
Principal, interest, taxes, and insurance. It is the full monthly cost of owning rather than just the loan payment, and it is what lenders look at when judging what you can afford.
How this works: payments are computed with the standard amortization formula and simulated month by month. Mortgage mode adds property tax, insurance, PMI (which automatically drops once you reach 20% equity) and HOA to your monthly total. Estimates for planning and education only. Your actual rate, taxes, and insurance will vary. This is not financial advice.