Mortgage
Compare principal and interest, escrow costs, PMI, and payoff acceleration in one view.
Assumes a standard amortized fixed-rate loan and monthly escrow inputs.
Calculator
Switch between home price and direct loan principal, then adjust extras like property tax, insurance, PMI, and extra monthly payment.
Monthly payment, payments through payoff, and payoff timing.
Scheduled monthly total: $0.00
Assumes a fixed-rate amortized mortgage and full completed monthly payments. Property tax and homeowners insurance are counted only through mortgage payoff in the total above and may continue afterward. Entered PMI is assumed constant through payoff; actual PMI may end earlier.
Mortgage knowledge
A mortgage estimate is more useful when principal and interest are kept distinct from taxes, insurance, PMI, and optional extra principal.
A fixed-rate loan can have the same scheduled principal-and-interest payment every month while the composition changes. Early payments generally contain more interest because the outstanding balance is larger; later payments generally direct more of the same scheduled amount to principal.
When an additional payment is actually applied to principal, future interest is calculated on a smaller balance. Repeating that reduction can save interest and shorten the modeled payoff. Confirm with the loan servicer that extra funds are applied to principal rather than simply advancing the next due date.
PayCalc lets you enter a monthly PMI amount and assumes that amount continues through payoff so the model remains explicit. Real conventional loans can have cancellation or automatic-termination rules that end PMI earlier, so the long-term total can be lower than a constant-PMI scenario.
A shorter term generally requires faster principal repayment and a higher monthly payment, while a longer term generally reduces the required payment and allows interest to accrue for more periods. Actual lender quotes can also use different rates for different terms.
The model does not automatically add closing costs, lender points, HOA dues, changing property-tax assessments, changing insurance premiums, adjustable-rate resets, refinance costs, prepayment penalties, or exact PMI cancellation dates. Those items depend on a specific property or loan contract. Use the calculator to isolate the amortization and cash-flow assumptions you control, then compare the output with the lender's Loan Estimate and other transaction documents.
How it works
The calculator separates principal and interest from entered taxes, insurance, PMI, and extra principal payments. The guide explains the amortization model and the costs that remain outside a simplified estimate.