Mortgage Calculators | P&I, PITI, PMI, Amortization, Extra Payments & Payoff | Home Loan Affordability
Our mortgage calculators will help you estimate monthly mortgage payments, compare home loan options, and understand the total cost of a mortgage over time.
On this page, you can calculate mortgage payments, estimate payments with taxes and insurance, generate amortization schedules, calculate mortgage payoff with extra payments, and compare two mortgage loans with different rates or terms.
These tools help with common scenarios such as buying a home, determining home loan affordability, refinancing a mortgage, or paying off a mortgage early.
Mortgage Loan Calculators
Mortgage P&I Calculator
The Mortgage P&I Calculator is a simple mortgage principal & interest (P & I) calculator that calculates your monthly mortgage payment based on your total loan amount or current loan balance, rate, and term. It also breaks down your payments by principal and interest amounts and includes an amortization schedule.
Mortgage PITI Calculator
The Mortgage PITI Calculator with amortization schedule calculates loans payments using PITI, which stands for Principal, Interest, Taxes, and Insurance. These four costs make up the full monthly mortgage payment for most homeowners. Most lenders collect taxes and insurance monthly through an escrow account. As a result, your lender pays these bills when they come due.
Example: Mortgage Payment with PITI:
Home price: $400,000
Interest rate: 6.5%
Loan term: 30 years
Taxes: $2,400 per year
Insurance: $1,200 per year
Monthly P & I Payment: $2,528.27
Monthly PITI Payment: $2,828.27
Mortgage P&I Loan Comparison
This simple Mortgage P&I Loan Comparison Calculator compares two loans. It calculates your monthly mortgage payment based on your total loan amount or current loan balance. It also breaks down your payments by principal and interest amounts and includes an amortization schedule.
However, If you need a more detailed mortgage loan comparison with taxes, insurance, PMI, and extra monthly payments, use the Mortgage Extra Payments Comparison Calculator instead.
New Mortgage Loan Calculator w/PMI
The New Mortgage Loan Calculator gives a full new mortgage loan monthly payment and includes an amortization schedule. It uses:
- Principal
- Interest
- Property taxes
- Homeowners insurance
- Down payment impact
- Private Mortgage Insurance (PMI)
- HOA Fees
Mortgage Extra Payments Comparison
The Mortgage Extra Payments Comparison Calculator compares two loans using taxes, insurance, PMI, and extra monthly payments. It provides monthly payments, total principal and interest costs, calculates savings, and includes an amortization schedule.
Other Home Loan Tools
Home Loan Affordability Calculator
Use the Home Loan Affordability Calculator to calculate your max loan payment & max home price using your income, Debt-to-Income (DTI) Ratio, loan type (conventional, FHA, VA), interest rate, terms, and other estimated costs.
Amortization Schedules Copy/Print/Download
An amortization schedule shows the full schedule of payments over the course of the loan and how each mortgage payment is divided between principal and interest over the life of the loan. All of our mortgage calculators include loan amortization schedules, and you can view, copy, print, or download results.
To generate an amortization schedule:
First, use a calculator to generate an amortization schedule. Next, you can view it, or, copy and paste it into a document or spreadsheet. Optionally, you can download the schedule as a .pdf or print it. The amortization schedule will provide you with the remaining payoff loan balance at the end of each month and calculates the total interest paid for the loan.
Mortgage Loan Amortization w/ Extra Payments Template (Google Sheets / Excel)
Use this free Google Sheet Template to calculate a customized schedule of extra payments. To use it, make a copy of the spreadsheet to use in Google Sheets or download the spreadsheet to Excel to calculate extra payments. The daily amortization schedule allows you to calculate extra payments on any schedule to see how those extra payments will impact the loan interest and future payoff date.
Mortgage Loan Amortization w/Extra Payments Template (Google Sheet / Excel)
FAQ
Here are the most important factors that are used by mortgage companies to determine your eligibility for a home loan:
- Credit Score
- Down Payment Amount
- Debt-to-Income (DTI) Ratio
- Home Value (Appraisal)
- Consistent Income (2+ years of tax returns & pay stubs)
Standards vary depending on the type of mortgage loan (conventional, FHA, VA, USDA or credit union). Here are typical guidelines:
| Standards: | Conventional | FHA Loan | VA Loan | USDA Loan |
| Minimum Credit Score | 620+ | 580 (with 3.5% down) or 500–579 (with 10% down) | 580 – 620 | 620 |
| Down Payment % | 20% | 3.5% – 10% | 0% | 0% |
| Maximum DTI Ratio* | 43 – 45% (up to 50% with high credit score) | 43% (up to 50-57% with high credit score) | 41% (flexible) | 41% (flexible) |
*Debt-to-Income (DTI) Ratio requirements can vary widely depending on compensating factors such as high credit scores or large cash reserves. An ideal DTI most preferred by lenders is a DTI of 28 – 36%.
Credit unions and other private lenders may have their own requirements.
DTI Formula (what lenders use)
- Front-End DTI (Housing Ratio)
= Housing Expenses ÷ Gross Monthly Income - Back-End DTI (Total Ratio)
= (Housing + All Other Debts) ÷ Gross Monthly Income
To calculate how much home you can afford, please use our Home Loan Affordability Calculator.
Great question! Interest accrues on a daily basis for most mortgage loans. When you request a loan payoff quote from the mortgage company, it is based on a specific date. The mortgage company has calculated the daily interest accrued through that date. In addition, other fees may apply if you have an early payment penalty clause in your loan or late fees. Check with the mortgage company directly to find out exactly what the difference is.
Yes! That’s what we’re here for! To pay a mortgage off early, make extra principal payments on a regular monthly basis or make extra payments on your own schedule. Our calculators can help you calculate this in either scenario:
- If you want to make regular monthly extra payments, use the Mortgage Extra Payments Comparison calculator.
- If you have a custom schedule of extra payments, you can use the Mortgage Loan Amortization w/ Extra Payments Template (Google Sheet / Excel). This daily amortization schedule will allow you to apply extra payments using a custom schedule. (This has been tested for accuracy.)
PMI = Private Mortgage Insurance
PMI is an additional requirement for certain mortgage loans. It is an insurance for the the benefit of the mortgage lender in case the buyer defaults on paying the mortgage loan. PMI is charged to the buyer and added to the monthly loan payment. This adds an additional fee (usually 0.55% – 1.5%), when the down payment is less than 20% of the home’s purchase price or appraised value on a conventional loan. After the home buyer’s equity reaches at least 20%, the home buyer can request the removal of PMI from the loan.
When does PMI apply?
- Conventional loans: PMI applies unless/until your loan exceeds 80% of the home value.
- FHA Loans: PMI applies for the life of the loan.
- VA Loans: No PMI applies.
- USDA Loans: May require an upfront and annual fee.
- Credit union loans: May not require PMI (for non-conforming loans)