Mortgage calculator
Your monthly payment with tax, insurance and PMI included, plus what extra payments would save.
So wird gerechnet
The same formula every lender uses, with your numbers in it.
- Kreditsumme
- P = − =
- Monthly rate
- r = ÷ 12 =
- Number of payments
- n = × 12 =
- Principal and interest
- M = P × r ÷ (1 − (1 + r)−n)= × ÷ (1 − )=
- Tax, insurance, PMI, HOA
- Monatliche Rate
- =
Wohin Ihre Zahlungen fließen
Tilgung und Zinsen in jedem Jahr des Kredits. Am Anfang ist der größte Teil jeder Rate Zins.
- Tilgung
- Zinsen
Tilgungsplan
Reading your mortgage payment
Early in a mortgage most of each payment is interest, because interest is charged on a large balance. As the balance falls, more of the same payment goes to principal. The chart shows that shift year by year.
Property tax and insurance don’t change the loan, but lenders usually collect them monthly through an escrow account, so they belong in the payment you budget for. A common guideline is to keep housing costs under 28% of gross monthly income.
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What is included in a monthly mortgage payment?
Most lenders collect four things, often shortened to PITI: principal, interest, property tax and homeowners insurance. If you put down less than 20%, private mortgage insurance (PMI) is usually added, and HOA dues come out of your monthly budget too. This calculator shows all of them.
When does PMI stop?
On a US conventional loan, lenders must cancel PMI automatically once your balance is scheduled to reach 78% of the home’s original value. You can ask for it to be removed earlier, at 80%. The calculator drops PMI at 78%.
How much do extra payments save?
Every extra amount goes straight to principal, so the interest charged in every later month is smaller. Add an amount under “Extra each month” to see the interest saved and how much sooner the loan is paid off.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower. Switch the term above and compare the total interest.