See what your mortgage actually costs.
Most mortgage calculators only show principal and interest. This one adds property taxes, homeowners insurance, PMI, and HOA — so you see the real monthly payment. Plus a slider to show what extra principal payments save you in interest and years.
= $80,000 cash up front
Current 30-year fixed averages ~7%. Check Bankrate for today's rate.
Other monthly costs
National average ~1.1%. NJ ~2.5%, HI ~0.3%.
Skip if no HOA
Pay extra to principal
Even small extra payments cut years off your loan
Try it
Slide the "Extra principal each month" slider on the left. Adding even $100/month to a typical mortgage often saves $30,000–$60,000 in interest and pays the loan off 4–6 years early.
Fixed-rate vs adjustable-rate
What kind of mortgage rate is right for you?
The hidden lever in every mortgage.
When you make a regular mortgage payment, most of it goes to interest in the early years. On a 30-year loan at 7%, only about $400 of your first $2,000 monthly payment actually reduces your balance. The other $1,600 is interest going to the bank.
Principal-only payments skip that entirely. Every extra dollar you send specifically to principal goes 100% to reducing your loan balance — which means you owe less, which means you pay less interest going forward, which compounds for the rest of the loan. That's why even small extra payments have outsized effects.
On a typical $320,000 mortgage at 7%, adding $100 a month to principal saves about $60,000 in interest and pays the loan off four years early. Adding $200 a month saves roughly $120,000 and seven years.
Important: when sending extra money, label it "principal only" or "apply to principal" — otherwise many lenders will apply it as a prepayment of next month's full payment, which doesn't have the same effect.
Real mortgages have more moving parts.
Closing costs are not modeled. These typically run 2–5% of the home price and include origination fees, title insurance, appraisal, and other charges. Budget for them separately.
Property tax assumptions are simplified. Taxes vary dramatically by state, county, and city — New Jersey averages 2.5% of home value annually, while Hawaii averages 0.3%. The calculator uses the U.S. average of 1.1%; adjust for your actual area.
PMI removal isn't automatic in the math. The calculator shows PMI when your down payment is under 20%, but in real life, you typically have to request removal once you reach 20% equity. Some loans (like FHA) require PMI for the life of the loan.
Rates change daily. The default 7% reflects average 30-year fixed rates as of early 2026. Check Bankrate, Mortgage News Daily, or your lender for current quotes specific to your credit profile.