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Example data table
| Scenario | Home price | Down | Rate | Monthly P&I | Total monthly (est) | Total interest (est) |
|---|---|---|---|---|---|---|
| Sample (defaults) | $300,000.00 | 20% | 6.25% | $2,694.72 | $3,194.72 | $78,964.71 |
Formula used
The monthly principal-and-interest payment uses the standard amortization formula:
- P = loan principal
- r = monthly rate = (annual rate ÷ 12)
- n = number of months (10 years = 120)
Monthly P&I = P × [ r(1+r)n ] ÷ [ (1+r)n − 1 ]. If the rate is 0%, payment is P ÷ n.
Estimated total monthly payment adds monthly taxes, insurance, HOA, PMI (when LTV > 80%), and any extra principal.
How to use this calculator
- Choose your input mode: home price or loan amount.
- Enter your interest rate and annual escrow items.
- Add optional HOA dues, PMI rate, and extra principal.
- Click Calculate to view results above the form.
- Use CSV or PDF to save your schedule.
Notes and assumptions
- This tool estimates PMI using an annual percent of the original principal when LTV is above 80%.
- Taxes and insurance are spread evenly across months for estimation.
- Extra monthly principal is applied each month and may shorten payoff.
Insights
Payment structure for a 10 year term
A 10 year mortgage compresses repayment into 120 monthly installments, so principal reduction is fast and interest has less time to accumulate. The calculator separates the core principal-and-interest payment from monthly escrows. This makes it easy to see how much of your check is loan payoff versus housing overhead.
Rate sensitivity and total interest
Because the schedule is short, small rate changes still matter, but less than on longer terms. For example, a 0.50% increase raises the monthly payment noticeably, yet the lifetime interest remains limited because the balance falls quickly. Use the total interest figure to compare offers with points or lender credits.
Taxes, insurance, and cash flow realism
Many borrowers focus only on principal and interest, then get surprised by escrow. This calculator spreads annual property tax and homeowners insurance evenly across months, and adds HOA dues when applicable. The result is an estimated total monthly payment that better matches real budgeting needs.
Extra principal and early payoff impact
Even on a decade loan, extra principal can shorten payoff and cut interest further. The amortization engine applies the extra amount directly to balance each month, then ends the schedule early when the balance reaches zero. Compare payoff date and total paid with and without extra payments.
Reading the chart and schedule
The Plotly chart visualizes balance decline and the split between interest and principal over time. Early months are interest-heavier; later months shift strongly toward principal. Use the table preview to spot-check specific months, and download CSV or PDF to keep a full record for planning or lender discussions.
In practice, lenders may require mortgage insurance when the loan-to-value exceeds 80%. If you enter a home price, the tool estimates LTV and can apply an annual PMI rate as a monthly cost. Treat this as a planning estimate only, then confirm exact PMI rules and cancellation thresholds with your lender before finalizing in writing.
FAQs
Does this calculator assume a fixed interest rate?
Yes. It models a fixed annual rate for the entire 10 year term and computes a standard amortization schedule. Adjustable-rate features, teaser periods, and recast rules are not included.
What happens if I add extra principal each month?
Extra principal is applied directly to the balance after interest for each payment. If the balance reaches zero early, the schedule ends, reducing total interest and moving the payoff date sooner.
How is property tax and insurance handled?
Annual property tax and homeowners insurance are divided by 12 to estimate monthly escrow amounts. Your actual escrow can differ due to lender cushions, reassessments, and premium changes.
When is PMI included in the estimate?
If you provide a home price, the tool estimates loan-to-value. When LTV is above 80%, it can add an estimated monthly PMI based on your entered annual PMI rate.
Why might my lender’s payment be different?
Lenders may use different day-count conventions, rounding, escrow cushions, PMI formulas, and fee rules. Use this as a planning estimate, then compare it with your official loan disclosure.
Can I download the full amortization schedule?
Yes. After calculating, use the CSV download for spreadsheet analysis or the PDF download for a simple summary record. The on-page table previews the first set of payments for quick review.