Mortgage Calculator with Extra Payments

Use this mortgage calculator with extra payments to see how even small extra payments will save you months of payments and can help you to pay down your mortgage faster

Home Price

The price of the property to be purchased in dollars

Down Payment

This is part of the value of the real estate purchased on credit, which the borrower must pay independently to the seller of housing. The rest of the bank issues in the form of a mortgage loan. In the US the down payments vary between 4% and 20% of the price. The initial payment for at least 20% typically allows avoid paying mortgage insurance.

Mortgage term

Mortgage term is the length of the mortgage you're planning. Choose from 30-year fixed or 15-year fixed. Your mortgage term can affect interest rate and monthly payments.

Interest Rate

This field is filled with the current average mortgage rate. Your real rate will vary based on credit score and down payment.

Mortgage Start Date

The date when the mortgage payments will start.

Extra payments

Making an extra payments pays down the principal and helps reduce the loan tenure. Even making small extra payments can shave years off your loan and save you thousands of dollars in interest.

About Mortgage Calculator with Extra Payments

This mortgage calculator with extra payments ( amortization schedule calculator ) allows you to estimate your monthly mortgage payment. It also shows out how much of your payments will go towards interest and how much will go towards the principal.

Think about different cases when using a Mortgage Calculator with Extra Payments

When deciding whether to buy property on credit, the potential borrower should first calculate the monthly mortgage payment to understand the burden on the family budget. The payments should not exceed a certain proportion of the monthly income of a borrower, most often - not more than 50%. Knowing the future payments, a potential borrower can independently calculate the maximum monthly payment, loan term and overpayments.

By changing the value of the down payment in the mortgage calculator, you can see how the monthly payment changes. It is also worth mentioning that a higher initial payment may affect the rate on the loan. Moreover, a higher initial deposit will help to avoid loan insurance in some cases. In some cases, higher down payment can help you avoid paying PMI (which stands for private mortgage insurance)

What does the Monthly Payment consist of

When calculating a mortgage payment, you can be surprised by the final amount of the overpayment. Even a small difference in the interest rate can affect the amount of overpayment. Sometimes it may not seem so obvious, but at a long distance - this is very critical. That is why it is so important to understand what happens with payment, and where exactly the money goes - repayment of interest or the body of debt.

At the initial stage, most of the payment will go towards interest. Over time, the body of the debt decreases, respectively, the amount of interest to pay will also decrease, and most of the payment will go towards the body of debt.

Using the mortgage calculator, you can verify this by looking at the amortization schedule. Choose the optimal parameters - the interest rate, the down payment, the price of the house.

Calculate savings by making additional payments

You can find out how you can shorten your term by paying extra money toward your loan's principal every year, every month or even just one time.


Interest Only Mortgage Calculator

Have you decided to commit to an interest only mortgage? Use this free interest only mortgage calculator to calculate your monthly payments.

​Mortgage amount

Original balance for your mortgage.

​Interest Rate

Current annual average mortgage rate. Your real annual rate may be different and depends on credit score and down payment.

Interest only period

During the interest only period your payments cover only the interest owing but your payments will not reduce the principal amount borrowed.

About Interest Only Mortgage Calculator

This interest only mortgage calculator lets you specify the length of the interest only period. It will show the amount of the interest only payment and the the total cost of a loan.

The interest-only mortgage is a specific type of mortgage when the first few years only interest is paid, and the body of the debt remains the same. Usually, the period of payment of percent only varies from 3 to 10 years in the US. The interest-only mortgage can be convenient if the borrower can not afford to pay the fully amortized payment for some reasons. For example, this can be helpful for a student who ends his education at a university. Or, such a mortgage can be borrowed by a person expecting a significant inflow of money in the future.

Check out this Wikipedia page if you want more information about an interest-mortgage.

However, this type of mortgage contains potential risks - sometimes fully amortized payment can be an excessive payment after a few years when the interest-only period is over. Our interest only calculator will help you to accurately estimate the payment both periods: during the interest-only period and when you have to pay the whole payment. Use this mortgage calculator and fully amortized payment will not be a surprise for you.

Also, you may find interesting how actually mortgage calculator works and what formulas we use to calculate the payment.​


Mortgage Calculator with PMI, Taxes, Insurance and HOA​​

Use this mortgage calculator with PMI to see how much interest you should pay and determine the impact of insurance and taxes on your total monthly mortgage payment.

Mortgage calculator with PMI terms

Home Price

The purchase price of the home you would like to buy. You can also enter the dollar amount that you think you will offer.

Interest Rate

This field is filled with the current average mortgage rate. Your real rate will vary based on credit score and down payment.


When a down payment is less than 20 percent home value, the borrower must buy private mortgage insurance (PMI). It protects the lender against some of losses. (The lender won't lose money if the borrower ends up in foreclosure) PMI fees vary from around 0.3 percent to about 1.5 percent. This mortgage calculator can help you estimates payments which will go to PMI.

Property Taxes

The annual amount you expect to pay in property taxes. Most policies cover things like personal property within the home, structural damage, loss of use.

Home Insurance

The annual amount you expect to pay in homeowners insurance.

HOA Fees  

When you purchase a condos or other shared-property communities, you are obligated to join that community's homeowners' association (HOA) and pay monthly or annual HOA fees.

How to Use the Mortgage Calculator with PMI

This mortgage calculator allows you to estimate monthly mortgage payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fee. It also calculates the sum total of all payments down payment, total PITI amount (PITI stands for to Principal, Interest, Taxes and Insurance.) and total HOA fees during the whole amortization period.

PMI stands for Private Mortgage Insurance. This is a special type of insurance policy to protect a lender against loss if a borrower defaults. Most PMI policies require the borrower to pay monthly. Your lender should automatically cancel PMI when your outstanding loan balance drops to 78 percent of the original value of the home. It may takes several years.

This mortgage calculator is a great first step to estimate how much home you can afford. By entering different values in down payment or home price you can see you monthly mortgage payment and figure our how much you can afford.

Click on the "Show payment schedule" to see an interactive downloadable table showing the principal and interest paid (as well as the remaining balance) for each month.

Mark Hoeft ~ 850-525-2765 ~ Mark@TheFloridaCoast.com ~ The Florida Coast Realty ~ PO Box 493 Gulf Breeze Florida 32562

Specializing in Pensacola Florida luxury homes & Pensacola Beach Florida luxury condo for 

buyers &  Sellers

PENSACOLA Beach Condo Sales

Pensacola Home Buyers

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