See Your Future Payments

Step-by-Step Instructions

1. Enter Loan Details: Input your home price, down payment, interest rate, and loan term in the "Loan Parameters" section.

2. Add Expenses: Fill in your estimated annual property tax and insurance. If you have an HOA fee, include that as a monthly cost.

3. Check Advanced Options: Click the "Advanced Options" link to account for annual tax increases or to simulate making extra payments to pay off your loan faster.

4. Analyze Results: Click "Plan Your Payment" to generate a full visualization. Use the interactive amortization table to see exactly when PMI drops off or when you will be debt-free.

The Power of Extra Payments

One of the most effective ways to save money is by making extra principal payments. Because interest is calculated on your remaining balance, every dollar you pay down early reduces the interest charged for every single month thereafter.

• Round Up: Rounding your payment up to the nearest $100 can shave years off your loan.
• The "13th Payment": Making one extra full payment per year can reduce a 30-year mortgage to roughly 22-23 years.
• Recasting: If you come into a lump sum (like a bonus), apply it as a "One-Time Payment" in this calculator to see how it impacts your timeline.

What is PMI and when does it go away?

PMI (Private Mortgage Insurance) is usually required if you put down less than 20%. It protects the lender, not you. This calculator automatically estimates when your balance reaches 78-80% of the home value, which is when PMI typically drops off.

How do Property Tax increases affect me?

Unlike a fixed-rate mortgage payment, taxes and insurance rise over time. Use the "Annual Increases" section in Advanced Options to see how a 2-3% annual tax hike could change your monthly payment in 10 or 20 years.

Should I pay off my mortgage or invest?

This depends on your interest rate versus expected investment returns. If your mortgage rate is 7% and the market returns 5%, paying off the debt is a guaranteed 7% return. Use this tool to see exactly how much interest you save by paying early.