Mortgage Calculator

Use this calculator to estimate your monthly mortgage payment, see a full amortization schedule, and test “what if” scenarios like extra payments or refinancing. All calculations run in your browser (no account, no backend).

Burrow Tip: Start simple: enter home price, down payment, interest rate, and term. Then open “Advanced costs” to add taxes/insurance/HOA.

If you’re comparing refinance options, switch to Existing Loan and enter your current principal balance (payoff amount) first.

Loan setup

Purchase Existing loan

Home price

Enter the purchase price. Your loan amount is typically home price − down payment (plus any financed costs, if applicable).

Down payment ($)

If you know your down payment as a percent, use the % field—this tool keeps $ and % in sync.

Down payment (%)

Current principal balance

This is your remaining loan balance (often called the payoff amount). You can find it on a recent statement or servicer portal.

Interest rate (APR %)

Use the note rate from a quote or your current mortgage. This tool models a fixed rate over the full term.

Loan term (years)

Start month

Used only to label the schedule and compute an estimated payoff month/year. It does not change the math.

Advanced costs (optional)

Property taxes (yearly)

Used for an “all‑in monthly” estimate (not part of amortization).

Homeowners insurance (yearly)

HOA fees (monthly)

PMI (monthly, if applicable)

Optional estimate. PMI rules vary by loan type and lender.

Extra payments (optional)

Extra payment (monthly)

Applied as additional principal after each scheduled payment.

Start month (payment #)

1 = first payment.

One-time extra payment

Apply in month (payment #)

Burrow Tip: If your goal is to pay off the loan faster, try adding a small recurring extra payment first (like $50–$200/month). Then test a one‑time lump sum (tax refund, bonus, etc.).

Refinance comparison (optional)

Enable refinance comparison Apply same extra payments after refinance

Refinance in month (payment #)

Example: 1 means refinance immediately (before the first payment). 13 means refinance after 12 payments have been made.

New interest rate (APR %)

New term (years)

Closing costs (total)

Roll closing costs into new loan balance

If checked, costs are financed (higher principal). If not, costs are treated as an upfront cash cost at refinance.

Burrow Tip: Break-even depends on how long you’ll keep the home. If you might move before you break even, a refinance may not pencil out.

Results

Monthly P&I payment

$—

Scheduled principal + interest only

Estimated all‑in monthly cost

$—

P&I + taxes/insurance/HOA/PMI + recurring extra

Total interest (estimate)

$—

Total paid (P&I + extra)

$—

Excludes taxes/insurance/HOA/PMI

Payoff date

—

Based on start month + payoff month index

Loan amount (principal)

$—

—

Balance over time

This chart visualizes remaining balance by payment month (principal & interest only).

Monthly payment breakdown

—

Amortization schedule

The schedule below shows the first 12 payments by default. Use “Show full schedule” to expand.

#	Month	Payment (P&I)	Extra	Interest	Principal	Balance	Cum. interest

Refinance results

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Payoff timeline (Mermaid code)

If your site supports Mermaid rendering elsewhere, you can paste this snippet into a Mermaid block. This tool does not load Mermaid.

How to use these results

A mortgage payment estimate is most useful when you convert it into a simple decision test: Can you comfortably afford the all‑in monthly cost and still hit your savings goals?

Stress-test your rate: move the interest slider up/down by 0.5%–1% and see how sensitive the payment is.
Check your “extra payment” realism: pick a monthly extra you can keep paying in both good and bad months.
If you’re considering refinancing: focus on the break-even month and compare it to how long you expect to keep the home.

Remember: this tool models principal & interest mechanics. Your real monthly payment can also vary because escrow rules, insurance, taxes, PMI, and lender policies differ.

Estimates only: This calculator provides educational estimates and does not constitute financial, legal, or tax advice, nor a mortgage offer, approval, or commitment. Your actual terms, fees, payment timing, escrow rules, and payoff amounts may differ.

Assumptions: Fixed-rate amortizing payments with monthly compounding. Extra payments are modeled as principal-only payments applied after the scheduled payment. Refinance break-even is estimated from modeled cash flows and may differ from lender disclosures.

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