Your mortgage literally means “death pledge” (mort + gage), if you don’t understand the numbers and amortization.
What is an amortization schedule?
An amortization schedule is the month-by-month map of your mortgage: how much of each payment goes to interest, how much actually pays down your loan, and what you still owe after every single payment. In the early years most of your payment is interest — on a 30-year loan at 6.5%, roughly 86¢ of every principal-and-interest dollar in month one is interest. The schedule shows exactly when that flips, and it's why extra payments early in the loan are so powerful.
How your mortgage payment is calculated
Your full monthly payment — what lenders call PITI — has up to five parts: principal & interest (set by loan amount, rate and term), property taxes, homeowners insurance, mortgage insurance (if you put less than 20% down), and HOA dues. Most online calculators skip mortgage insurance or guess at it. We calculate it the way a lender does — by loan type, down payment and credit score.
Mortgage insurance by loan type
| Loan type | Upfront fee | Monthly mortgage insurance | When it ends |
|---|---|---|---|
| Conventional | None | PMI varies by credit score & down payment (about 0.2%–2%/yr) | Auto-cancels at 78% loan-to-value |
| FHA | 1.75% of loan | 0.15%–0.75%/yr (0.55% with 3.5% down, 30-yr) | 11 years with 10%+ down, otherwise life of loan |
| VA | Funding fee 1.25%–3.3% (exemptions apply) | None | — |
| USDA | 1.00% guarantee fee | 0.35%/yr annual fee | Life of loan |
How to use this mortgage calculator
Start with the purchase price — the number on the listing. Then enter any one of down payment (in dollars or percent), loan amount, or loan-to-value, and the other three fill in automatically. That's how buyers actually think: "I'm buying at $500,000 and putting $25,000 down," not "my loan amount is $475,000." Your principal-and-interest payment appears instantly, prefilled with today's national average rate. Add your property taxes, insurance and HOA to see the full monthly picture, and switch to Complete mode to add the one thing most calculators skip: real mortgage insurance.
Why this calculator shows a different payment than the big sites
Most online calculators quote you principal and interest, then either ignore mortgage insurance or wave at it with a made-up flat rate. If you're putting less than 20% down — like most first-time buyers — that's a $100 to $400 a month surprise waiting at the lender's office. We calculate mortgage insurance the way a lender does: FHA's published premium tables, the VA funding fee schedule (including the exemption for veterans with a service-connected disability), USDA's annual fee, and conventional PMI priced by your credit score and down payment. The payment you see here is the payment you should expect to be quoted.
How to get rid of mortgage insurance
Mortgage insurance isn't forever — if you play it right. On a conventional loan, PMI cancels automatically when your balance amortizes down to 78% of the original home value, and you can request removal at 80% — or sooner if rising values push your equity past 20% and you get an appraisal. On an FHA loan with less than 10% down, the MIP lasts the life of the loan; the escape hatch is refinancing into a conventional loan once you have 20% equity. Put 10% or more down on FHA and MIP drops off after 11 years. Check the box for your amortization schedule above and you can see the exact month your PMI is projected to fall off — and how extra payments move that date closer.
FHA, VA, USDA or conventional — which loan type fits?
Conventional usually wins for buyers with strong credit (roughly 720+) and at least 5% down: PMI is cheaper at high credit scores and it cancels. FHA shines for lower credit scores or thin credit files — the 3.5%-down minimum and forgiving underwriting come at the price of that long-lasting MIP. VA is the best mortgage in America if you've earned it: zero down, no monthly mortgage insurance, competitive rates — just the one-time funding fee, which is waived entirely for veterans receiving disability compensation. USDA offers zero down in eligible rural and suburban areas with a modest 0.35% annual fee. Flip between the four in the Complete calculator above and watch the real payment difference — then talk to a licensed professional about which you qualify for.
Frequently asked questions
What is a Reverse Mortgage and where can I get the calculator?
A reverse mortgage (most commonly the FHA-insured HECM) lets homeowners 62 and older turn home equity into cash — a lump sum, monthly income, or a line of credit — with no required monthly mortgage payment. The loan is repaid when you sell, move out, or pass away.
Reverse Mortgage Loans are complex and have many combinations of programs with various loan to values. You need a Certified Reverse Mortgage Professional (CRMP) to help guide you, and we will send you the list of national CRMPs.
How much does one extra payment a year save?
On a typical 30-year loan it knocks 4–6 years off the mortgage and saves tens of thousands in interest. Check the box for your amortization schedule above and use the What-If tools to see your exact number.
Should I pay points or make a bigger down payment?
Compare scenarios side by side with the 1 / 2 / 3 scenario tabs — same house, different structures, and watch the payment and total interest change.
Is this calculator really free?
Yes. No ads, no signup, no selling your info. Built by a mortgage nerd who thinks everyone should understand their amortization schedule.
How accurate is the mortgage insurance?
FHA, VA and USDA fees use the official published tables. Conventional PMI uses industry-average rates by credit score and down payment and is clearly an estimate — your actual quote can vary by insurer.