How is my monthly mortgage payment calculated?

Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula accounts for compound interest over the life of the loan.

Should I make extra mortgage payments?

Extra payments can save significant interest and shorten your loan term. However, consider your overall financial situation, including emergency funds and high-interest debt, before making extra payments.

Mortgage Payoff Calculator

Calculate your mortgage payment, see the impact of extra payments, and plan your path to mortgage freedom. Make smart decisions about your home loan.

How to Use the Mortgage Calculator

Enter your loan amount, interest rate, and loan term to calculate your monthly mortgage payment. You can also add extra payments to see how they impact your payoff date and total interest paid.

Understanding Mortgage Payments

A mortgage payment typically consists of four components, often referred to as PITI: Principal, Interest, Taxes, and Insurance. Our calculator focuses on the principal and interest components, which make up your base mortgage payment.

Benefits of Extra Mortgage Payments

Making extra payments on your mortgage can significantly reduce the total interest paid and shorten the loan term. Even small additional payments can save thousands of dollars over the life of the loan.