Mortgage Calculator
Monthly payment, full PITI, and a complete amortization schedule. Already have a mortgage? Compare refinancing, a recast, a HELOC and extra payments over the years you actually plan to stay.
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Educational estimates only. Not financial, tax, or lending advice.
Mortgage calculator
Refinancing instead? Open the comparison →Monthly principal & interest
$2,023
Taxes, insurance and any mortgage insurance are not in this figure. Open the block above to add them — on a typical home they add a quarter to a half again on top.
- Loan amount
- $320,000
- Total of P&I payments
- $728,141
- Total interest
- $408,141
- Payoff date
- Dec 01, 2055
Where the money goes
Over the full term you repay $320,000 of principal and $408,141 of interest — 128% of what you borrowed.
Balance over time
The curve is flat early because almost every dollar goes to interest at the start.
Amortization schedule
By year. Open a year to see its months.
| Year | Dates | Interest | Principal | Ending balance |
|---|---|---|---|---|
| Jan 01, 2026 – Dec 01, 2026 | $20,695 | $3,577 | $316,423 | |
| Jan 01, 2027 – Dec 01, 2027 | $20,455 | $3,816 | $312,607 | |
| Jan 01, 2028 – Dec 01, 2028 | $20,200 | $4,072 | $308,535 | |
| Jan 01, 2029 – Dec 01, 2029 | $19,927 | $4,345 | $304,191 | |
| Jan 01, 2030 – Dec 01, 2030 | $19,636 | $4,636 | $299,555 | |
| Jan 01, 2031 – Dec 01, 2031 | $19,325 | $4,946 | $294,609 | |
| Jan 01, 2032 – Dec 01, 2032 | $18,994 | $5,277 | $289,332 | |
| Jan 01, 2033 – Dec 01, 2033 | $18,641 | $5,631 | $283,701 | |
| Jan 01, 2034 – Dec 01, 2034 | $18,264 | $6,008 | $277,693 | |
| Jan 01, 2035 – Dec 01, 2035 | $17,861 | $6,410 | $271,283 | |
| Jan 01, 2036 – Dec 01, 2036 | $17,432 | $6,839 | $264,444 | |
| Jan 01, 2037 – Dec 01, 2037 | $16,974 | $7,297 | $257,146 | |
| Jan 01, 2038 – Dec 01, 2038 | $16,485 | $7,786 | $249,360 | |
| Jan 01, 2039 – Dec 01, 2039 | $15,964 | $8,308 | $241,053 | |
| Jan 01, 2040 – Dec 01, 2040 | $15,407 | $8,864 | $232,189 | |
| Jan 01, 2041 – Dec 01, 2041 | $14,814 | $9,458 | $222,731 | |
| Jan 01, 2042 – Dec 01, 2042 | $14,180 | $10,091 | $212,640 | |
| Jan 01, 2043 – Dec 01, 2043 | $13,505 | $10,767 | $201,873 | |
| Jan 01, 2044 – Dec 01, 2044 | $12,784 | $11,488 | $190,385 | |
| Jan 01, 2045 – Dec 01, 2045 | $12,014 | $12,257 | $178,128 | |
| Jan 01, 2046 – Dec 01, 2046 | $11,193 | $13,078 | $165,050 | |
| Jan 01, 2047 – Dec 01, 2047 | $10,317 | $13,954 | $151,096 | |
| Jan 01, 2048 – Dec 01, 2048 | $9,383 | $14,889 | $136,207 | |
| Jan 01, 2049 – Dec 01, 2049 | $8,386 | $15,886 | $120,321 | |
| Jan 01, 2050 – Dec 01, 2050 | $7,322 | $16,950 | $103,372 | |
| Jan 01, 2051 – Dec 01, 2051 | $6,187 | $18,085 | $85,287 | |
| Jan 01, 2052 – Dec 01, 2052 | $4,976 | $19,296 | $65,991 | |
| Jan 01, 2053 – Dec 01, 2053 | $3,683 | $20,588 | $45,403 | |
| Jan 01, 2054 – Dec 01, 2054 | $2,304 | $21,967 | $23,436 | |
| Jan 01, 2055 – Dec 01, 2055 | $833 | $23,436 | $0 |
Already have a mortgage?
Compare refinancing, a cash-out, a HELOC, a recast, and extra payments side by side over the years you actually plan to stay — not over a full thirty-year term you probably will not see out.
Should you refinance, recast, or keep your mortgage?
Refinancing is worth it when the total cost of the new loan (closing costs, payments made, and the balance still owed) falls below the cost of keeping your current mortgage before you sell or refinance again. That break-even test decides it, not the size of the rate drop.
Three shortcuts worth knowing. If your current rate is at or above today’s rates, a rate-and-term refinance is usually the strongest move. If it is well below and you need cash, a HELOC or home equity loan normally beats a cash-out refinance, because a second lien leaves your low first-mortgage rate alone. And if you have a lump sum and want a lower required payment without giving up a good rate, a recast is the only instrument that does it.
How refinancing works
A refinance is a brand-new mortgage that pays off your existing one. It is not an adjustment to the loan you have.
Because the old loan is retired in full at closing, the new interest rate applies to your entire balance, not only to the part you were unhappy with. That single fact drives most of the surprises in refinancing. If you are sitting on a rate well below what lenders offer today, refinancing re-prices everything you owe just to change one thing.
There are two forms, and the difference matters:
- Rate-and-term refinance changes your rate, your term, or both. The loan amount equals your payoff balance plus closing costs if you finance them. No cash comes back to you.
- Cash-out refinance increases the balance so you can take equity as cash. Your loan-to-value ratio rises, and lenders commonly cap these near 80% LTV and price them above a comparable rate-and-term refinance.
The step people underestimate is the term reset. Refinancing into a fresh 30-year loan after eight years of payments puts you back at the interest-heavy start of the amortization schedule. A lower rate over a longer term can still mean more total interest, which is exactly what the comparison above measures.
Refinance vs. HELOC vs. home equity loan
All three convert equity into debt. They differ in what happens to the mortgage you already have.
The deciding question is almost always the same: how good is your current rate? A cash-out refinance replaces your first mortgage entirely. A HELOC and a home equity loan are second liens that leave it untouched.
| Cash-out refinance | HELOC | Home equity loan | |
|---|---|---|---|
| First mortgage | Replaced entirely | Untouched | Untouched |
| Rate type | Usually fixed | Usually variable | Fixed |
| Rate applies to | Your whole balance | Only what you draw | Only what you borrow |
| How you receive it | Lump sum at closing | Draw as needed | Lump sum at closing |
| Payment predictability | High | Low: rate and draw both move | High |
| Typical upfront cost | Full closing costs | Low or none | Low to moderate |
| Payment step-up risk | None | Yes, when the draw period ends | None |
Structural differences only. Actual pricing, caps and availability vary by lender, product and location.
The counter-intuitive result is that a HELOC at a visibly higher rate is frequently the cheaper choice. If you hold a 3.5% mortgage and today’s rates are near 7%, a cash-out refinance charges the higher rate on your whole balance. A second lien charges it only on the money you actually need. Switch to the Home equity options tab above to see that comparison on your own numbers, or read the fuller treatment on cash-out refinance vs HELOC.
What a refinance break-even point means
The month your accumulated savings finally exceed what the refinance cost you.
The familiar shortcut divides closing costs by the monthly payment reduction. Spend $6,000 to save $200 a month and you break even in 30 months. It is easy to compute, and it is misleading, because it quietly ignores what happened to your balance.
Part of that $200 saving usually comes from stretching repayment over more years, which means you are paying down principal more slowly. That is not saved money; it is deferred debt. This calculator therefore measures break-even on total cost: closing costs paid in cash, plus every payment made, plus the balance still owed — minus any cash received — compared against simply keeping your current mortgage.
Counting the remaining balance charges each scenario for the debt it leaves behind, which is what makes loans of different sizes and terms genuinely comparable. It usually produces a later break-even than the shortcut, and a more honest one.
If the break-even month falls after you expect to sell or refinance again, the refinance loses you money even though the monthly payment went down. The tool says so plainly rather than reporting a break-even point you will never reach. The break-even calculator goes deeper on this.
Why PITI is more than principal and interest
The quoted payment and the payment that leaves your account are rarely the same number.
PITI is principal, interest, taxes and insurance. Rate quotes advertise only the first two. The other two are obligations that come with the property whether or not they are escrowed, and they can add 25% to 50% on top of principal and interest.
| Component | Monthly | Share |
|---|---|---|
| Principal & interest | $2,528 | 70.7% |
| Property tax (1.1% of a $450,000 home) | $413 | 11.5% |
| Homeowners insurance | $150 | 4.2% |
| Private mortgage insurance (0.55%) | $183 | 5.1% |
| HOA dues | $300 | 8.4% |
| Total all-in monthly cost | $3,574 | 100% |
An illustration, not a quote. Property tax and insurance vary enormously by location. Two identical homes with identical loans can differ by several hundred dollars a month.
Two things are worth watching. First, PMI is temporary on conventional loans: under the US Homeowners Protection Act you can request cancellation at 80% LTV and the servicer must terminate it at 78%. Treating it as a 30-year cost overstates the true figure, which is why this calculator can drop it automatically. Second, escrow amounts are estimates that get re-analysed, so even a fixed-rate payment can change.
How closing costs and discount points affect savings
Closing costs are the numerator of every break-even calculation, which makes them matter more than the rate itself in a close decision.
Closing costs on a refinance commonly run about 2% to 5% of the loan amount, covering origination, appraisal, title, recording and prepaid items. You can pay them in cash or finance them into the balance. Neither is free:
- Paid in cash. The balance stays lower and you pay no interest on the fees, but the money is gone from savings on day one.
- Financed into the loan. Cash is preserved, but you pay interest on those fees for the life of the loan. On $8,000 financed for 30 years at 6%, that is roughly $9,000 of extra interest on the fees alone.
A “no-closing-cost” refinance does not remove the costs. The lender either adds them to the balance or raises the interest rate to recover them.
Discount points are a separate bet. One point costs 1% of the loan amount upfront and buys a rate reduction, commonly cited near a quarter of a percent, though this varies by lender and by day. Points have their own recovery period: cost divided by the monthly saving. Buy points and sell before that month and you lose money. Because points are prepaid interest, they raise the loan’s APR relative to its note rate.
Recast vs. extra payments: a distinction worth getting right
Both put money toward principal. Only one lowers your required monthly payment.
Extra principal payments shorten the loan while your required payment stays exactly the same. A recast applies a lump sum and then re-amortizes the smaller balance over your remaining term, which lowers the required payment while keeping your existing rate and payoff date.
So the choice follows the goal. If you want to be free of the mortgage sooner and keep the flexibility to stop any time, extra payments do that at no cost. If you want permanently lower monthly obligations (variable income, a tighter budget, a below-market rate you refuse to give up), a recast is the only mechanism that delivers it without refinancing.
The catch is availability. Many servicers require a minimum lump sum, charge a fee in the low hundreds, and exclude government-backed loans such as FHA and VA. Confirm with your servicer before planning around it. Compare both on your own figures with the recast calculator and the extra payment calculator.
Common mortgage refinance questions
- How much does my interest rate need to drop before refinancing is worth it?
- There is no universal threshold. The old '1% rule' ignores the two things that actually decide it: your closing costs and how long you will keep the loan. A 0.5% drop can pay for itself in under two years on a large balance with low costs, while a 1.5% drop can lose money on a small balance with high costs if you sell in three years. Run your own numbers and look at the break-even month, not the rate difference.
- What is a refinance break-even point?
- It is the month when the money you have saved finally exceeds what the refinance cost you. This calculator measures it by comparing total cost — payments made plus the balance still owed, minus any cash received, against simply keeping your current mortgage. If your break-even month falls after you expect to sell or refinance again, the refinance costs you money even though the monthly payment fell.
- Should I refinance or take a HELOC if I need cash?
- It depends heavily on your existing rate. A cash-out refinance replaces your entire mortgage, so a low existing rate is re-priced at today's rate on the whole balance. A HELOC or home equity loan is a second lien that leaves the first mortgage alone, so you only pay the higher rate on the amount you borrow. When your current rate is well below market, a second lien is frequently cheaper despite its higher headline rate. When your current rate is at or above market, a cash-out refinance can win.
- What is the difference between a mortgage recast and extra payments?
- Both apply money to principal, but they do different things. Extra payments shorten the loan while your required monthly payment stays the same. A recast re-amortizes the reduced balance over the remaining term, which lowers the required payment but keeps the original payoff date. A recast is the only way to reduce a required payment without giving up a below-market rate. Not all servicers or loan types offer it.
- Is it worth refinancing to a shorter term?
- Shorter terms usually carry lower rates and dramatically less total interest, but the monthly payment goes up, often by more than people expect. If the higher payment is comfortable, a 15-year refinance is one of the most cost-effective moves available. If it is not, extra principal payments on your existing loan get you most of the interest savings while keeping the lower required payment as a safety net.
- Should I roll closing costs into the loan or pay them in cash?
- Paying in cash keeps the balance lower and avoids paying interest on the fees, but it consumes savings immediately. Rolling them in preserves cash at the cost of interest over the life of the loan. On a $8,000 cost financed for 30 years at 6%, you pay roughly $9,000 in additional interest on the fees alone. The calculator models both, so you can see the difference rather than guess at it.
- Does refinancing reset my mortgage back to 30 years?
- It does if you choose a 30-year term, and that is the most common mistake in refinancing. Resetting to 30 years after paying for eight puts you back at the interest-heavy start of the amortization curve. Choosing a term close to what you have left — 20 or 25 years, or 15 if the payment fits) captures the rate improvement without restarting the clock.
- Why is my monthly payment higher than the principal and interest figure I was quoted?
- Because principal and interest is only part of the bill. Property taxes, homeowners insurance, mortgage insurance and HOA dues are all real monthly costs, and together they routinely add 25% to 50% on top of P&I. Taxes and insurance also vary enormously by location, so two identical loans on identical homes can differ by hundreds of dollars a month. Every result in this tool shows the all-in figure.
- Are discount points worth paying?
- Only if you keep the loan past the point where the upfront cost is recovered. One point costs 1% of the loan amount and typically buys somewhere near a quarter-point rate reduction, though this varies by lender and by day. Divide the cost by the monthly saving to get the recovery period. If you expect to sell or refinance before then, points lose money.
- When can I stop paying PMI?
- On conventional loans in the United States, the Homeowners Protection Act lets you request cancellation once the balance reaches 80% of the original value, and requires the servicer to terminate it automatically at 78%. Appreciation can get you there faster, but that route usually requires a new appraisal and the servicer's agreement. FHA mortgage insurance follows different rules and is frequently permanent for the life of the loan.
- Does this calculator use live mortgage rates?
- No, and deliberately so. Every rate in this tool is an editable example you supply. Live rate feeds create the impression of a quote, and no calculator can know your credit profile, property type, loan-to-value or the pricing a specific lender offers you today. Enter the rates from your own Loan Estimates for a comparison that reflects your actual options.
- Is my data sent anywhere?
- No. Every calculation runs in your browser. There is no account, no email capture, no lead form, no analytics on your figures, and no server that receives what you type. If you choose to save a draft, it is stored in your own browser's local storage on this device only, and the 'Clear my data' button removes it.
All calculators
- Refinance & recastThe full eight-scenario comparison: keep, refinance, cash out, HELOC, equity loan, recast, extra principal, or invest the difference.
- AffordabilityWork out a home price from income, debts, cash on hand and your own housing-to-income and debt-to-income ceilings.
- Home equityCompare four ways to turn home equity into cash, side by side.
- Refinance break-evenFind the month a refinance stops costing you money and starts saving it.
- Mortgage recastSee what a lump sum plus a re-amortization does to your required payment.
- Extra paymentsModel monthly, annual and one-time extra principal against your payoff date.
- Amortization scheduleBuild a full month-by-month table and download it as CSV.