Mortgage & Loan Payment
Enter the property details below. All figures update in real time.
General estimate based on current federal tax rules — not personalized tax advice. Actual benefit depends on whether you itemize, your filing status, and your total deductions. Consult a qualified tax professional.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
How does home ownership create tax savings?
If you itemize deductions instead of taking the standard deduction, mortgage interest on loans up to $750,000 and property taxes (subject to the $40,000 federal SALT cap, combined with any other state and local taxes you pay) can both reduce your taxable income. See the Tax Savings Estimate below, calculated from your own inputs — consult a tax professional for advice specific to your situation.
What does the P&I figure include, and what is PITI?
Monthly Payment (P&I) is principal & interest only. Once you enter a ZIP code or property tax rate and an insurance cost, we also calculate your Total Monthly Payment (PITI) — principal, interest, taxes, and insurance — a closer estimate of your real monthly cost, though it still excludes PMI or HOA dues.
How does an extra payment reduce my loan term?
Extra payments apply directly to principal, which lowers the balance interest is calculated on going forward. Even a modest, consistent extra payment can cut years off a 30-year loan and save a significant amount in total interest.
What is amortization?
Amortization is the schedule of paying off a loan through fixed payments over time. Early payments are mostly interest and later payments are mostly principal, because interest is recalculated each month on your remaining balance.
Does this work for adjustable-rate loans?
This calculator assumes a fixed interest rate for the full term. For an adjustable-rate mortgage, re-run the numbers with your updated rate and remaining term each time the rate resets.