M
🇺🇸

Mortgage Overpayment Calculator

Free mortgage calculator that shows monthly payments, total interest, and how overpaying saves money. Visualize amortization and loan payoff dates.

$
$

Optional

$

Calculate your monthly mortgage payments with Mortgify. Fast, free, and multilingual mortgage calculator.

Calculate Your Mortgage Payments & Savings

Understanding your mortgage payments shouldn't be complicated. Mortgify's advanced mortgage calculator gives you a clear, comprehensive view of your financial commitment. Whether you're a first-time homebuyer or looking to refinance, our tool helps you break down monthly costs including principal, interest, property taxes, homeowners insurance, and HOA fees. Unlike basic calculators, we visualize how your loan amortizes over time and show you exactly how much money you can save by making extra payments.

How This Mortgage Calculator Works

Our calculator uses the standard amortization formula to determine your base monthly principal and interest payment. We then add your estimated property tax, home insurance, and HOA fees to give you the total monthly cost (PITI). You can adjust the loan term, interest rate, and down payment to see how these variables impact your monthly budget. The interactive charts update instantly, providing a visual representation of your loan balance and equity buildup over time.

The Power of Extra Payments

One of the most effective ways to save money on a mortgage is to make extra payments towards your principal. Even a small additional amount each month can shave years off your loan term and save you thousands of dollars in interest. Our 'Pay More Monthly' feature allows you to simulate different overpayment scenarios. Simply enter an extra monthly amount to see your new payoff date and total interest savings instantly. This strategy effectively reduces your loan's principal balance faster, meaning less interest accrues over the life of the loan.

Understanding Your Monthly Mortgage Payment

Your monthly housing payment is typically made up of four main components, often referred to as PITI: * **Principal:** The portion of your payment that goes towards paying back the money you borrowed. In the early years of a mortgage, this amount is small but grows over time. * **Interest:** The cost of borrowing money from the lender. This makes up the majority of your payment in the beginning of the loan term. * **Taxes:** Property taxes collected by your local government to fund schools and public services. These are often held in escrow by your lender. * **Insurance:** Homeowners insurance protects your property against damage. Lenders usually require this coverage. Additionally, if you buy a condo or a home in a planned community, you may have **Homeowners Association (HOA) fees**, which are also included in our calculator to give you a realistic total.