Free Mortgage Calculator
Estimate your monthly mortgage payment with taxes, insurance, PMI and HOA fees, then see your full amortization schedule. Free, private and no signup.
- 100% free
- No signup
- Runs in your browser
The values above are examples. Replace them with your own numbers.
Estimated monthly payment
$0
Principal and interest
Property tax
Home insurance
PMI and HOA
Loan amount
Total interest
Loan plus interest
Payoff date
| # | Date | Payment | Principal | Interest | Balance |
|---|
How to use this mortgage calculator
- 1. Enter the loanAdd the home price, your down payment, the interest rate and the loan term.
- 2. Add monthly costsInclude property tax, home insurance, HOA fees and PMI for a realistic total.
- 3. Read the resultSee your monthly payment, total interest, payoff date and the full amortization schedule.
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The complete guide to mortgage calculators
Contents
What a mortgage calculator does
A mortgage calculator estimates what a home loan will cost each month before you apply. It combines your home price, down payment, interest rate and loan term with recurring costs such as property tax, insurance and PMI, so you can compare scenarios and set a realistic budget.
How the monthly payment is calculated
The principal and interest part of a fixed-rate loan uses the standard amortization formula: payment = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments. Early payments are mostly interest, and the share going to principal grows every month.
- Loan amount: home price minus your down payment.
- Interest rate: the yearly rate divided by 12 for the monthly rate.
- Loan term: usually 15, 20 or 30 years.
What is included in a mortgage payment
Lenders often talk about PITI: principal, interest, taxes and insurance. Property tax and home insurance are commonly collected monthly in an escrow account. If you live in a community with an association, add HOA fees, and if your down payment is under 20%, add PMI. This calculator includes all of them.
Fixed-rate vs adjustable-rate mortgages
| Feature | Fixed-rate | Adjustable-rate (ARM) |
|---|---|---|
| Interest rate | Stays the same for the whole term | Can change after an introductory period |
| Monthly payment | Predictable | Can rise or fall |
| Often suits | Long-term owners who want stability | Buyers who expect to sell or refinance sooner |
This calculator models a fixed rate for the full term.
Down payment and PMI
A larger down payment lowers the amount you borrow, which lowers your payment and total interest. When the down payment is below 20% of the price, most conventional lenders require PMI, often roughly 0.5% to 1.5% of the loan per year depending on credit and loan type. Enter your quoted PMI rate in the calculator to include it.
How to lower your monthly payment
- Increase your down payment to reduce the loan amount and avoid PMI.
- Compare rates from several lenders, because even a small rate difference adds up over 30 years.
- Improve your credit score before applying to qualify for a better rate.
- Choose a longer term if you need a lower payment, but compare the extra interest.
- Refinance later if rates fall enough to cover the closing costs.
Common mistakes to avoid
- Ignoring property tax, insurance, HOA fees and PMI when judging affordability.
- Forgetting closing costs, which are often around 2% to 5% of the price and are paid separately.
- Looking only at the monthly payment and not at the total interest over the loan.
- Using the advertised rate instead of the APR when comparing lenders.
Frequently asked questions
How do I calculate my monthly mortgage payment?
Enter the home price, down payment, interest rate and loan term. The calculator finds the principal and interest payment with the standard amortization formula, then adds property tax, home insurance, HOA fees and PMI to show your full monthly cost.
Does this calculator include taxes and insurance?
Yes. You can enter yearly property tax, yearly home insurance, monthly HOA fees and a PMI rate, so the result reflects your real monthly housing cost and not just principal and interest.
What is PMI and how do I avoid it?
PMI (private mortgage insurance) protects the lender when your down payment is below 20% of the home price. Putting 20% or more down usually avoids it, and on many conventional loans it can be removed once you build enough equity.
Should I choose a 15-year or a 30-year mortgage?
A 15-year loan has a higher monthly payment but far less total interest. A 30-year loan has a lower payment and more flexibility. Change the loan term above to compare both on your own numbers.
Do extra payments really help?
Yes. Any extra amount goes straight to principal, so the balance falls faster, the loan ends earlier and you pay less interest. Try the extra monthly payment field to see the effect on the payoff date and total interest.
What is escrow?
Escrow is an account your lender uses to collect part of your property tax and home insurance each month and pay those bills for you when they are due.
How accurate is this estimate?
The payment math is exact for the numbers you enter, but your lender's offer can differ because of fees, mortgage insurance rules, rate changes and local tax rates. Treat the result as an estimate, not a loan offer.
Is my information saved or sent anywhere?
No. All calculations run in your browser. The numbers you type are not stored or sent to our servers.
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Contact usWhatsApp usThis calculator provides estimates for educational purposes only. It is not a loan offer, financial advice or a substitute for a quote from a licensed lender.