Mortgage Calculator
Free online mortgage calculator. Estimate your monthly home loan payment including principal, interest, property tax, insurance, PMI, and HOA.
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What is Mortgage Calculator?
A Mortgage Calculator is a free online tool that estimates your monthly home loan payment using the standard amortization formula. Enter the home price, down payment, interest rate, and loan term, and the tool computes your principal-and-interest payment — then adds property tax, home insurance, PMI, and HOA for a true total monthly cost. It also generates a full amortization schedule showing how every payment splits between principal and interest over the life of the loan. Everything runs in your browser, so your financial details stay private.
Key Benefits
- Full PITI payment including taxes, insurance, PMI, and HOA — not just principal and interest
- Automatic PMI calculation that applies under 20% down and clears at 20% equity
- Complete month-by-month amortization schedule with principal/interest breakdown
- Standard lender amortization formula for accurate, trustworthy estimates
- 100% client-side and private — no signup, no data uploaded
Common Use Cases
- •Estimating the monthly payment before making an offer on a house
- •Comparing 15-year vs. 30-year loan terms to see payment and interest trade-offs
- •Seeing how a larger down payment removes PMI and lowers the payment
- •Modeling how a different interest rate changes your monthly cost
- •Planning a home purchase budget and total cost of ownership
How to Use the Mortgage Calculator
- Enter Home Price and Down Payment: Type the home purchase price and your down payment amount. The calculator shows your down payment percentage and flags when PMI applies (under 20%).
- Set Rate and Term: Enter the annual interest rate (e.g., 6.5) and the loan term in years (e.g., 30). These drive the core principal-and-interest payment.
- Add Taxes, Insurance, PMI, HOA: Optionally enter annual property tax, annual home insurance, PMI rate (%), and monthly HOA fees. These are added to your monthly payment for a true out-of-pocket estimate.
- Read Results and Amortization: The headline shows your total monthly payment. Expand the breakdown for PITI details, total interest, and a full month-by-month amortization schedule. Click Copy to save the summary.
Key Features
- Full PITI breakdown: principal, interest, property tax, and home insurance in one view.
- Automatic PMI calculation when your down payment is under 20%, removed at 20% equity.
- Optional monthly HOA fees for condos and planned communities.
- Month-by-month amortization schedule showing principal vs. interest split.
- Uses the standard lender amortization formula for accurate payment estimates.
- 100% client-side and private — your financial data never leaves your browser.
Frequently Asked Questions
How is the monthly mortgage payment calculated?
The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). Taxes, insurance, PMI, and HOA are then added to get your total monthly payment.
What is PMI and when does it apply?
PMI (Private Mortgage Insurance) protects the lender when your down payment is less than 20% of the home price. This calculator automatically adds PMI based on the rate you enter when your down payment is under 20%, and removes it once you reach 20% equity. Typical PMI rates range from 0.3% to 1.5% of the loan amount per year.
Does this calculator include property taxes and insurance?
Yes. Enter your annual property tax and annual home insurance, and the tool divides each by 12 and adds them to your monthly payment. This gives you a true PITI (Principal, Interest, Taxes, Insurance) estimate, which is what most lenders quote as your total housing payment.
What is the amortization schedule?
The amortization schedule is a month-by-month table showing how each payment splits between principal (paying down the loan) and interest (the cost of borrowing). Early in the loan, most of your payment goes to interest; over time, more goes to principal. The schedule also shows your remaining loan balance after each payment.