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Calculate mortgage payments, view amortization schedules, and compare loan terms

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PMI (Private Mortgage Insurance) is typically required when down payment is less than 20%

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Compare different loan terms to see how they affect your payments and total cost.

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Free Mortgage Calculator - Calculate Your Home Loan Payments

Use our free online mortgage calculator to estimate your monthly mortgage payments, view amortization schedules, and understand the true cost of your home loan. Compare different loan terms and see how much you can afford.

Features

  • Monthly Payment Calculator — Calculate principal and interest payments instantly
  • Full Cost Breakdown — Include property tax, insurance, PMI, HOA fees
  • Amortization Schedule — View payment-by-payment breakdown with balance over time
  • Scenario Comparison — Compare 15-year vs 30-year terms side by side
  • Affordability Check — See if the loan fits your budget (28/36 rule)
  • Export to CSV — Download full amortization schedule for spreadsheets

How Mortgage Payments Work

Your monthly mortgage payment typically consists of four parts, often called PITI:

  • Principal — The amount that goes toward paying off your loan balance
  • Interest — The cost of borrowing money (based on your interest rate)
  • Taxes — Property taxes, often collected monthly and held in escrow
  • Insurance — Homeowner's insurance and PMI (if applicable)

Mortgage Payment Formula

The monthly principal and interest payment is calculated using this formula:

M = P × [r(1+r)n] / [(1+r)n - 1]

Where:

  • M = Monthly payment
  • P = Principal (loan amount)
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Total number of payments

15-Year vs 30-Year Mortgage

Factor 15-Year Mortgage 30-Year Mortgage
Monthly Payment Higher Lower
Interest Rate Usually lower (0.25-0.5% less) Higher
Total Interest Paid Much less (often 50%+ savings) More over time
Equity Building Faster Slower
Best For Higher income, early payoff goal Lower payments, flexibility

Tips for Getting a Better Mortgage

  • Improve your credit score — Higher scores qualify for lower rates
  • Save for 20% down — Avoid PMI and get better terms
  • Shop multiple lenders — Rates can vary significantly
  • Consider points — Paying points upfront can lower your rate
  • Lock your rate — Protect against rate increases during closing

What is PMI?

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. PMI protects the lender if you default on the loan. Typical PMI costs range from 0.3% to 1.5% of the original loan amount per year. Once you reach 20% equity, you can request PMI removal.

Privacy

All calculations are performed entirely in your browser. Your financial information is never sent to any server or stored anywhere.