Free Mortgage Calculator — Estimate Your Monthly Home Payment
Planning to buy a home? Our free mortgage calculator helps you estimate your monthly mortgage payment in seconds — including principal, interest, property taxes, homeowner's insurance, and PMI. Most calculators stop at principal and interest, which is why the figure they show is rarely the figure that leaves your account. This one includes the rest.
The interactive amortization schedule shows how your balance decreases over time, and the loan comparison feature lets you evaluate 15-year versus 30-year options side by side. Unlike many calculators that only show principal and interest, we include all housing costs for a realistic monthly estimate. No signup required, no data collected — your financial details stay 100% private in your browser.
How to use Mortgage Calculator
- Enter your home price and down payment — Type the purchase price of the home. Set your down payment as a dollar amount or percentage — 20% is standard, but many buyers put down 3-5%. If below 20%, PMI is automatically added.
- Set your loan terms and interest rate — Choose loan term (15, 20, or 30 years) and enter the APR. 30-year fixed represents 70-90% of all US mortgages. Shorter terms have lower rates but higher monthly payments.
- Add taxes, insurance, and fees — Enter annual property tax (typically 0.5%-2.5% of home value), homeowner's insurance, and HOA fees. These are often overlooked but can add $300-$800+ per month.
- Review your complete results — See total monthly PITI payment with breakdown. Explore the amortization schedule, compare loan terms side by side, and simulate extra payments to see potential savings.
Features
- Complete PITI breakdown — See exactly how your payment splits between principal, interest, taxes, and insurance each month.
- PMI auto-calculation — When down payment is under 20%, PMI is automatically added and shows when it drops off at 80% LTV.
- Full amortization schedule — Year-by-year summary with expandable monthly detail showing principal vs. interest allocation.
- 15 vs 30-year comparison — Side-by-side table showing monthly payment difference, total interest, and potential savings.
- Extra payment simulator — See how additional monthly payments reduce total interest and shorten your loan term.
- Interactive visual charts — Pie chart for payment breakdown and line chart showing balance reduction over time.
Frequently Asked Questions
How much house can I afford?
Use the 28/36 rule — spend no more than 28% of gross monthly income on housing costs. If you earn $6,000/month, aim for maximum $1,680/month including principal, interest, taxes, and insurance. At 6.5% interest with 20% down on a 30-year term, that supports roughly a $350,000 home. Your actual affordability depends on other debts, credit score, down payment size, and local tax rates.
What is the difference between a 15-year and 30-year mortgage?
For a $300,000 loan at 6.5%: a 30-year costs $1,896/month with $382,633 total interest. A 15-year costs $2,613/month with only $170,353 interest — saving $212,280. 15-year rates are typically 0.5-1% lower. Choose 30 years for lower payments and cash flow flexibility; choose 15 years to build equity faster and save massively on interest.
What is PMI and how do I avoid it?
PMI (Private Mortgage Insurance) is required when down payment is below 20%. It costs 0.5-1% of the loan per year — on $300,000 that's $125-$250/month. PMI protects the lender, not you. Avoid it by putting 20%+ down. Once your balance drops below 80% of the original price, you can request PMI removal.
Should I pay extra on my mortgage?
Extra payments dramatically reduce cost. On a $300,000/30-year/6.5% loan, paying $200 extra monthly saves $97,000 in interest and cuts 7 years off. However, first ensure you have 3-6 months emergency fund, are maximizing employer 401(k) match, and have paid off high-interest debt.