Mortgage calculator

Free Online Mortgage Calculator

Use this free mortgage calculator to estimate your monthly home payment, including principal, interest, property taxes, homeowners insurance, PMI, HOA fees, and extra payments. Enter home price, down payment, mortgage rate, and loan term to see your payment, total interest, payoff timeline, and amortization schedule in seconds.

PITI payment PMI estimate Extra payments Amortization table

Monthly home payment

Mortgage payment calculator with taxes, insurance, PMI, and HOA

A simple mortgage calculator that only shows principal and interest can miss hundreds of dollars in monthly housing costs. This online mortgage payment calculator estimates principal, interest, property tax, homeowners insurance, PMI, HOA fees, and optional extra principal payments so the monthly number is closer to a real homeownership budget.

Use it as a home mortgage calculator, PITI calculator, mortgage calculator with PMI, mortgage calculator with taxes and insurance, mortgage calculator with extra payments, or mortgage amortization calculator. The PDF print and Excel export include your assumptions and the full month-by-month payment schedule.

Inputs and outputs

What this mortgage calculator includes

Home price	The purchase price of the property before down payment. This is the starting point for the home loan payment estimate.
Down payment	Cash paid upfront. A larger down payment lowers the loan amount and may remove PMI if it reaches 20% on a conventional mortgage.
Principal and interest	The core mortgage payment based on loan amount, annual interest rate, and loan term.
Taxes and insurance	Annual property tax and homeowners insurance are divided by 12 and added to the monthly estimate.
PMI and HOA	PMI is estimated while loan-to-value is above 80%. HOA fees can be added as a separate monthly housing cost.
Extra monthly payment	Optional extra principal payment used to estimate interest savings and earlier payoff timing.

PITI breakdown

What does a monthly mortgage payment include?

Principal	The part of each payment that reduces your remaining mortgage loan balance and builds home equity.
Interest	The cost of borrowing money, calculated from the mortgage rate and outstanding loan balance.
Property taxes	Local government taxes that may be collected monthly through escrow and paid by the lender on your behalf.
Homeowners insurance	Insurance that protects the property against covered damage. Many lenders require coverage for the life of the loan.
PMI	Private mortgage insurance is commonly required on conventional loans when the down payment is below 20%. It protects the lender, not the borrower.
HOA fees	Optional association or condo fees that can affect affordability even though they do not reduce the mortgage balance.

Down payment

How down payment changes the mortgage estimate

Example on $400,000 home	Loan amount	PMI impact
5% down - $20,000	$380,000 mortgage before closing costs	PMI commonly applies because loan-to-value is above 80%.
10% down - $40,000	$360,000 mortgage before closing costs	Monthly payment is lower than 5% down, but PMI may still apply.
20% down - $80,000	$320,000 mortgage before closing costs	Often avoids PMI on conventional loans and lowers total interest.

A larger down payment usually lowers the monthly mortgage payment, reduces lifetime interest, and can make a mortgage affordability calculator show more comfortable results. A smaller down payment can help buyers enter sooner but often increases the loan amount and PMI cost.

Loan term comparison

15-year vs 30-year mortgage calculator comparison

Faster payoff

15-year mortgage

Monthly payment: Higher required payment
Total interest: Usually much lower over the life of the loan
Best fit: Borrowers who can afford a higher payment and want faster equity growth.

Flexible cash flow

30-year mortgage

Monthly payment: Lower required payment
Total interest: Usually much higher if paid on the original schedule
Best fit: Borrowers who need more monthly cash flow flexibility.

Payoff strategy

Extra payments on a 30-year loan

Monthly payment: Flexible base payment plus optional prepayment
Total interest: Can reduce interest and shorten payoff time
Best fit: Borrowers who want a lower required payment but plan to pay extra when possible.

PMI cost

Mortgage calculator with PMI

PMI is an added monthly cost that may apply when your down payment is under 20% on a conventional mortgage. This calculator estimates PMI from an annual rate and applies it while the loan-to-value ratio is above 80%.

Escrow items

Mortgage calculator with taxes and insurance

Property tax and homeowners insurance can materially change the real monthly payment. Add annual estimates to use this page as a mortgage calculator with taxes and insurance, not just principal and interest.

Principal reduction

Mortgage calculator with extra payments

Extra monthly payments go toward principal in this estimate. Use the saved-with-extra result to see how a higher payment could reduce total interest and shorten the payoff timeline.

Payoff planning

Extra payment examples to read clearly

Extra payment plan	What changes	What to check
No extra payment	The loan follows the original amortization schedule.	Good baseline for comparing lender offers.
Small monthly extra	More of the balance is paid down each month.	Check whether the lender applies extra payments to principal automatically.
Larger monthly extra	Payoff may happen earlier and total interest may fall.	Confirm prepayment rules, escrow handling, and whether cash flow remains comfortable.

Mortgage amortization calculator and schedule

A mortgage amortization schedule shows each monthly payment split into principal, interest, extra payment, and remaining balance. Early payments usually carry more interest; later payments shift more toward principal.

Mortgage affordability calculator: how much mortgage can I afford?

Affordability depends on income, existing debts, down payment, credit profile, interest rate, taxes, insurance, PMI, HOA fees, and emergency savings. Use this monthly estimate as one budget input, not a lender approval.

Fixed rate vs adjustable rate mortgage

This page estimates a fixed-rate mortgage schedule. Adjustable-rate mortgages can change after the initial period, so future payments may differ from a fixed-rate calculation.

Need a general loan estimate?

Use the loan calculator for personal loans, lending offers, and non-home payment estimates.

Need a pure amortization table?

Open the amortization calculator for a focused principal, interest, balance, extra payment, and Excel schedule view.

Comparing EMI wording?

The EMI calculator is better when a lender describes the loan as an equated monthly installment.

FAQ

Mortgage Calculator FAQs

What is included in a monthly mortgage payment?+

A full monthly mortgage estimate can include principal, interest, property taxes, homeowners insurance, PMI, HOA fees, and optional extra principal payments. Lender statements and escrow rules can vary.

What is PMI?+

PMI means private mortgage insurance. It is commonly required on conventional mortgages when the down payment is less than 20%. PMI protects the lender if the borrower defaults.

What is the difference between a 15-year and 30-year mortgage?+

A 15-year mortgage usually has higher monthly payments but lower total interest and faster equity growth. A 30-year mortgage usually has lower monthly payments but more total interest over the full term.

How does the mortgage amortization schedule work?+

Each payment is split between interest and principal. In the early years, more of the payment often goes to interest. Over time, more goes to principal as the balance falls.

Can extra payments help pay off a mortgage faster?+

Yes. Extra principal payments can reduce total interest and shorten payoff time. Confirm with your lender that extra payments are applied to principal and check any prepayment rules.

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