Free Mortgage Calculator Online
Calculate your monthly mortgage payment with property tax, home insurance, and PMI. Get a full amortization schedule and compare FHA, conventional, and VA loan options. All calculations run in your browser — no signup, no data collection.
Open Mortgage CalculatorMortgage Payment Calculator
Enter your home price, down payment, loan term, and interest rate to get an instant breakdown of your monthly payment including principal, interest, property tax, insurance, and PMI. View a year-by-year amortization schedule.
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Mortgage Calculator
Calculate monthly payments with PMI, property tax, and insurance. Full amortization schedule included.
FHA Loan Calculator
Estimate FHA loan payments including upfront and annual mortgage insurance premiums (MIP).
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Compare your current mortgage with a new loan to see if refinancing saves you money.
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General-purpose loan calculator for personal loans, student loans, and other financing.
How Mortgage Payments Work
Your monthly mortgage payment typically includes four components, often referred to as PITI:
Principal
The portion of your payment that goes toward paying down the loan balance. This starts small and increases over the life of the loan.
Interest
The cost of borrowing money. This starts as the largest portion of your payment and decreases as you pay down the principal.
Property Tax
Annual property taxes divided into monthly payments. Often escrowed by your lender. Rates vary significantly by location.
Insurance
Homeowners insurance and, if applicable, PMI (Private Mortgage Insurance) required when your down payment is less than 20%.
The Mortgage Formula
Monthly principal and interest are calculated using the standard amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1] Where: M = Monthly payment (principal + interest) P = Loan principal (home price - down payment) r = Monthly interest rate (annual rate / 12) n = Total number of payments (years × 12)
Mortgage Tips for Homebuyers
If you put down less than 20%, lenders require Private Mortgage Insurance, which adds 0.3% to 1.5% of the loan amount annually to your payments.
Even a 0.25% difference in interest rate can save tens of thousands over a 30-year loan. Get at least 3-4 quotes before committing.
Spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt including the mortgage.
A 15-year mortgage has higher monthly payments but saves significantly on total interest. Use our calculator to compare both options.
Mortgage Guides
Mortgage Guide
Everything first-time buyers need to know about getting a mortgage.
Read guideAPR vs Interest Rate
Understand the difference and why APR matters more than the rate.
Read guide15 vs 30 Year Mortgage
Compare shorter and longer terms to find the right fit.
Read guideClosing Costs
What to expect at closing and how to reduce upfront costs.
Read guideCredit Score & Mortgage
How your credit score affects your rate and what you can do.
Read guideFHA vs Conventional
Which loan type is right for your situation.
Read guideFrequently Asked Questions
How much house can I afford?
A common guideline is that your housing costs should not exceed 28% of your gross monthly income. Use our mortgage calculator with your income to find a comfortable price range.
What is PMI and when can I remove it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. For conventional loans, you can request PMI removal once you reach 20% equity. It automatically cancels at 22% equity.
Is it better to get a 15-year or 30-year mortgage?
A 15-year mortgage saves on total interest but has higher monthly payments. A 30-year mortgage offers lower payments and more flexibility. Compare both with our 15 vs 30 year mortgage guide.
How accurate is this mortgage calculator?
Our calculator provides accurate estimates based on the standard amortization formula. Actual payments may vary slightly due to rounding, specific lender fees, and local tax rates.
What credit score do I need for a mortgage?
FHA loans require a minimum of 580 (or 500 with 10% down). Conventional loans typically need 620+. A higher score gets you a better interest rate, saving thousands over the loan term.