Mortgage Calculator
Estimate your monthly mortgage payment including taxes, insurance, PMI and HOA, see total interest and how extra payments shorten the loan.
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How to use Mortgage Calculator
- 1
Open Mortgage Calculator on this page. It loads right in your browser.
- 2
Add your file, text or values and adjust the settings.
- 3
Copy the result or download it. Nothing is uploaded or stored.
How to use it: Mortgage Calculator
This mortgage calculator shows the full monthly cost of a home, not just principal and interest. Enter the home price, down payment, interest rate and term, then add property tax, home insurance, HOA fees and PMI to see the payment you will actually make each month.
Below the result you get the total interest, the payoff date and a year-by-year amortization schedule you can download as CSV. Add an extra monthly payment to see how much interest you save and how many years earlier the loan is paid off.
How to use it
- Enter the home price and the down payment as a percentage or an amount.
- Set the interest rate and choose a loan term (10, 15, 20, 25 or 30 years).
- Add property tax, insurance, HOA and PMI for the full monthly payment.
- Optionally add an extra monthly payment and read the savings, payoff date and amortization table.
How it is calculated
Principal and interest use the standard formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate and n the number of payments. Taxes, insurance, HOA and PMI are added on top. PMI is charged while the loan is above 80% of the home price.
Worked example
A $400,000 home with 20% down leaves an $320,000 loan. At 6.5% over 30 years, principal and interest come to about $2,023 a month. Add 1.1% property tax ($367 a month) and $1,500 a year of insurance ($125) and the real payment is roughly $2,515. Over the full term you would pay about $408,000 in interest. Adding just $200 a month to principal saves more than $100,000 of interest and clears the loan about six and a half years early.
Who uses it
- First-time buyers checking what price range is affordable
- Homeowners comparing a 15-year and a 30-year loan
- Borrowers deciding whether to refinance or make extra payments
- Real-estate agents and brokers giving clients a quick estimate
Tips
- A 20% down payment usually removes PMI and lowers the monthly cost noticeably.
- A 15-year term has a higher payment but often saves more than half of the interest of a 30-year loan.
- Even a small extra payment each month goes straight to principal and can cut years off the loan.
Free, private and instant: every calculation runs in your browser, nothing is uploaded or stored, and there is no sign-up or limit. Related calculators: EMI calculator, loan calculator, compound interest calculator.
Features
- Full monthly payment: principal, interest, tax, insurance, PMI and HOA
- Down payment as % or amount
- Extra payment savings and payoff date
- Yearly amortization schedule with CSV export
- Works in USD, EUR, GBP, INR and more
Frequently asked questions
How is a monthly mortgage payment calculated?
Principal and interest come from the amortization formula based on loan amount, rate and term. Property tax, home insurance, HOA fees and PMI are then added to get the total monthly payment.
What is PMI and when does it stop?
Private mortgage insurance protects the lender when you put down less than 20%. It normally stops once your loan balance falls to 78 to 80% of the home's original value.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage costs more per month but much less in total interest. A 30-year mortgage keeps the payment lower and leaves more monthly cash free.
How much do extra payments save?
Extra payments reduce the principal directly, so less interest builds up. Enter an amount under Extra payment to see the exact saving and new payoff date.
How much house can I afford?
A common rule is to keep the total monthly housing payment (principal, interest, tax and insurance) under about 28% of gross monthly income. Try different prices here until the payment fits that limit.
Does the calculator include closing costs?
No. Closing costs are paid once at purchase and usually run 2 to 5% of the price. Budget for them separately from the down payment.
Is this calculator free and private?
Yes. It is completely free, needs no account and runs entirely in your browser, so the numbers you type are never sent to a server or stored.