Free Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI with a full amortization schedule.
Year-by-Year Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
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What is a mortgage calculator?
A mortgage calculator is a free online tool that computes your monthly home loan payment based on the purchase price, down payment, interest rate, and loan term. It shows the full principal-and-interest breakdown, estimated property taxes and insurance, private mortgage insurance (PMI), and a complete amortization schedule for the life of the loan.
Buying a house is probably the biggest financial decision most people make, and the monthly payment is where the rubber meets the road. This calculator takes the purchase price, your down payment, the interest rate, and the loan term, then shows you exactly what your monthly payment will be — including property taxes, insurance, and PMI. It also generates a full amortization schedule so you can see how much of each payment goes to interest vs. principal over the life of the loan.
A lot of mortgage calculators give you the principal and interest number and call it a day. But your actual payment includes property taxes, homeowners insurance, and almost certainly PMI if you're putting down less than 20%. This one factors all of that in, plus it shows you how the loan balance decreases over time on an interactive chart.
How the mortgage calculator works
The calculator uses the standard mortgage formula: M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is your loan principal (home price minus down payment), r is your monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years times 12). The result is the fixed monthly payment that will fully amortize your loan over the chosen term. To this base payment, the calculator adds one-twelfth of your annual property taxes and homeowners insurance, plus the monthly PMI cost calculated from your home price and PMI rate.
For example, a $350,000 home with a 20% down payment ($70,000), a 6.5% interest rate, and a 30-year term results in a principal and interest payment of approximately $1,770 per month. Adding $3,000/year in taxes ($250/month), $1,200/year in insurance ($100/month), and 0.5% PMI ($146/month) brings the total monthly payment to about $2,266. The amortization schedule shows how over the first year, roughly $1,890 of each monthly payment goes to interest while only about $270 reduces the principal.
The calculator handles down payment as either a dollar amount or a percentage, and automatically syncs the two fields. Your loan term can be any number of years, with convenient preset buttons for 15 and 30 years. All inputs are saved locally in your browser for return visits.
When to use a mortgage payment calculator
Use this mortgage calculator when you are shopping for a home and want to understand how much house you can afford. Adjust the home price and down payment to see how different scenarios affect your monthly payment. Compare a 15-year versus 30-year loan term side by side to decide which fits your budget and long-term financial goals. The amortization schedule is especially useful when planning extra principal payments — you can see exactly how much interest an extra $100 per month would save over the life of the loan.
The chart in this calculator plots your loan balance over time, making it easy to visualize how equity builds as the years progress. On a standard 30-year mortgage, the balance decreases slowly at first — after 10 years, you will still owe roughly 80% of the original principal. By year 20, the curve steepens as more of each payment goes toward principal.
First-time home buyers should use this calculator early in their house-hunting process to establish a realistic budget before visiting open houses. The calculator's inclusion of property taxes, insurance, and PMI ensures that your budget accounts for the full cost of homeownership — not just the principal and interest that banks typically quote.
Common mistakes
The most common mistake first-time buyers make is assuming the mortgage payment is just principal and interest. They find a $2,000/month P&I payment they can afford, but then property taxes add $350, insurance adds $100, and PMI adds another $150 — suddenly it's $2,600 and their budget is shot. Property taxes vary enormously by location too. A $350,000 house in New Jersey might have $8,000/year in taxes while the same house in Colorado has $2,500. Always run the full PITI number.
Understanding PMI and down payments
Private Mortgage Insurance is one of the most misunderstood costs in home buying. PMI protects the lender, not the buyer, and is required when your down payment is less than 20% of the purchase price. PMI typically costs between 0.3% and 1.5% of the original loan amount per year. For a $350,000 home with a 10% down payment ($35,000), PMI would add roughly $100 to $150 to your monthly payment. Once your equity reaches 22%, lenders are legally required to cancel it.
How to use this calculator
- Enter your loan details — Type your home price, down payment (dollar amount or percentage), interest rate, and loan term. Add your estimated annual property tax, homeowners insurance, and PMI rate for a complete picture.
- Click Calculate — Press the Calculate button to instantly see your total monthly payment with a full breakdown: principal & interest, taxes, insurance, and PMI.
- Review the amortization schedule — Scroll through the year-by-year amortization table and view the interactive chart showing how your loan balance decreases over time. Your inputs are saved automatically for next visit.
Frequently asked questions
What is the monthly payment on a $300,000 mortgage at 7% interest?
A $300,000 mortgage at 7% over 30 years has a monthly principal and interest payment of $1,995.91. Total interest over the life of the loan: $418,527. Over 15 years at the same rate, the payment rises to $2,696.48 but total interest drops to $185,366 — saving $233,161 by choosing the shorter term. Enter your amount and rate above for your exact payment.
How much house can I afford on a $80,000 salary?
The standard guideline is to spend no more than 28% of gross monthly income on housing costs (PITI: principal, interest, taxes, insurance). On $80,000/year ($6,667/month), that's $1,867/month maximum. At 7% interest over 30 years, $1,867/month supports roughly a $280,000 mortgage. Add your down payment to find the maximum purchase price.
What is the difference between a 15-year and 30-year mortgage?
A 30-year mortgage has lower monthly payments but much higher total interest. A 15-year mortgage typically has a lower interest rate (often 0.5–0.75% less) and you pay off the loan twice as fast. On a $250,000 mortgage: 30-year at 7% costs $348,772 in total interest; 15-year at 6.5% costs $138,048 — a $210,724 difference. Monthly payment is $677 higher for the 15-year.
How much do I need for a down payment on a house?
Conventional loans require 3–20% down. FHA loans require 3.5% minimum (or 10% with a credit score below 580). VA and USDA loans require 0% down for eligible borrowers. Putting less than 20% down on a conventional loan requires PMI (private mortgage insurance), typically 0.5–1.5% of the loan annually. The 20% threshold eliminates PMI and reduces your monthly payment.
What is PMI and how do I avoid paying it?
PMI (Private Mortgage Insurance) protects the lender if you default and is required when your down payment is below 20%. It typically costs 0.5–1.5% of the loan amount annually ($100–$250/month on a $200,000 loan). Avoid it by putting 20% down, using a piggyback loan (80-10-10), or requesting cancellation once your equity reaches 20% (required by law at 22% equity).
How do extra mortgage payments reduce interest and payoff time?
Extra principal payments dramatically reduce total interest and payoff time. On a $300,000 mortgage at 7% over 30 years, paying an extra $200/month saves $57,000 in interest and cuts 4 years off the loan. Paying one extra full payment per year saves $45,000 and cuts 4.5 years. Apply extra payments directly to principal — confirm with your lender that they're applied correctly.