How to Use
- 1.
Enter the home price and down payment amount or percentage.
- 2.
Choose a loan term and enter the annual interest rate shown in your lender estimate.
- 3.
Add annual property tax and homeowners insurance, plus PMI and HOA estimates if applicable.
- 4.
Review the estimated monthly payment, term comparison, and amortization schedule.
- 5.
Add optional extra payments to see an estimated payoff and interest comparison.
- 6.
Use print or CSV export to keep a copy, then confirm all figures with your lender.
Features
Home price and synchronized down-payment amount or percentage
15-, 20-, 30-year, and custom mortgage terms
Principal-and-interest payment estimate
Estimated PITI payment with tax, insurance, PMI, and HOA
Full monthly amortization schedule and remaining balance chart
Monthly extra and one-time principal payment comparison
Accelerated biweekly payment estimate
15-, 20-, and 30-year loan scenario comparison
Income and debt-based affordability planning estimate
Currency selection, share, print, and CSV export
Lender and rate estimate disclaimer
Frequently Asked Questions
How do I calculate my monthly mortgage payment?+
Enter the loan amount, annual interest rate, and term. The calculator estimates principal and interest with a fixed-rate amortization formula, then adds any property tax, insurance, PMI, and HOA estimates you provide.
What does PITI mean?+
PITI stands for principal, interest, taxes, and insurance. This calculator also lets you include estimated mortgage insurance and monthly HOA fees in the total.
Does this mortgage calculator include PMI?+
It can show a configurable PMI estimate when your down payment is below 20%. Actual eligibility and mortgage insurance pricing depend on the loan program, lender, borrower, and property.
How does an extra mortgage payment affect interest?+
An extra payment applied to principal can reduce the balance sooner, which may shorten payoff time and reduce modeled interest. Confirm that your servicer applies extra funds to principal and check for any loan-specific restrictions.
How accurate is the affordability estimate?+
It is a planning estimate based on the income, debt, and ratios you enter. Lenders consider many additional factors, so it is not a preapproval or guarantee of loan eligibility.
Are mortgage rates updated in this calculator?+
No. Enter the rate from a current lender quote. Rates and loan costs change, and this tool does not fetch live mortgage-rate data.
Can I use this as an official payoff quote?+
No. The schedule is an estimate. Your lender or servicer can provide an official payment breakdown, payoff amount, and posting rules.
About this tool
Free Mortgage Calculator
Use this mortgage calculator to estimate monthly principal and interest along with property tax, homeowners insurance, mortgage insurance, and HOA costs. Enter a home price, down payment, interest rate, and loan term to see an estimated total monthly payment. The calculator also creates a month-by-month mortgage amortization schedule and estimates how extra principal payments may change payoff time and interest.
How a Monthly Mortgage Payment Calculator Works
The principal-and-interest estimate uses the standard fixed-rate amortization formula. Your actual mortgage payment can also include escrowed property taxes, homeowners insurance, mortgage insurance, and homeowners association fees. Those expenses vary by property, location, loan program, and insurer, so enter your own estimates whenever possible.
Mortgage Payment with Taxes and Insurance
The total monthly housing estimate adds principal and interest to the monthly equivalents of annual property tax and homeowners insurance, estimated PMI when the down payment is below 20%, and any HOA fee you enter. PMI rules and pricing depend on the lender, loan type, credit profile, and other factors. The PMI figure here is a configurable planning estimate, not a quote.
Mortgage Amortization Schedule and Extra Payments
Each schedule row shows the payment date, amount, principal, interest, and remaining balance. An extra monthly principal amount or one-time lump sum can be included to estimate an earlier payoff and interest savings. The accelerated biweekly option approximates 26 half-payments per year by applying one extra monthly principal-and-interest payment annually; servicer posting methods can differ.
Compare Mortgage Terms and Estimate Affordability
Compare 15-, 20-, and 30-year terms using the same loan amount and interest rate. A shorter term generally has a higher required payment and lower modeled lifetime interest. The optional affordability panel uses an adjustable housing-cost share and debt-to-income planning limit. It is not a preapproval, underwriting result, or guarantee of what a lender will offer.
Mortgage Calculator Estimate Disclaimer
This calculator is for general education and planning, not a loan quote, tax advice, financial advice, or lending decision. Actual rates, fees, escrow amounts, mortgage insurance, payment timing, and payoff figures depend on your lender and property. Verify details with your loan servicer, insurer, tax authority, and qualified professionals before making a decision.
Already own a home and comparing ways to access its equity? Estimate draw-period and repayment payments with the HELOC Payment Calculator.