CompoundInterestCalc
Free online tool · Real estate

Mortgage Calculator

Use this free mortgage calculator to work out your monthly home-loan payment in seconds. Enter the home price, your down payment, the interest rate and the loan term, and instantly see your monthly principal & interest — plus how much of the home you'll actually own over time.

Add property tax, home insurance, PMI and HOA fees to see your true all-in monthly cost, and open the amortization schedule to watch the loan balance fall year by year. No account, no sign-up, no spreadsheet.

Your loan
$
%
= $80,000
%
30 years
▶ Add taxes, insurance & fees
$
$
$
Auto-applied under 20%
Monthly payment
$0
Loan amount
$0
Total interest
$0
Total of payments
$0
Monthly payment breakdown
Balance & interest over time
Balance left Interest paid
▸ Show amortization schedule
Period Principal Interest Balance

Estimates are for illustration and education only — not a loan offer. Actual rates, taxes, insurance and PMI vary by lender and location.

The math

How a mortgage payment is built

Your total monthly payment is more than principal and interest. Lenders call it PITI — the loan payment plus property tax, homeowners insurance, and PMI when your down payment is under 20%.

P&I = L · i(1 + i)n ⁄ (1 + i)n − 1
L = loan amount (price − down payment)  •  i = monthly rate (APR ÷ 12)  •  n = number of payments (years × 12)
Total payment = P&I + Tax + Insurance + PMI
Property tax and insurance are usually collected monthly into an escrow account and paid on your behalf.
Worked example. On a $400,000 home with 20% down, you borrow $320,000. At 6.5% over 30 years the principal-and-interest payment is about $2,020. Add roughly $400 property tax and $100 insurance a month and your real payment is closer to $2,520 — and because you put 20% down, there's no PMI to add on top.
See it in action

Common mortgage scenarios

Three typical setups at recent rates. Load any one into the calculator and adjust from there.

Quick guide

How to use the mortgage calculator

Four short steps. Change any field and the monthly payment, breakdown and amortization update instantly.

Step 1

Enter the home price

The purchase price of the property. Your loan amount is this minus your down payment.

Step 2

Set your down payment

Toggle between a percentage and a dollar amount. Putting down 20% or more avoids PMI.

Step 3

Pick rate and term

Enter your quoted interest rate and choose a term. A shorter term means higher payments but far less total interest.

Step 4

Add the real costs

Open the advanced options to include property tax, insurance, HOA and PMI for a true all-in monthly figure.

Good to understand

What this calculator tells you

A mortgage payment is more than just paying back what you borrowed. Each month you pay interest on the outstanding balance plus a slice of principal that actually reduces the loan. Early on, most of your payment is interest; over the years the balance falls and more of each payment goes to principal. This calculator turns that whole arc into concrete numbers for your loan.

Principal & interest vs. the full payment

The headline figure is your total estimated monthly payment. The principal & interest portion is the loan itself; on top of that most homeowners also pay property tax, home insurance, and — with less than 20% down — PMI. Add HOA fees and you get the real number that leaves your account each month, often called PITI.

Why the loan term matters so much

A 30-year loan keeps monthly payments low but stretches interest over three decades. A 15-year loan roughly doubles the principal you pay each month, yet can cut total interest by more than half. The amortization chart makes the trade-off obvious: the shorter the term, the faster the balance line drops to zero.

How your down payment changes everything

A larger down payment shrinks the loan, lowers every monthly payment, reduces total interest, and — past 20% — removes PMI entirely. Even a few extra percent can save tens of thousands over the life of the loan. Use the % / $ toggle to test different amounts instantly.

Who it's for

This tool is built for anyone shopping for a home, comparing loan offers, or deciding between a 15- and 30-year term. You don't need any financial background — just the price, your down payment, and a rate.

Curious how the same compounding math builds wealth on the other side? Try the compound interest calculator, or browse all our free tools.

Quick answers

Mortgage calculator FAQ

Is this mortgage calculator free?
Yes — it's completely free, runs entirely in your browser, and requires no account or sign-up. Your numbers are never sent to us or stored on a server.
What's included in the monthly payment?
By default the headline figure is principal & interest. Open the advanced options to add property tax, home insurance, PMI and HOA fees — together these make up your full monthly housing cost (PITI plus fees).
When do I have to pay PMI?
Private mortgage insurance is typically required when your down payment is under 20% of the home price. This calculator applies an estimated PMI cost automatically in that case; you can switch it off. Once you build 20% equity, PMI usually drops away.
Should I choose a 15- or 30-year loan?
It depends on your budget and goals. A 30-year loan has lower monthly payments but much higher total interest. A 15-year loan costs more each month but builds equity faster and saves a large amount of interest. Try both terms here and compare the total-interest figure.
Is this financial advice?
No. This is an educational tool showing illustrative estimates. It doesn't reflect closing costs, exact tax and insurance rates, or a specific lender's offer. Always confirm the numbers with a qualified mortgage professional before committing.