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Home / Calculators / Mortgage Calculator

Free Mortgage Calculator

Estimate your monthly mortgage payments with principal, interest, taxes, and insurance.

dollars ($)
percentage (%)
years
annual rate (%)
annual ($)
annual ($)
annual rate (%)
Please enter valid home price, down payment, term, and interest rate.
Monthly Breakdown
$0.00
Principal & Interest
$0.00
Property Tax
$0.00
Home Insurance
$0.00
PMI
$0.00
Total Monthly
Loan Summary
Loan Amount
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Down Payment
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Total Interest Paid
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Total Paid
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Payoff Date
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How to Use the Mortgage Calculator

1

Enter Property Details

Enter the home price, down payment percentage, loan term, and interest rate.

2

Add Taxes & Insurance

Optionally enter annual property tax, home insurance, and PMI rate for a full picture.

3

View Your Results

Click "Calculate" to see your monthly payment breakdown including P&I, taxes, insurance, and PMI.

About Mortgage Calculators

A Mortgage Calculator helps you estimate your total monthly housing payment, including principal & interest (P&I), property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) if your down payment is less than 20%. For other financing needs, try our Loan Calculator or Interest Calculator.

The principal and interest portion is calculated using the standard amortization formula M = P × r(1+r)n / ((1+r)n - 1), where M is the monthly payment, P is the loan amount, r is the monthly interest rate, and n is the number of payments.

Property taxes and insurance are entered as annual amounts and divided by 12 to get the monthly cost. PMI is calculated as a percentage of the loan amount annually and is typically required when the down payment is under 20%.

  • Down payment of 20% or more eliminates the need for PMI and may qualify you for better rates.
  • Fixed-rate mortgages offer predictable payments, while ARMs may have lower initial rates that adjust over time.
  • Extra principal payments can reduce total interest and shorten your loan term significantly.

For official mortgage guidance, visit Consumer Financial Protection Bureau or learn more at Investopedia's Mortgage Guide.

Frequently Asked Questions

Enter the home price, down payment percentage, loan term, interest rate, annual property tax, annual insurance, and PMI percentage. Click Calculate to see your full monthly payment breakdown including principal & interest, taxes, insurance, and PMI.

The monthly payment includes four components: Principal & Interest (P&I) based on the loan amortization, Property Taxes (annual tax divided by 12), Homeowners Insurance (annual premium divided by 12), and PMI (Private Mortgage Insurance) if applicable.

Yes, it is completely free. There are no hidden charges, subscriptions, or limits on usage. You can use it as many times as needed for personal, educational, or professional purposes.

No. All calculations happen locally in your browser. Your home price, down payment, and other financial data are never sent to any server, stored, or tracked. Your privacy is fully protected.

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender in case of default. PMI rates generally range from 0.3% to 1.5% of the loan amount annually. Once you reach 20% equity, PMI can be removed.

A fixed-rate mortgage has the same interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) has an initial fixed period, after which the rate adjusts periodically based on market conditions. This calculator assumes a fixed-rate mortgage.

Property taxes are entered as an annual amount, which is then divided by 12 to get the monthly tax portion of your payment. In reality, property taxes are based on the assessed value of your home and local tax rates, which can vary significantly by location.

A down payment of 20% or more allows you to avoid PMI and may get you better interest rates. However, many lenders offer conventional loans with as little as 3-5% down, and FHA loans require as little as 3.5% down. Each option has different costs and requirements.

The payoff date is calculated based on the loan term selected (e.g., 30 years). For a fixed-rate mortgage, the payoff date is the start date plus the loan term, assuming all payments are made on schedule without extra payments.

Absolutely. The tool is fully responsive and works on all devices including desktops, laptops, tablets, and smartphones. The layout adapts to your screen size for a comfortable experience on any device.