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Home / Calculators / Mortgage Calculator

Free Mortgage Calculator

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

dollars ($)
percent (%)
years
percent (%)
dollars ($) per year
dollars ($) per year
percent (%) — 0% if down payment ≥ 20%
Please enter valid mortgage details.
Monthly Payment Breakdown
$0.00
Principal & Interest
$0.00
Property Tax
$0.00
Insurance
$0.00
PMI
$0.00
Total Monthly Payment
Loan Summary
Loan Amount $0.00
Down Payment $0.00
Total Interest Paid $0.00
Total Payment $0.00
Payoff Date ---
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How to Use the Mortgage Calculator

1

Enter Property Details

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

2

Add Taxes & Insurance

Enter annual property tax, home insurance, and PMI rate if applicable.

3

Review Your Payment

Click "Calculate Mortgage" to see a full breakdown of your monthly payment and loan summary.

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About This Mortgage Calculator

Our free online Mortgage Calculator helps you estimate your monthly housing costs when buying a home. It calculates the full PITI payment (Principal, Interest, Taxes, and Insurance) plus PMI, giving you a realistic picture of what your monthly mortgage obligation would be.

The principal and interest portion uses the standard amortization formula: M = P × r(1+r)n / ((1+r)n − 1). Property taxes and insurance are divided by 12 and added to the monthly payment. PMI is calculated as a percentage of the loan amount when the down payment is less than 20%.

All calculations are performed entirely in your browser. Your financial data never leaves your device, and no information is stored or tracked. This tool is 100% free with no limits, sign-ups, or ads.

Important: This calculator provides estimates for planning purposes only. Actual mortgage terms, closing costs, tax assessments, and insurance premiums may vary. Always consult with a licensed mortgage professional and real estate agent before making home buying decisions.

Frequently Asked Questions

Enter the home price, down payment percentage, loan term (typically 15 or 30 years), interest rate, annual property tax, annual home insurance, and PMI rate. Click Calculate Mortgage to see your full monthly payment breakdown including principal & interest, taxes, insurance, and PMI.

PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of a mortgage payment. Principal reduces your loan balance, interest is the cost of borrowing, taxes are property taxes paid to your local government, and insurance protects your home. Many lenders also require PMI (Private Mortgage Insurance) if your down payment is less than 20%.

Yes, it is completely free. There are no hidden fees, subscription plans, or usage limits. You can use it as many times as you like, for any purpose — personal, educational, or professional. No registration or sign-up is required.

No, absolutely not. Your financial data is processed entirely on your device using client-side JavaScript. No data is sent to any server, stored in cookies, or tracked in any way. Your privacy is fully protected.

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

A 15-year mortgage has higher monthly payments but you pay significantly less interest over the life of the loan and build equity faster. A 30-year mortgage has lower monthly payments making it more affordable, but you pay more total interest. For example, on a $300,000 loan at 6.5%, a 30-year term has ~$1,896/month while a 15-year term has ~$2,614/month but saves over $200,000 in interest.

Property taxes are based on the assessed value of your home and your local mill rate (tax rate). The annual tax amount is typically 0.5% to 2.5% of the home's value depending on location. In this calculator, you enter the annual tax amount directly, which is then divided by 12 for the monthly portion. Check with your local tax assessor for accurate rates.

A 20% down payment is ideal because it eliminates the need for PMI and may qualify you for better interest rates. However, many lenders offer conventional loans with 3-5% down. FHA loans require as little as 3.5% down. VA and USDA loans may require 0% down for eligible borrowers. Consider your savings, monthly budget, and long-term goals when deciding.

Beyond the monthly mortgage payment, homeownership includes:
  • Closing costs: 2-5% of the home price (origination fees, appraisal, title insurance)
  • Maintenance & repairs: Budget 1-2% of home value annually
  • Utilities: Electricity, gas, water, trash, internet
  • HOA fees: If applicable, monthly or annual community fees
  • Furnishings & moving costs: Initial setup expenses

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