Mortgage Calculator

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Calculate monthly mortgage payments, amortization schedule, and total interest for any home loan.

A mortgage calculator is one of the most important financial tools for any homebuyer. Before committing to a home purchase, you need to know exactly what your monthly payment will be, how much of that goes to interest versus principal, and what the true total cost of the loan is over its life.

This free mortgage calculator uses the standard fixed-rate amortization formula to compute your exact monthly payment based on home price, down payment, annual interest rate, and loan term. It also generates a complete month-by-month amortization schedule showing how each payment is split between interest and principal reduction.

Beyond simply calculating principal and interest (P&I), a realistic monthly housing payment often includes Private Mortgage Insurance (PMI), property taxes, and homeowners insurance. You can toggle these elements in the tool to generate a complete and highly accurate 'PITI' (Principal, Interest, Taxes, Insurance) estimate.

All calculations run instantly in your browser. No personal information is collected, no account is required, and your data never leaves your device.

1
Home Price
Enter the total home price in the first field.
2
Down Payment
Enter your planned down payment amount. PMI is usually required if you put down less than 20%.
3
Interest Rate
Set the annual interest rate (check current rates from your lender).
4
Loan Term
Choose your loan term in years (typically 15 or 30).
5
Taxes & Insurance (Optional)
Toggle 'Include PMI' or 'Include Taxes & Insurance' to add highly accurate localized housing costs to your total monthly calculation.
6
Calculate
Click Calculate to see your exact monthly payment, total interest, and the full amortization schedule.

: The core of a monthly mortgage payment is Principal and Interest (P&I), which repays your loan. However, most homeowners also pay a 'PITI' payment containing Principal, Interest, Property Taxes, and monthly Homeowners Insurance. If your down payment is below 20%, you will likely additionally owe Private Mortgage Insurance (PMI).
: If your down payment is less than 20% of the home's purchase price, lenders usually require you to pay for Private Mortgage Insurance (PMI). This insurance protects the lender (not you) in case you default on the loan. It generally costs between 0.5% and 1.5% of the total loan amount annually and is added directly to your monthly payment limit.
: To protect their underlying asset, most lenders require borrowers to group their annual property taxes and homeowners insurance premiums directly into their monthly mortgage payment. This is called an escrow account. The lender collects a fraction of the yearly bills every month and then pays the city and insurance company directly on your behalf when the bills are due.
: A 15-year mortgage has higher monthly payments, but you pay dramatically less interest over the life of the loan and build equity twice as fast. A 30-year mortgage has lower, more affordable monthly payments, but you can end up paying 2 to 3 times more total interest because the loan stretches out over a longer timeline.
: Absolutely. All calculations are strictly client-side, running instantly via JavaScript inside your web browser. No home prices, financial goals, or down payments are ever tracked, logged, or sent to a server.