Mortgage Calculator
Estimate your true monthly housing cost in seconds — including taxes, insurance, and PMI.
Interactive Mortgage Calculator
Result
Use this free mortgage calculator to estimate your true monthly housing cost — including principal, interest, property taxes, homeowners insurance, and PMI when applicable. No signup, no email, no credit pull.
How to use this mortgage calculator
Enter the loan amount (home price minus your down payment), the interest rate, and the loan term. The basic monthly figure covers principal and interest. For your real monthly cost, open the advanced inputs and add your local property tax rate, an annual insurance estimate, and PMI if your down payment is under 20%.
The total monthly payment updates as you change any input. Use it to compare scenarios — different home prices, different down payments, different loan terms — without re-entering everything from scratch.
What this calculator actually computes
This is a standard amortization calculator. The formula M = P × [r(1+r)^n] / [(1+r)^n − 1] returns the fixed monthly principal-and-interest figure for a fully amortizing loan. From there, the tool adds:
- Property tax, converted from your annual rate to a monthly figure
- Homeowners insurance, divided across twelve monthly payments
- PMI, applied automatically when the down payment is below 20% of the home value
The result is your PITI payment — principal, interest, taxes, and insurance — which is the number lenders use for debt-to-income qualification.
Worked example: $450,000 home with 20% down at 6.5%
You are buying a $450,000 home with a $90,000 down payment. Your loan amount is $360,000, and the current 30-year fixed rate is 6.5%.
- Monthly principal & interest: $2,275
- Property tax (1.2% annual): $450,000 × 1.2% ÷ 12 = $450/month
- Homeowners insurance ($1,500/year): $125/month
- PMI: $0 (down payment is 20%, so PMI is not required)
Your total monthly housing cost: $2,850.
Over 30 years, you will pay $819,000 in total — including $459,000 in interest alone. Reducing the term to 15 years raises the monthly payment to roughly $3,130 but cuts total interest by more than half.
Tips for accurate budgeting
- Use the actual property tax rate for the home’s address. National averages understate taxes in states like New Jersey, Texas, and Illinois and overstate them in Hawaii and Alabama.
- Get real insurance quotes. A $1,500/year default is a starting point; replacement cost, location, and coverage choices can move this figure significantly.
- Factor in HOA dues separately. Condos and many planned communities charge monthly fees that lenders add to your debt-to-income calculation but this tool does not model.
- Test the break-even on extra payments. Run the calculator with your base loan amount, then run it again after subtracting a lump-sum extra principal payment. The difference over the loan term is your interest savings.
- Watch the DTI ratio. Most lenders want housing costs under 28% of gross monthly income. If your PITI exceeds that, a larger down payment or a less expensive home keeps the deal financeable.
Common pitfalls
- Forgetting closing costs. This tool estimates monthly payments, not upfront costs. Closing costs typically run 2% to 5% of the loan amount.
- Assuming the listing price is the loan amount. Down payment, seller concessions, and lender credits all affect the actual financed amount.
- Ignoring ARM resets. Adjustable-rate mortgages look affordable at the teaser rate. If you are within five years of the first reset and plan to stay, run the calculator at the fully indexed rate too.
When to use this tool vs. talking to a lender
Use this mortgage calculator for early budgeting, scenario comparison, and pre-tour sanity checks. The numbers are accurate enough to decide whether a price range is realistic for your income.
Talk to a lender when you are ready to make an offer, within 60 days of closing, or need an official pre-approval letter. Your lender’s quote will reflect your credit profile, the specific property’s tax records, locked rates, and any points or credits you negotiate.
Related Tools
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- Loan Calculator – Calculate payments and amortization for personal loans, student loans, or any fixed-term loan.
- FHA Loan Calculator (Texas 2026) – Estimate FHA loan payments with the updated 2026 conforming limits.
- Amortization Calculator – See whether refinancing at today’s rates actually saves money after closing costs.
- Net Worth Calculator – Figure out how much to put down based on your savings and target monthly payment.
| Scenario | Home price | Down payment | Monthly P&I | Monthly with taxes+insurance |
|---|---|---|---|---|
| Starter condo | $250,000 | $50,000 (20%) | $1,264 | $1,664 |
| Median single-family | $450,000 | $90,000 (20%) | $2,275 | $2,825 |
| Move-up home | $650,000 | $130,000 (20%) | $3,286 | $3,961 |
| Jumbo luxury | $1,200,000 | $240,000 (20%) | $6,065 | $7,265 |
Compare your options
Two methods, three minutes. The honest trade-off table.
This free mortgage calculator
- + Includes taxes, insurance, PMI, and HOA in the monthly figure.
- + No signup or email required.
- + Works offline once the page loads.
- − Does not pull live rates from lenders.
Lender's online calculator
- + Uses today's actual rates for your credit profile.
- + Generates a real pre-approval letter you can use.
- − Requires sharing personal information and consenting to a credit pull.
- − Marketing emails and phone calls typically follow.
Excel or Google Sheets
- + Full control over the formula and every input.
- + Easy to model amortization schedules and extra payments.
- − Easy to make a formula mistake that goes unnoticed.
- − Mobile experience is poor for quick checks.
Who actually uses Mortgage Calculator?
Five concrete situations pulled from real sessions, with the exact inputs people paste in.
Figure out what they can actually afford before touring open houses.
Plug in the list price, your down payment, and current rates. The monthly payment shows whether the home fits your debt-to-income ratio.
Decide between a 15-year and 30-year mortgage on their next home.
Run both terms side by side. See the monthly savings of a 30-year versus the six-figure interest savings of a 15-year.
Check whether their current rate is high enough that a refi pays off.
Enter remaining balance and current rate, then drop in a refi rate. The break-even shows how long until monthly savings cover closing costs.
Estimate cash flow on rental properties before making an offer.
Add expected rent to the mortgage payment, factor in vacancy and maintenance reserves, and see whether the deal pencils out.
Qualify with bank-statement or asset-based loans where DTI rules differ.
Adjust the down payment to see how a larger down payment lowers the monthly burden when tax-return income looks thin.
A mortgage calculator that shows your real monthly cost, not just the headline payment
Most online mortgage calculators show only principal and interest — the number that looks best in a listing. This tool adds property taxes, homeowners insurance, and PMI so the figure you see is what you will actually write a check for each month. It is fast, private, and free, which makes it ideal for early-stage budgeting before you involve a lender.
Full PITI, not just P&I
Enter your local property tax rate and insurance estimate. The monthly figure includes everything your lender would escrow, not just the loan's principal and interest.
No signup, no credit pull
Run as many scenarios as you want without sharing personal information. The math happens in your browser, and no data is transmitted to any server.
Switch between 15, 20, and 30-year terms
Change the term and instantly see the impact on monthly payment and total interest. Extra payment scenarios can be modeled by adjusting the loan amount.
Does not pretend to be a pre-approval
This tool estimates. Your lender's quote reflects your actual credit, the specific property, and locked rates. Use this to prepare; use your lender to commit.
What you only get here: a single screen that shows principal, interest, taxes, insurance, PMI, and total monthly cost — without creating an account or handing over your email.