Mortgage Calculator

Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI). This tool processes all data locally in your browser. No information is ever sent to any server. Completely free, no registration required.

How to Use the Mortgage Calculator

1. Enter your input values above
2. Results update automatically
3. Copy or download the output

What is a Mortgage Calculator?

A Mortgage Calculator helps homebuyers estimate their monthly mortgage payments based on the home price, down payment, interest rate, and loan term. It calculates both principal and interest portions of each payment, and can also estimate property taxes and insurance (PITI). In 2026, with US 30-year fixed rates averaging around 6.3%, understanding your monthly obligation before house hunting is essential. A mortgage calculator lets you experiment with different down payment amounts, compare 15-year vs 30-year terms, and see how extra payments can save thousands in interest over the life of the loan.

How Does It Work?

Our calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). Each payment consists of interest (calculated on the remaining balance) and principal (which builds your equity). Early payments are mostly interest; later payments are mostly principal. This is called 'amortization.'

Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]\n\nWhere:\nM = Monthly Payment\nP = Loan Amount (Home Price - Down Payment)\nr = Monthly Interest Rate (Annual Rate ÷ 12)\nn = Total Payments (Years × 12)\n\nTotal Interest = (M × n) − P\nTotal Cost = Down Payment + (M × n)

Who Uses This Tool?

• First-time homebuyers estimating what they can afford
• Homeowners considering refinancing their existing mortgage
• Real estate agents helping clients understand costs
• Financial planners advising on housing budgets
• Anyone comparing buying vs. renting

Pro Tips

• The standard recommendation is to spend no more than 28% of your gross monthly income on housing (PITI)
• A 20% down payment eliminates Private Mortgage Insurance (PMI), saving $100-200/month
• A 15-year mortgage typically offers a 0.5-1% lower interest rate than a 30-year, but monthly payments are higher
• Making one extra mortgage payment per year on a 30-year loan can pay it off ~4-5 years earlier

Frequently Asked Questions about Mortgage Calculator

What credit score do I need for a mortgage?

For a conventional loan, most lenders require a minimum credit score of 620. FHA loans may accept scores as low as 580 with 3.5% down. VA loans have no official minimum but most lenders require 620. Higher scores get better rates.

What is PMI and how do I avoid it?

PMI (Private Mortgage Insurance) protects the lender if you default. It's required when your down payment is less than 20%. PMI typically costs 0.5-1% of the loan amount annually. To avoid PMI, make a 20% down payment or consider a piggyback loan (80-10-10).

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but much lower total interest — you can save $100,000+ in interest on a $300,000 loan. Choose 15-year if you can comfortably afford the higher payment. Choose 30-year for lower monthly obligations and more budget flexibility.

What are closing costs?

Closing costs are fees paid at settlement, typically 2-5% of the loan amount. They include appraisal fees, title insurance, origination fees, and prepaid taxes/insurance. On a $300,000 home, expect $6,000-$15,000 in closing costs.

Free online Mortgage Calculator — no signup, 100% client-side processing. All data stays in your browser.