Mortgage Calculator
Use this free Mortgage Calculator to quickly get accurate results in seconds, free and instantly offline with no signup required ever, trusted by professionals in Austin, Chicago, Miami, Denver, Seattle, and New York for reliable daily use without accounts, subscriptions, limits, or delays on any device for everyday personal and business workflows daily.
Calculate monthly mortgage payments with property tax, insurance, HOA fees, and PMI. Includes full amortization schedule with yearly breakdown.
Calculator Inputs
About Mortgage Calc
Use this free Mortgage Calculator to quickly get accurate results in seconds, free and instantly offline with no signup required ever, trusted by professionals in Austin, Chicago, Miami, Denver, Seattle, and New York for reliable daily use without accounts, subscriptions, limits, or delays on any device for everyday personal and business workflows daily.
The Mortgage Calculator gives you the complete picture of homeownership costs. Beyond just principal and interest, it factors in property tax, home insurance, HOA fees, and PMI (Private Mortgage Insurance) — the four costs that can add hundreds to your monthly payment.
Property Tax & Insurance: Enter annual amounts; the calculator divides by 12 for monthly escrow estimates. These vary significantly by location — check your county assessor and insurance quotes. Taxes reassess after purchase in many states, so budget a 10–20% cushion in year one.
PMI: Required when down payment is below 20%. Rate typically ranges 0.5–1.5% of loan amount annually. Enter your quoted rate. Conventional PMI drops automatically at 78% LTV and can be requested off at 80% with a new appraisal; FHA MIP rules differ.
Extra Payments: Even small extra payments dramatically reduce total interest and loan term. $200 extra on a $300k 30-year loan at 6.5% saves ~$89k interest and cuts ~7 years. The amortization schedule shows exactly how each extra dollar shortens your payoff.
Amortization Schedule: Shows every monthly payment broken down into principal, interest, and remaining balance. Early years are interest-heavy; principal share grows over time. Yearly summary gives the big picture for tax planning.
15-year vs 30-year: A 15-year loan typically has a 0.5–0.75% lower rate, ~60% less lifetime interest, and faster equity, but ~40–50% higher monthly payment. Use both scenarios here before you lock.
Escrow & HOA: Lenders collect tax + insurance monthly into escrow. HOA fees never go into escrow — add them separately. Verify HOA includes master insurance to avoid double-counting.
Where it is used
First-time home buyers budgeting PITIA costs, refinancing comparison of rate vs closing costs, evaluating 15-year vs 30-year trade-offs, modeling $100–$500 extra monthly payments, real estate investors analyzing cash flow and DSCR, loan officers illustrating amortization to clients, and homeowners planning PMI removal at 20% equity.
How to use the Mortgage Calc
- Loan Amount — enter the value in $ (e.g. 300000).
- Annual Interest Rate — enter the value in % (e.g. 6.5).
- Loan Term — enter the value.
- Start Date — enter the value.
- Annual Property Tax — enter the value in $ (e.g. 3000).
- Annual Home Insurance — enter the value in $ (e.g. 1200).
- Monthly HOA Fees — enter the value in $ (e.g. 0).
- PMI Rate (if <20% down) — enter the value in % (e.g. 0.5).
- Extra Monthly Payment — enter the value in $ (e.g. 0).
- Calculate — press the Calculate button to see the result instantly above.
Formula
M = P * [r(1+r)^n] / [(1+r)^n - 1] Total Monthly = P&I + Tax/12 + Insurance/12 + HOA + PMI + Extra
Examples
Standard 30-Year Mortgage
With Extra $200/Month
15-Year vs 30-Year Comparison
Frequently Asked Questions
- What is included in a mortgage payment?
- A complete mortgage payment (PITIA) includes Principal, Interest, Taxes, Insurance, and Association fees. PMI is added if down payment is below 20%. This calculator shows all components separately.
- How does extra payment affect my mortgage?
- Extra payments go directly to principal, reducing the balance faster. This means less interest accrues each month, creating a compounding effect. $100 extra/month on a $300k loan at 6.5% saves ~$40k interest and pays off 5 years early.
- What is PMI and when is it required?
- Private Mortgage Insurance protects the lender if you default. Required when down payment is less than 20%. Cost is 0.5–1.5% of loan amount annually. Can be removed once you reach 20% equity (typically via appreciation or payments).
- How accurate are property tax estimates?
- Property tax varies by county and reassessment cycles. Use your county assessor's website for current rates. This calculator uses annual amount ÷ 12 for monthly escrow estimate.
- Should I choose 15-year or 30-year mortgage?
- 15-year: Higher monthly payment, ~60% less total interest, build equity faster. 30-year: Lower monthly payment, more cash flow flexibility, can always pay extra. Use the calculator to compare both scenarios.
- How do I remove PMI early?
- For conventional loans, request removal at 80% LTV with a good payment history and a new appraisal proving value. It drops automatically at 78%. Home-price appreciation can get you there faster than amortization alone.
- What is escrow and why does my payment change?
- Escrow is the lender-held account for tax + insurance. If taxes or premiums rise, the servicer raises your monthly escrow portion and may bill a shortage. Review the annual escrow analysis statement.
- How much does interest rate change my payment?
- Roughly $60–$70 per month per $100k borrowed for each 1% rate change on a 30-year loan. On $300k, 7.5% vs 6.5% is ~$200/month and ~$72k lifetime interest. Always compare APR, not just note rate.