Mortgage Calculator
Calculate your monthly mortgage payment online free with taxes, insurance, PMI and HOA. Free online mortgage calculator with amortization and extra payments.
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Part of the toolkit
How to use Mortgage Calculator
- 1Enter the home price, down payment (% or amount) and interest rate, then pick a loan term
- 2Adjust property tax, home insurance, PMI and HOA to match your area — the monthly payment updates instantly
- 3Add an extra monthly principal payment to see how much interest you save and how much sooner you pay off the loan
- 4Click Show amortization schedule for the yearly principal, interest and remaining balance
Frequently asked questions
How is a monthly mortgage payment calculated?▾
Principal and interest use the standard amortization formula M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments. Taxes, insurance, PMI and HOA are then added on top.
What is PMI and when does it stop?▾
Private mortgage insurance is usually required on conventional loans when you put down less than 20%. It typically costs 0.3%–1.5% of the loan per year and can be removed once the balance falls to 80% of the home's original value; the calculator shows roughly when that happens.
How much do extra payments save?▾
Extra principal reduces the balance that interest is charged on. For example, an extra 200 per month on a 320,000 30-year loan at 6.5% saves about 105,000 in interest and pays it off about 6½ years early. Enter your own amount to see the exact effect.
Should I choose a 15-year or 30-year mortgage?▾
A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps payments lower and more flexible. Switch the term buttons to compare both instantly.
Is this mortgage calculator accurate for my country?▾
The payment formula is the same worldwide for fixed-rate loans. Choose your currency, and set PMI and HOA to 0 if they don't apply where you live. Adjustable-rate loans and local fees are not included.
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