Mortgage Calculator
Estimate your monthly mortgage payment — including principal, interest, taxes, insurance, and HOA — and see exactly how the balance falls over time. This free online financial calculator runs entirely in your browser — no signup, no data sent anywhere.
Inputs
Results
Interactive Chart
Drag to pan, scroll to zoom, shift+drag to box-zoom. Combined view of balance, principal paid, interest paid, and total paid.
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Click Calculate to generate the schedule. | ||||
How It Works (Formula & Method)
The monthly principal-and-interest payment uses the standard amortization formula: P × (r(1+r)^n) ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months. Property tax, insurance, and HOA dues are added on top to produce the total monthly housing cost. Extra monthly payments are applied directly to principal, shortening the loan and reducing total interest.
Worked Example
Scenario: a $350,000 home with 20% down ($70,000), financed over 30 years at 6.5%, plus $3,600/year property tax, $1,200/year insurance, and no HOA.
- Loan amount = $350,000 − $70,000 = $280,000.
- Monthly interest rate = 6.5% ÷ 12 = 0.005417 (or 0.5417%).
- Number of payments = 30 × 12 = 360 months.
- P&I payment = $280,000 × (0.005417 × 1.005417³⁶⁰) ÷ (1.005417³⁶⁰ − 1) ≈ $1,769.62/month.
- Tax + insurance escrow = ($3,600 + $1,200) ÷ 12 = $400/month.
- Total monthly housing cost (PITI) ≈ $2,169.62.
- Total interest over 30 years ≈ $357,063, more than the original loan principal.
The default values in the form above are pre-loaded with this exact scenario — press Calculate to confirm.
About the Mortgage Calculator
A mortgage is a long-term loan used to purchase real estate, where the property itself serves as collateral. Most U.S. homebuyers use a 15- or 30-year fixed-rate mortgage, paying down both principal and interest in equal monthly installments. In the early years of the loan, most of each payment goes toward interest; in later years, the share going to principal grows.
This calculator estimates your full monthly housing cost — the bank payment plus property tax, home insurance, and HOA dues — which lenders together call PITI. Knowing this number is essential when comparing homes, deciding between loan terms, or evaluating whether to make a larger down payment.
How to Use This Calculator
Enter the home price, your down payment percentage, the interest rate quoted by your lender, and the loan term. Add annual property tax and insurance estimates (your real estate agent or county assessor can supply typical figures) and any monthly HOA dues. Press Calculate to see your monthly payment, the full amortization schedule, and an interactive chart of the balance over time.
Tips & Considerations
- A larger down payment reduces both your monthly payment and the total interest you pay over the life of the loan.
- Even small extra payments — $100 or $200 a month — can shave years off a 30-year mortgage and save tens of thousands in interest.
- A 15-year loan typically carries a lower rate than a 30-year, but the higher monthly payment isn't right for every budget.
- Don't overlook closing costs (often 2–5% of the loan), private mortgage insurance if your down payment is under 20%, and ongoing maintenance.
Frequently Asked Questions
How much house can I afford?
A common rule is that housing should not exceed 28% of your gross monthly income, and all debt payments should stay under 36%. Our House Affordability Calculator works backward from your income.
Should I choose a 15-year or 30-year mortgage?
A 30-year loan offers a lower monthly payment and more flexibility. A 15-year loan saves substantial interest and builds equity faster, but ties up more cash each month.
What is PMI?
Private mortgage insurance is required by most lenders when your down payment is below 20%. It protects the lender if you default and typically costs 0.3–1.5% of the loan amount per year.
How are property taxes calculated?
Local governments assess a tax based on the property's value and a millage rate. Rates vary from under 0.3% in low-tax states to over 2.5% in high-tax counties.
Reviewed against: IRS publications, Consumer Financial Protection Bureau (consumerfinance.gov), and current published market data. Results are estimates for educational use only — not financial, tax, or legal advice.