By FreeToolPark TeamUpdated
A mortgage calculator helps you estimate your monthly home loan payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees. Use our free mortgage calculator to see exactly what your monthly mortgage payment will be, how much interest you'll pay over the life of your loan, and when you can expect PMI to be removed from your payment. Unlike basic mortgage calculators that only show principal and interest, this tool gives you the complete picture, including tax deductions, biweekly payment savings, and the impact of extra payments. Whether you're buying your first home, refinancing, or shopping for the best mortgage rate, this calculator will help you make a confident, informed decision.
Done with the Mortgage Calculator? Try this next:
Refinance Calculator →Input the total purchase price of the home. The default is $400,000 but you can enter any amount. This is the starting point for all calculations.
Input how much you plan to put down. Toggle between dollar amount and percentage. A 20% down payment eliminates PMI. The calculator shows your LTV ratio and PMI impact.
Select your loan term from the dropdown. A shorter term means higher monthly payments but significantly less total interest. Compare terms to find your ideal balance.
Enter the annual interest rate from your lender or rate quote. Use 0.125% increments for precision. The rate has the biggest impact on your total cost.
Select your state for auto-filled property tax rates. Add annual home insurance, monthly HOA, and PMI rate. These costs are often overlooked but significantly affect your monthly payment.
Review your monthly payment breakdown, amortization schedule, and interactive charts. The smart insights panel provides personalized advice about PMI removal, extra payments, and tax deductions.
A mortgage calculator helps you estimate your monthly payment, total interest, and loan payoff timeline before applying. Our calculator includes PMI, property taxes, insurance, and HOA fees to show your true monthly cost, plus visualizations and a downloadable amortization schedule.
M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
You are buying a $350,000 home with 10% down payment at a 7.0% interest rate on a 30-year fixed loan.
You are purchasing a $550,000 home with 20% down at 6.25% on a 30-year mortgage.
You are buying a $300,000 home with 25% down at 5.75% on a 15-year fixed loan.
| Loan Amount | 5.5% Rate | 6.0% Rate | 6.5% Rate | 7.0% Rate | 7.5% Rate |
|---|---|---|---|---|---|
| $150,000 | $852 | $899 | $948 | $998 | $1,049 |
| $200,000 | $1,136 | $1,199 | $1,264 | $1,331 | $1,398 |
| $250,000 | $1,419 | $1,499 | $1,580 | $1,663 | $1,748 |
| $300,000 | $1,703 | $1,799 | $1,896 | $1,996 | $2,098 |
| $350,000 | $1,987 | $2,098 | $2,212 | $2,329 | $2,447 |
| $400,000 | $2,271 | $2,398 | $2,528 | $2,661 | $2,797 |
| $450,000 | $2,555 | $2,698 | $2,844 | $2,994 | $3,147 |
| $500,000 | $2,839 | $2,998 | $3,160 | $3,327 | $3,496 |
Amounts shown are principal and interest only. Add property taxes, insurance, and PMI for your total monthly cost.
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Powered by <a href="https://www.freetoolpark.com/tools/mortgage-calculator?ref=embed" target="_blank" rel="noopener">FreeToolPark</a>
</p>Use the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (mortgage, taxes, insurance, HOA) and no more than 36% on total debt. For example, with a $100,000 salary ($8,333/month), keep housing costs below $2,333. This calculator shows your full monthly cost including all components so you can compare against your budget.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI protects the lender if you default. Under the Homeowners Protection Act, your lender must automatically remove PMI when your loan-to-value (LTV) ratio reaches 78%. Our calculator shows the exact month PMI drops off and how much total PMI you'll pay.
A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest. A 30-year mortgage has lower payments but costs significantly more over the life of the loan. For a $320,000 loan at 6.5%, a 15-year term saves over $180,000 in interest. Choose 15 years if you can afford the higher payment; choose 30 years for flexibility and invest the difference.
A 20% down payment is ideal because it eliminates PMI and gives you a lower monthly payment. However, many buyers put down 3-10%. FHA loans require just 3.5% down. Use this calculator to compare scenarios. Even a few percentage points more down payment can save thousands over the life of the loan by reducing PMI and interest.
A monthly mortgage payment includes PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property taxes held in escrow), and Insurance (homeowner's insurance). It may also include PMI (if less than 20% down) and HOA fees. This calculator breaks down each component so you see your true monthly cost.
Mortgage interest is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. The amortization schedule in this calculator shows this shift month by month.
Yes, mortgage interest is tax-deductible on loans up to $750,000 (married filing jointly) if you itemize deductions. The deduction is most valuable in the early years when interest payments are highest. Our calculator estimates your Year 1 tax deduction based on your selected federal tax bracket. Consult a tax professional for your specific situation.
Conventional loans typically require a minimum credit score of 620, while FHA loans accept scores as low as 580 with 3.5% down. However, the best interest rates go to borrowers with scores of 740+. Every 20-point improvement in your score can save 0.125-0.25% on your rate, which translates to thousands over the life of the loan.
FreeToolPark. "Mortgage Calculator." FreeToolPark, 2026, www.freetoolpark.com/tools/mortgage-calculator. Accessed April 29, 2026.