Free Mortgage Calculator
Estimate your full monthly housing payment.
What is the Mortgage Calculator?
A mortgage is the biggest loan most people ever take on, and the monthly payment is more than just principal and interest. Property tax, home insurance, and — if your down payment is under 20% — private mortgage insurance all ride along with it.
This calculator estimates the full monthly payment so the number you see is closer to what you'll actually pay. Enter the price, down payment, rate, and term, add tax and insurance, and it breaks the payment down piece by piece.
Last updated: Aug 12, 2026
What does this tool do?
The tool applies the standard amortization formula to your loan amount, then layers on the recurring costs that lenders bundle into a monthly payment.
It shows principal and interest, monthly property tax and insurance, and PMI when your down payment is below 20%, plus the total interest you'll pay over the life of the loan.
Key features
Full PITI estimate
Principal, interest, taxes, and insurance in one monthly figure.
Automatic PMI
Adds mortgage insurance when the down payment is under 20%.
Payment breakdown
See each component separately, not just the total.
Total interest
Understand the true long-term cost of the loan.
Private
Your figures are calculated in the browser and never stored.
Example
Common use cases
- First-time buyers — See what a given price really costs each month.
- House hunters — Compare payments across homes and price points.
- Refinancers — Estimate a new payment at a different rate or term.
- Budget planners — Check whether a payment fits your monthly budget.
- Real estate agents — Give clients a fast, realistic monthly estimate.
- Investors — Model carrying costs on a rental property.
- Sellers — Understand what buyers can afford at your asking price.
- Anyone saving a down payment — See how a bigger down payment removes PMI and lowers the payment.
Benefits
- It shows the whole payment, not just principal and interest, so there are fewer surprises.
- It flags PMI automatically based on your down payment.
- The breakdown helps you see where each dollar goes.
- Your financial details never leave your device.
Tips
- Reaching 20% down removes PMI and can meaningfully cut the payment.
- A shorter term means a higher payment but far less total interest.
- Property tax varies widely by location — use your county's actual rate.
- Get insurance quotes rather than guessing; premiums differ a lot.
- Remember closing costs, which aren't part of the monthly payment.
- Lower rates help, but don't forget the fees involved in getting them.
- Budget for maintenance — a common rule of thumb is 1% of the home's value per year.
- This is an estimate; your lender's figure is the one that counts.
Common mistakes to avoid
Budgeting only for principal and interest
Fix: Include tax, insurance, and PMI — they can add hundreds a month.
Ignoring PMI with a small down payment
Fix: Under 20% down usually triggers PMI; factor it in or save more.
Guessing the property tax rate
Fix: Look up your county's actual rate rather than using a generic number.
Forgetting closing costs
Fix: Set aside funds for closing costs, which are separate from the monthly payment.
How it works
- 1
Enter loan details
Price, down payment, rate and term.
- 2
Add costs
Optional tax, insurance and PMI.
- 3
See your payment
Monthly total and interest appear instantly.
Frequently asked questions
Principal and interest, plus optional property tax, home insurance and PMI for a full PITI estimate.
No — it's an estimate for planning. Your actual rate and payment depend on your lender.
Principal and interest, plus optional property tax, home insurance, and PMI for a full estimate of what you'll pay each month.
Private mortgage insurance protects the lender and is usually required when your down payment is under 20% of the home price.
The tool uses the standard amortization formula on the loan amount, then adds the monthly tax, insurance, and PMI.
No. It's an estimate for planning. Your actual rate and payment depend on your lender and credit.
A larger down payment, a lower rate, a longer term, or removing PMI at 20% equity all reduce it — though a longer term raises total interest.
No. Everything is calculated locally in your browser.
Conclusion
Seeing the full monthly payment — taxes and insurance included — makes it much easier to know what you can truly afford. Model a few scenarios here, then compare with the loan and compound-interest calculators as you plan.
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