Online Mortgage Calculator
Monthly Payment Breakdown
Total Monthly Payment: $0.00
Principal & Interest: $0.00
Property Tax: $0.00
Home Insurance: $0.00
PMI Insurance: $0.00
HOA Fees: $0.00
Loan Amount: $0.00
Total Interest Paid: $0.00
Amortization Schedule
This schedule shows estimated payments over the life of your loan.
| Payment # | Principal | Interest | Remaining Balance |
|---|
Use our free mortgage calculator to quickly estimate your monthly home loan payments, including principal, interest, property taxes, insurance, and more. Whether you’re buying your first home, refinancing, or budgeting for the future, this tool gives you a clear picture of what to expect.
What Is a Mortgage?
A mortgage is a loan used to buy a home or real estate. The lender provides the funds upfront, and the borrower agrees to repay the loan over time — usually 15 or 30 years — through monthly payments that include:
-
Principal – the original loan amount
-
Interest – the cost of borrowing
-
Property taxes, homeowners insurance, and PMI (if required) can also be included
Most buyers in U.S. choose a 30-year fixed-rate mortgage due to its stable payments and long-term affordability.
🧮 How Our Mortgage Calculator Works
Our home loan calculator uses the following fields to help you estimate your monthly payments:
1. Loan Amount
The total amount borrowed from a lender after subtracting the down payment.
2. Down Payment
The initial payment made upfront—usually 3% to 20% of the home price. A larger down payment lowers your monthly mortgage payment and helps you avoid Private Mortgage Insurance (PMI).
3. Interest Rate
The annual interest rate on your loan. Our calculator supports fixed-rate mortgages.
4. Loan Term
The repayment period of your loan, typically 15, 20, or 30 years.
💰 Monthly Mortgage Payment Breakdown
When you use our mortgage payment calculator, your monthly cost may include:
-
Principal & Interest
-
Property Taxes – Usually about 1.1% of your home’s value annually
-
Homeowners Insurance – Protects against damage or liability
-
PMI – Required if your down payment is less than 20%
-
HOA Fees – For homes in managed communities
🛠 Tip: Enable or disable these in the calculator to see how each factor affects your total monthly payment.
💸 One-Time Costs (Not Included in Calculator)
Plan for these non-recurring home buying costs:
-
Closing Costs – Legal fees, appraisal, title insurance, etc.
-
Moving Costs – Hiring movers, utility setup
-
Renovation & Furniture – Optional but common expenses
📉 Extra Payments & Early Payoff Options
Want to pay off your mortgage faster? Use our calculator to add:
-
One-time extra payments
-
Recurring monthly extra payments
-
Bi-weekly payment option
Early repayment can reduce interest, shorten loan term, and build equity faster. Always check with your lender for prepayment penalties before making extra payments.
🕰 Mortgage History in the U.S.
Homeownership became accessible in the U.S. thanks to government programs like the FHA and Fannie Mae, which introduced the 30-year fixed mortgage. These programs continue to help millions achieve the dream of homeownership.
🔍 Why Use Our Free Mortgage Calculator?
-
✅ Fast & Accurate: Get instant estimates based on real-world formulas
-
✅ Flexible Inputs: Customize taxes, insurance, PMI, and more
-
✅ User-Friendly: Simple interface for first-time homebuyers and professionals
-
✅ 100% Free: No sign-up required
🏠 Start Planning Your Home Purchase Today
Try our mortgage calculator tool to understand your monthly mortgage payment and make smarter financial decisions. Whether you’re buying, refinancing, or exploring home loan options, this calculator puts you in control.