Free Mortgage Calculator
Instantly calculate your monthly mortgage payment with a full PITI breakdown, amortization schedule, and total loan cost comparison. Works for any state, loan type, or term — no signup, no ads blocking your results.
| Year | Payment | Principal | Interest | Balance |
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How to Use This Mortgage Calculator
Get your complete mortgage estimate in under 60 seconds — no account, no email, no credit check.
Enter Home Price
Type the purchase price of the home you are buying, or use the slider to adjust. Enter your down payment amount or percentage — PMI is automatically applied if under 20%.
Set Your Rate & Term
Enter your interest rate and choose your loan term (10, 15, 20, or 30 years). Choose Fixed or ARM tab — for adjustable rates, enter the initial period and post-adjustment rate.
Add PITI Components
Enter your estimated annual property tax and homeowners insurance for a complete PITI payment. Add HOA fees if applicable. All fields have sensible defaults you can adjust.
Read Your Full Estimate
View monthly payment, PITI breakdown, total interest paid, loan-to-value ratio, payoff date, and the complete year-by-year amortization schedule — all in one place.
Loan Term Comparison — $350,000 at 6.5%
See how choosing a shorter or longer loan term affects your monthly payment and total interest paid — a critical trade-off every homebuyer should understand.
* Based on $280,000 loan (20% down on $350,000 home). Excludes taxes, insurance, and HOA. Use the calculator above for your exact numbers.
Average Property Tax Rates by State
Property tax varies significantly by state and county — a key component of your true monthly housing cost. These figures are state averages; your county rate may differ.
Source: General property tax data. Rates fluctuate — verify with your county assessor for current figures.
Mortgage Loan Types — Which Is Right for You?
Different loan types have different eligibility requirements, down payment minimums, and cost structures. Here is a side-by-side comparison.
| Loan Type | Min. Down Payment | Min. Credit Score | PMI Required? | Best For |
|---|---|---|---|---|
| Conventional | 3% – 20% | 620+ | Yes, if < 20% down | Good credit buyers, investment properties |
| FHA Loan | 3.5% (580+ score) | 580+ (or 500 with 10%) | Yes — for life of loan | First-time buyers, lower credit scores |
| VA Loan | 0% (no down payment) | No official minimum | No PMI | Eligible veterans and active military |
| USDA Loan | 0% (rural areas only) | 640+ recommended | Guarantee fee instead | Rural/suburban buyers, low-moderate income |
| Jumbo Loan | 10% – 20% | 700+ | Varies by lender | High-value properties above conforming limits |
| Adjustable (ARM) | Same as base loan type | Same as base loan type | If < 20% down | Short-term ownership, rate-drop expectations |
Understanding Your Mortgage Payment
A mortgage payment is more complex than most homebuyers expect. The monthly amount you pay is not simply the loan amount divided by the number of months. It is calculated using an amortization formula that ensures each fixed payment covers both interest and a portion of the principal, structured so the loan is paid off exactly at the end of the term.
In the early years of a mortgage, the vast majority of each payment goes toward interest — not toward paying down the loan balance. On a 30-year $280,000 mortgage at 6.5%, approximately 80% of your first payment is interest. By year 20, that ratio flips — over half of each payment reduces the principal balance. This is why overpaying early in a mortgage has a dramatically larger impact on total interest paid than overpaying in the final years.
Beyond principal and interest, your true monthly housing cost includes property taxes (collected monthly by your lender and held in escrow), homeowners insurance, HOA fees if applicable, and PMI if your down payment is below 20%. Together these form your PITI — the figure lenders use when evaluating your debt-to-income ratio for loan approval.
- Standard amortization formula used — same as all major lenders
- PMI automatically calculated when down payment is below 20%
- Property tax and insurance included in total monthly estimate
- Fixed and adjustable rate mortgage scenarios both supported
- Full amortization schedule shows every year of your loan
- All calculations run privately in your browser — nothing stored
📈 The Power of a Larger Down Payment
Every dollar increase in your down payment reduces both your loan amount and your monthly interest charge. More importantly, reaching 20% down eliminates PMI — typically 0.5%–1.5% of the loan amount annually. On a $300,000 loan, avoiding PMI saves $1,500–$4,500 per year. Use the calculator above to compare monthly payments at different down payment levels side by side.
🏠 Fixed vs Adjustable Rate — The Real Risk
An adjustable-rate mortgage (ARM) typically offers a lower initial interest rate than a comparable fixed-rate loan — often 0.5%–1.5% lower during the initial fixed period. But after that period ends, the rate adjusts annually based on a market index (typically SOFR or the 1-year Treasury rate) plus a margin. If rates rise significantly, your payment can increase by hundreds of dollars per month with no ceiling other than the loan's periodic and lifetime caps.
📌 How Property Location Affects Your Payment
The state and county where you buy has a major impact on your true monthly housing cost through property tax rates. Hawaii has one of the lowest effective property tax rates in the country at around 0.28%, while New Jersey and Illinois regularly exceed 2%. A $400,000 home in Hawaii carries roughly $1,120 in annual property taxes. The same home in New Jersey could face over $9,880 annually — an additional $735 per month in your PITI payment.
💵 The True Cost of a Longer Loan Term
A 30-year mortgage has a lower monthly payment than a 15-year mortgage on the same loan, but the total interest paid can be two to three times higher. On a $280,000 loan at 6.5%, a 30-year term costs approximately $356,000 in total interest. A 15-year term at the same rate costs only about $154,000 — a saving of over $200,000. The monthly payment is higher by around $730, but the long-term financial outcome is dramatically better.
Mortgage Calculator FAQs
Answers to the most common questions about mortgages, loan terms, and home financing.
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About This Mortgage Calculator
This calculator uses the standard loan amortization formula used by banks and mortgage lenders worldwide. PITI components (property taxes and homeowners insurance) are included in the total monthly payment estimate. PMI is automatically applied at 0.85% annually when the down payment is below 20% on conventional loans — this can be overridden using the PMI field. The amortization schedule is calculated year by year based on your exact inputs.
This tool provides accurate estimates for planning and educational purposes. Actual loan terms, rates, closing costs, and required reserves vary by lender, loan type, creditworthiness, and property location. Always confirm your mortgage payment with your lender before making financial commitments. For official loan terms, consult a licensed mortgage professional or HUD-approved housing counselor.
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