Free Mortgage Calculator — Monthly Payment & Amortization Online
A mortgage calculator is a free browser tool that estimates monthly payment, amortization schedule, and total borrowing cost from home price, down payment, rate, and term inputs with no account and no data sent to any server.
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A mortgage calculator is a free browser tool that estimates monthly housing cost and long-term borrowing impact from home price, down payment, interest rate, and loan term. This version includes full PITI breakdown, amortization schedule, equity milestones, rate comparison, refinance analysis, and affordability mode. All calculations run entirely in your browser using JavaScript — no uploads, no account, and no data sent to any server.
Unlike account-based mortgage tools, this calculator requires no sign-up, stores nothing on a server, and runs instantly on any device. Adjust any input and results update in real time so you can model dozens of scenarios — different down payments, loan terms, rate changes — without friction or tracking.
How it works
- Enter your scenario with home price, down payment, loan term, and annual interest rate.
- Add optional costs such as property tax, insurance, PMI, and HOA to estimate full monthly PITI.
- Review results instantly with payment summary, charts, amortization table, refinance comparison, and CSV export.
When to use this tool
- Comparing the impact of different down payments before choosing a home budget.
- Estimating how taxes, insurance, PMI, and HOA affect total monthly housing cost.
- Checking the long-term tradeoff between 15-year and 30-year mortgage terms.
- Planning equity growth and payoff timeline for medium and long-term decisions.
- Benchmarking mortgage scenarios against the Loan / EMI Calculator and savings projections from the Compound Interest Calculator.
Monthly mortgage cost is not only principal and interest. Down payment size directly affects loan amount and PMI eligibility, while the 15-year versus 30-year choice changes both monthly cash flow and total interest over the full loan life. PMI generally drops after enough equity is reached, reducing the recurring payment.
Frequently asked questions
How is a mortgage payment calculated?
A mortgage payment uses loan amount, monthly interest rate, and total number of payments. The P&I formula determines principal and interest, then tax, insurance, PMI, and HOA can be added for full monthly PITI.
What is included in a monthly mortgage payment?
Most mortgages include principal and interest. Depending on your loan and location, your monthly payment can also include property tax, home insurance, private mortgage insurance, and HOA fees.
What is PMI and when can I remove it?
PMI is private mortgage insurance usually required when down payment is below 20%. It can generally be removed after reaching about 20% equity, subject to lender policy and loan conditions.
How does the down payment affect my mortgage?
A larger down payment lowers borrowed principal and usually lowers monthly cost. It also reduces total interest and can eliminate PMI once the down payment reaches 20% or more.
What is an amortization schedule?
An amortization schedule is a month-by-month or year-by-year breakdown of loan payments. It shows principal paid, interest paid, remaining balance, and equity progression over time.
Is it better to get a 15-year or 30-year mortgage?
A 15-year term usually increases monthly payment and reduces total interest. A 30-year term usually lowers monthly payment but increases total interest paid over the full timeline.
How much house can I afford?
Affordability depends on your target monthly payment, financing rate, term, and recurring housing costs. Use the Affordability mode to estimate the maximum home price that fits your selected monthly budget.
This calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender terms, credit score, local taxes, and insurance rates. Consult a licensed mortgage professional before making financial decisions.
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