Free to Use

Mortgage Calculator

Calculate your monthly mortgage payments, total interest, and amortization schedule. Compare different loan scenarios and make informed decisions about your home purchase with our comprehensive mortgage tools.

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Monthly Payment
$0
Principal & Interest
Total Payment
$0
Including taxes & insurance
Total Interest
$0
Over loan term
Loan Amount
$0
After down payment
Regular Payment
$0
Without extra payments
Time Saved
0
Years and months
Interest Saved
$0
Total savings
New Total Payment
$0
With extra payments
Monthly PMI
$0
Private mortgage insurance
Annual PMI
$0
Total yearly cost
LTV Ratio
0%
Loan-to-value ratio
PMI Status
Required
Based on LTV ratio
Mortgage Option A
Monthly Payment
$0
Total Interest
$0
Mortgage Option B
Monthly Payment
$0
Total Interest
$0

Mortgage Types

🏠
30-Year Fixed
Most popular option with stable monthly payments over 30 years. Lower monthly payments but higher total interest.
⚡
15-Year Fixed
Higher monthly payments but significantly less total interest. Build equity faster and pay off your home sooner.
📊
Adjustable Rate (ARM)
Lower initial interest rate that adjusts periodically. Good for short-term ownership or when rates are expected to fall.
🎖️
VA Loan
Available to veterans and active military. No down payment required and no PMI. Competitive interest rates.
🏆
FHA Loan
Government-backed loan with lower down payment requirements. Great for first-time homebuyers with lower credit scores.
🌟
Jumbo Loan
For high-value properties that exceed conventional loan limits. Typically requires larger down payments and higher credit scores.

Mortgage Calculator Features

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Detailed Amortization
See exactly how much of each payment goes to principal vs. interest over the life of your loan.
💰
Total Cost Analysis
Calculate total interest paid and the true cost of your mortgage over the entire loan term.
⏰
Extra Payment Impact
Discover how extra payments can save thousands in interest and years off your mortgage.
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PMI Calculator
Calculate private mortgage insurance costs and determine when you can remove PMI from your loan.
⚖️
Mortgage Comparison
Compare different loan scenarios side-by-side to find the best mortgage option for your situation.
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Mobile Optimized
Calculate mortgages on any device with our responsive design that works perfectly on phones and tablets.

How to Use Our Mortgage Calculator

Basic Mortgage Calculator

Enter your home price, down payment, interest rate, and loan term. The calculator will show your monthly payment, total interest, and provide a detailed amortization schedule for the first 12 months.

Extra Payments Calculator

Input your loan details and any additional monthly payment you plan to make. See how extra payments can significantly reduce your loan term and total interest paid.

PMI Calculator

Calculate private mortgage insurance based on your home value, loan amount, and current balance. Determine when you can eliminate PMI based on your loan-to-value ratio.

Mortgage Comparison

Compare two different mortgage scenarios side-by-side. Perfect for evaluating 15-year vs. 30-year loans or different interest rates from various lenders.

Mortgage Calculation Formulas

Monthly Payment Formula
M = P × [r(1 + r)^n] / [(1 + r)^n - 1]

M = Monthly payment

P = Principal loan amount

r = Monthly interest rate (annual rate ÷ 12)

n = Total number of payments (years × 12)

Total Interest Formula
Total Interest = (M × n) - P

M = Monthly payment

n = Total number of payments

P = Principal loan amount

PMI Formula
Monthly PMI = (Loan Amount × PMI Rate) ÷ 12

PMI Rate = Annual PMI rate (typically 0.5% - 1%)

Loan Amount = Current outstanding loan balance

Home Buying Tips & Best Practices

Before Getting a Mortgage

During the Mortgage Process

Frequently Asked Questions (FAQ)

How accurate are the mortgage calculations?
Our mortgage calculator uses standard financial formulas and provides accurate estimates based on the information you input. However, actual payments may vary slightly due to factors like loan origination fees, discount points, or different calculation methods used by specific lenders. Always verify calculations with your lender for final approval.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing money, while APR (Annual Percentage Rate) includes the interest rate plus other loan costs like origination fees, discount points, and mortgage insurance. APR gives you a more complete picture of the loan's true cost and is better for comparing different loan offers.
When can I remove PMI from my mortgage?
You can typically request PMI removal when your loan-to-value (LTV) ratio reaches 80% (you have 20% equity in your home). This can happen through regular payments, extra payments, or home value appreciation. Some loans automatically cancel PMI at 78% LTV. VA loans don't require PMI at all.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower total interest costs and faster equity building. 30-year mortgages have lower monthly payments but higher total interest. Choose based on your monthly budget, financial goals, and how long you plan to stay in the home. Use our comparison calculator to see the difference.
How much can extra payments save me?
Extra payments can save significant money and time. For example, adding just $100/month to a $300,000 30-year loan at 6.5% can save over $65,000 in interest and pay off the loan 6 years early. Use our extra payments calculator to see your specific savings.
What should I include in my debt-to-income ratio?
Include all monthly debt obligations: credit card minimum payments, auto loans, student loans, other mortgages, and your proposed mortgage payment (including taxes and insurance). Most lenders prefer a total DTI below 43%, though some programs allow higher ratios with compensating factors.
Are property taxes and insurance included in my monthly payment?
This depends on your loan type and lender requirements. Many mortgages include property taxes and homeowners insurance in an escrow account, making your total monthly payment higher than just principal and interest. Our calculator shows both scenarios to help you plan your budget.
What credit score do I need for a mortgage?
Credit score requirements vary by loan type. Conventional loans typically require 620+, FHA loans allow scores as low as 580 with 3.5% down (or 500 with 10% down), and VA loans don't have a minimum but most lenders prefer 620+. Higher scores qualify for better interest rates.
Can I pay off my mortgage early without penalties?
Most modern mortgages don't have prepayment penalties, but some may have them for the first few years. Check your loan documents or ask your lender. Even without penalties, consider whether paying off your mortgage early is the best use of extra funds compared to other investments.
How do I choose the best mortgage lender?
Compare multiple factors: interest rates, APR, closing costs, customer service, processing time, and loan programs offered. Get quotes from banks, credit unions, and online lenders. Read reviews and ask for referrals from real estate professionals. The lowest rate isn't always the best deal if service is poor.

About This Mortgage Calculator

Our comprehensive mortgage calculator is designed to help homebuyers, real estate professionals, and current homeowners make informed decisions about their mortgage financing. Whether you're buying your first home, refinancing an existing mortgage, or exploring different loan scenarios, our tools provide the detailed analysis you need.

Why Choose Our Mortgage Calculator?

🔢
Comprehensive Analysis
Multiple calculators in one tool covering basic mortgages, extra payments, PMI, and loan comparisons.
📊
Detailed Breakdowns
See amortization schedules, payment breakdowns, and long-term projections for better planning.
🔒
Privacy Focused
All calculations are performed in your browser. No personal data is stored or transmitted to our servers.
💡
Educational
Learn about different mortgage types, understand formulas, and access professional home buying advice.
📱
Always Accessible
Works on any device, no downloads required. Calculate mortgages anywhere, anytime.
🆓
Completely Free
Professional-grade mortgage calculations at no cost. No registration or hidden fees required.

Disclaimer: This mortgage calculator is for educational and planning purposes only. Actual loan terms, payments, and approval are subject to lender underwriting and may vary based on your creditworthiness, down payment, and other factors. Always consult with qualified mortgage professionals and review official loan documents before making financial decisions.