Mortgage Calculator
Calculate your mortgage payment: the full monthly cost of a home loan, and what extra payments really save.
- Runs on your device
- No watermark
- Free, no signup needed
- Available offline
An estimate for planning, not a loan offer or financial advice. Your lender’s Loan Estimate shows the figures that apply to you.
Where the numbers come from
How to use it
- Enter the price, down payment, rate and term.
- Add tax, insurance, PMI and HOA for the all-in monthly cost.
- Try extra payments to see the new payoff date and the interest saved.
Questions
How is the monthly mortgage payment calculated?
Principal and interest use the standard amortization formula: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n is the number of months. $300,000 at 6.5% over 30 years is $1,896.20 a month. Tax, insurance, PMI and HOA dues are added on top.
When does PMI stop?
Under the US Homeowners Protection Act, lenders must cancel PMI automatically when your balance is scheduled to reach 78% of the home’s original value, and you can ask for it to be removed at 80% (CFPB). The calculator stops PMI when your balance reaches 78% of the price.
How much do extra payments save?
Every extra payment goes straight to principal, so less interest builds up for the rest of the loan. Add a monthly amount or one-off payments to see the new payoff date and the interest saved.
Should I include property tax and insurance?
Yes, if your lender collects them through escrow, which most do. They are part of what leaves your account each month even though they don’t reduce the loan.
How much should I put down?
20% avoids PMI on a conventional loan, but many buyers put down less: some conventional loans allow 3% and FHA loans 3.5%, with mortgage insurance on top. A bigger down payment lowers the monthly payment and total interest.
Keep exploring In-Right
Independent reviews and buying guides for the gear behind the task.
