Calculate monthly mortgage payments (PITI), total interest, and view amortization schedule.
Monthly mortgage payment = principal × (monthly rate × (1+monthly rate)^n) / ((1+monthly rate)^n - 1). Enter your loan amount, rate, and term to see your payment and full schedule.
FreeToolHub Mortgage Calculator is a free browser-based tool that calculates monthly payments, total interest, and amortization schedules, no signup.
About this tool
Calculate monthly mortgage payment with P&I, property tax, insurance, and PMI. Full 30-year amortization schedule. Free, no signup.
What Is the Mortgage Calculator?
The Mortgage Calculator is a free browser-based tool that computes your monthly mortgage payment broken down into principal, interest, property tax, homeowners insurance, and private mortgage insurance (PMI). Unlike simple mortgage calculators that only show P&I, this tool generates a full 30-year amortization schedule showing exactly how each payment reduces your loan balance over time. It accounts for 2026 conforming loan limits, current PMI thresholds (typically required when down payment is below 20%), and adjustable property tax rates by state. All calculations run locally in your browser — your loan amount, interest rate, and property details are never transmitted to any server.
Who Should Use This Tool?
This tool is designed for homebuyers who want to understand their true monthly housing cost before making an offer. First-time buyers use it to determine how much house they can afford given their down payment savings and monthly budget. Homeowners considering refinancing use it to compare their current loan against a new rate and see the break-even timeline. Real estate agents use it as a client education tool to illustrate how property tax, insurance, and PMI affect the total monthly payment beyond just principal and interest. Investors evaluating rental properties rely on the amortization schedule to project equity buildup and cash flow over the loan term.
How to Use the Mortgage Calculator
Enter the home purchase price, your down payment amount (or percentage), the loan term in years, and the annual interest rate into the input fields. The tool automatically calculates your monthly principal and interest payment using the standard amortization formula, then adds estimated property tax (based on the national average of 1.1% of home value annually), homeowners insurance (approximately 0.35% of home value per year), and PMI if your down payment is below 20%. The results panel displays your total PITI payment, a month-by-month amortization table showing principal reduction versus interest paid, and the total cost of the loan over its full term. Adjust any input to see results update in real time.
Frequently asked
What is PITI in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of your total monthly mortgage payment. Principal reduces your loan balance, interest is the lender cost, property tax is paid to your local government, and homeowners insurance protects against damage. Many calculators only show P&I (principal and interest), but PITI gives you the true monthly cost of homeownership.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI protects the lender — not you — against foreclosure. It typically costs 0.3% to 1.5% of the loan amount annually, added to your monthly payment. Once your equity reaches 20% (through payments or appreciation), you can request PMI removal. On a $300,000 loan, PMI at 0.5% adds $125/month.
How does the amortization schedule work?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. In early years, most of your payment goes to interest. For a 30-year loan at 6.5%, the first payment of $1,896 might be $1,021 interest and $875 principal. By year 15, the split shifts to roughly $600 interest and $1,296 principal. The schedule lets you see exactly when you build equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significant interest — typically 50-60% less total interest than a 30-year loan. A 30-year mortgage offers lower monthly payments, freeing up cash for investments or emergencies. Use this calculator to compare both options: enter the same loan amount and rate, switch the term, and compare total interest paid. If you can afford the higher payment, 15-year usually wins on total cost.
Is my loan information sent to a server?
No. All mortgage calculations run entirely in your browser using standard amortization formulas. Your home price, down payment, interest rate, and property details never leave your device. The tool uses the national average for property tax (1.1%) and insurance (0.35%) estimates — adjust these for your specific state and county.
Related tools
Why did the fish blush?
No paywalls, no signups, no data sold. Built by a solo developer who believes useful tools should be accessible to everyone.
☕Support me on Ko-fi— keep tools free100% of proceeds go towards hosting & building more free tools.