Calculate monthly mortgage payments (PITI), total interest, and view amortization schedule.
M = monthly payment · P = loan amount · r = monthly rate (annual ÷ 12) · n = total payments (years × 12). Tax and insurance are added separately.
A home is bought for $400,000 with a 20% down payment ($80,000), leaving a $320,000 loan at 6.5% over 30 years.
The default interest rate (6.5%) is an approximation based on national averages. Your actual rate depends on credit score, loan type, down payment, and market conditions.
Early payments go mostly to interest; the balance tips to principal only in the back half. This is why extra payments early in the term save the most interest.
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.
Calculate monthly mortgage payment with P&I, property tax, insurance, and PMI. Full 30-year amortization schedule. Free, no signup.
This calculator computes the full monthly mortgage picture, not just principal and interest. Enter home price, down payment, loan term, and interest rate, and it adds the costs that surprise first-time buyers: property taxes prorated from your county's rates, homeowners insurance, HOA dues, and private mortgage insurance when your down payment is under 20 percent. The result is true PITI — principal, interest, taxes, insurance — plus a complete 30-year amortization schedule showing how each payment splits between interest and principal, when PMI drops off, and how much total interest the loan produces. Extra-payment fields show precisely how much time and interest an additional $100 or $200 per month saves.
Buyers pre-qualifying themselves before an agent shows houses, so budgets reflect taxes and insurance rather than teaser payments. Homeowners comparing refinancing against their current schedule. Families deciding between house price points see the monthly delta including escrow effects. Anyone choosing between 15- and 30-year terms sees total interest side by side — the honest tradeoff between monthly cash flow and lifetime cost. Sellers and buyers negotiating seller credits can model how rate buydowns change monthly payments.
(1) Enter home price and down payment; the loan amount and LTV compute automatically, with PMI appearing when LTV exceeds 80%. (2) Set term and rate — the amortization engine computes the level monthly payment via the standard annuity formula. (3) Add annual property tax, insurance, and HOA, prorated to monthly escrow amounts. (4) Read the results: monthly PITI total, per-component breakdown, amortization schedule with principal-versus-interest per payment, PMI drop-off point at 78% LTV, and total interest across the life of the loan. Extra-payment scenarios recalculate the payoff date and interest saved instantly.
The term choice trades monthly cost against lifetime cost, and the numbers are stark: on $400,000 at 6.5%, a 30-year loan costs about $2,528 monthly in P&I and roughly $510,000 total interest; a 15-year loan at the typical quarter-point discount costs about $3,480 monthly but only around $226,000 in interest — nearly $284,000 saved. The disciplined middle path many take: choose the 30-year for flexibility and pay it like a 15-year with extra principal, keeping the option to drop back to the lower payment during job loss or emergencies — an option the 15-year borrower does not have. The pure investment question — invest the difference in the market instead — historically favors investing when expected returns exceed the rate, but with guaranteed 6%+ savings from extra principal, paying down the mortgage is a risk-free return few alternatives match. PMI adds another angle: on smaller down payments, the faster equity build of aggressive payments removes PMI sooner, an often-overlooked double savings.
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.
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.
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.
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.
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.
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