Mortgage Calculator
To calculate a mortgage payment, use M = P × r(1 + r)^n ÷ ((1 + r)^n − 1) with the monthly rate r and number of payments n. A $320,000 loan at 6.5% over 30 years is $2,022.62 a month in principal and interest; add property tax, insurance, HOA and PMI for the full payment.
Results are estimates for planning, not financial or tax advice. How we source rates
- Free
- No signup
- Runs in your browser
How to use Mortgage Calculator
- 1Type or paste your input into the Mortgage Calculator.
- 2Choose any options you need.
- 3See the result update instantly.
- 4Copy the result or download it.
How the Mortgage Calculator works
Principal and interest use the standard fixed-rate amortisation formula on the price minus the down payment. Property tax and home insurance are entered per year and spread over 12 months, and PMI and HOA dues are added as the monthly amounts you enter.
A lender's Loan Estimate also shows closing costs and how escrow is collected, and an adjustable-rate loan changes after its fixed period. Compare offers on the APR as well as the monthly payment.
Often used with: Loan EMI Calculator, Compound Interest Calculator, Simple Interest Calculator
Sources: Consumer Financial Protection Bureau: buying a house
Mortgage Calculator: questions people ask
How much house can I afford?
Many lenders keep total housing costs under 28% of gross monthly income.
When can I drop PMI?
On conventional US loans, when the balance reaches 80% of the original home value; it ends automatically at 78%.
Is my data uploaded when I use the Mortgage Calculator?
No. The Mortgage Calculator runs entirely in your web browser, so your text and numbers stay on your device and work even on a slow connection.
Does the Mortgage Calculator work on iPhone, Android and Mac?
Yes. The Mortgage Calculator runs in any modern browser (Safari, Chrome, Edge or Firefox) on iPhone, iPad, Android phones, Mac, Windows and Chromebook. There is no app to install.
Is the Mortgage Calculator free?
Yes. The Mortgage Calculator is free with no signup, no watermark and no daily limit.
Which mortgage formula is this?
The standard fixed-rate formula: monthly principal and interest = loan × r × (1+r)^n / ((1+r)^n − 1), where r is the annual rate divided by 12 and n is the number of months. A $200,000 loan at 6% for 30 years is $1,199.10 a month before tax, insurance, HOA, and PMI.
What is included in the monthly payment?
Principal and interest are calculated. Property tax, home insurance, HOA, and PMI are added only if you type them. They are not estimated from a ZIP code, because city tax and insurance quotes differ.