Free Mortgage Calculator

This calculator estimates your principal & interest payment, then adds property tax, homeowner's insurance, and PMI (if your down payment is under 20%) to show your full monthly payment.

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It protects the lender, not you. It's typically 0.5–1.5% of the loan amount annually and can be removed once you reach 20% equity.

A larger down payment lowers your loan amount, reducing both your monthly payment and total interest paid. It also eliminates PMI if you put 20% or more down, and may help you qualify for a better interest rate.

A 15-year mortgage has higher monthly payments but you pay far less total interest. A 30-year mortgage has lower monthly payments but significantly more interest over the life of the loan. Use the loan term selector above to compare.

Use your actual quoted rate from a lender for the most accurate results. If you're researching, current 30-year fixed rates average around 6–7% in 2025, though rates change daily and vary by credit score, loan size, and lender.

No. This calculator estimates your ongoing monthly payment. Closing costs (typically 2–5% of the loan amount) are separate one-time expenses paid at closing. Budget for them separately when planning your home purchase.