How much house can I afford?

A common guideline: housing costs should not exceed 28% of gross monthly income, and total debt should not exceed 36%. Enter your income in the calculator to see your DTI ratio.

What is PMI and when can I remove it?

Private Mortgage Insurance is required when your down payment is below 20%. It typically costs 0.5-1.5% of the loan amount annually. You can request PMI removal once you reach 20% equity.

Is it worth refinancing for 0.5%?

It depends on your loan balance and how long you plan to stay. Use the refinance calculator to check break-even. On a $300K loan, 0.5% saves about $100/month.

Should I buy mortgage points?

Points are worth it if you stay past the break-even period. One point (1% of loan) typically reduces your rate by 0.25%. Calculate break-even with our points calculator.

How much are closing costs?

Closing costs typically range from 2-5% of the home price. Our closing costs estimator breaks down each fee category.

Mortgage Calculator — Monthly Payment, Amortization, Refinance & Rent vs Buy

Calculate monthly mortgage with taxes, insurance, PMI & HOA. Full amortization, refinance, rent vs buy, 15 country rates & down payment planner.

Calculate your exact monthly mortgage payment including principal, interest, property tax, home insurance, PMI, and HOA fees in one comprehensive tool. This free mortgage calculator provides a full amortization schedule with extra payment analysis, biweekly payment savings, 15-year vs 30-year term comparison, refinance break-even analysis, mortgage points evaluation, rent vs buy comparison, closing costs estimator, property tax rates for 20 US states, mortgage rates across 15 countries, down payment savings planner, and a unique mortgage health score — all at no cost.

How to Use This Mortgage Calculator

Enter your home price, down payment percentage, interest rate, and loan term. The calculator instantly shows your monthly payment broken down by principal, interest, tax, insurance, and PMI. Expand the Taxes, Insurance & More section to add property tax, home insurance, HOA fees, and monthly income for debt-to-income ratio analysis. Switch between tabs for amortization schedules, term comparison, refinance analysis, rent vs buy, closing costs, and smart tools.

Step 1 — Enter Home Details

Type the home price, adjust the down payment slider, and set the interest rate and loan term.

Step 2 — Add Taxes & Insurance

Expand the advanced section to include property tax, home insurance, HOA, and your income for DTI.

Step 3 — Review Payment Breakdown

See exactly where each dollar of your monthly payment goes — P&I, tax, insurance, PMI, HOA.

Step 4 — Explore All Tabs

Use Amortization, Compare & Extra, Costs & Afford, and Smart Tools for deep mortgage analysis.

Who Uses This Mortgage Calculator?

This mortgage calculator is built for anyone navigating the home buying or refinancing process. Whether you are a first-time buyer trying to understand what you can afford, a homeowner evaluating a refinance, or an investor comparing mortgage terms, this tool provides the comprehensive analysis you need to make confident financial decisions.

First-Time Home Buyers

Understand the true cost of homeownership beyond the listing price, including closing costs, PMI, and ongoing expenses.

Homeowners Refinancing

Calculate break-even point and lifetime savings from refinancing at a lower rate or shorter term.

Renters Deciding to Buy

Compare the total cost of renting versus buying over any time period with appreciation and equity factored in.

Real Estate Investors

Analyze different mortgage terms and rates for investment property financing.

Financial Planners

Help clients understand DTI ratios, mortgage health scores, and optimal payoff strategies.

Understanding Mortgage Amortization

Mortgage amortization is the process of spreading your loan into equal monthly payments over the term. In the early years, most of each payment goes toward interest — on a 30-year mortgage at 6.8%, roughly 80% of your first payment is interest. Over time, this ratio shifts: more goes to principal, less to interest. This is why extra payments early in the loan have the greatest impact. A single extra payment in year one can save more in interest than the same extra payment in year twenty. Our amortization schedule shows this shift visually with color-coded bars for every year of your mortgage.

Smart Mortgage Strategies That Save Thousands

Small changes in how you structure and pay your mortgage can save tens of thousands of dollars over the life of the loan. These proven strategies work for any mortgage type.

Biweekly Payments

Pay half your monthly payment every 2 weeks. This equals 13 monthly payments per year instead of 12, shaving 4-6 years off a 30-year mortgage.

Put 20% Down

Avoid PMI entirely by putting 20% down. On a $350,000 home, PMI at 1% costs $2,917/year — money that could go toward principal.

Choose 15-Year If Affordable

A 15-year mortgage typically has a rate 0.5-0.75% lower and saves 60%+ in total interest compared to a 30-year term.

Buy Mortgage Points Wisely

Points make sense if you will stay in the home past the break-even period. Use our points calculator to check.

Refinance When Rates Drop 0.5%+

Even a 0.5% rate reduction can save thousands. Calculate the break-even point to confirm it is worth the closing costs.

15-Year vs 30-Year Mortgage Compared

Choosing between a 15-year and 30-year mortgage is one of the most important financial decisions in home buying. The 30-year offers lower monthly payments and more flexibility, while the 15-year saves dramatically on interest and builds equity faster. Understanding the tradeoffs helps you make the right choice for your situation.

Monthly Payment

30-year payments are typically 25-30% lower than 15-year for the same loan amount, providing more monthly cash flow.

Total Interest

A 15-year mortgage can save 50-65% in total interest compared to a 30-year, often amounting to $100K+ savings.

Interest Rate

15-year rates are typically 0.5-0.75% lower than 30-year rates, compounding the interest savings.

Equity Building

15-year builds equity much faster — you own 50% of the home in about 10 years vs. 25+ years on a 30-year.

Flexibility

30-year gives flexibility: you can make extra payments when possible without the obligation of a higher minimum.

Mortgage Calculator FAQ

These are the most frequently asked questions about mortgage payments, PMI, refinancing, and the home buying process.

Mortgage Payment Components

Your monthly mortgage payment consists of several components, often referred to as PITI (Principal, Interest, Taxes, Insurance) plus any additional costs like PMI and HOA fees.

Monthly Mortgage Payment Breakdown

Component	What It Covers	Typical Range
Principal	Reduces your loan balance	Starts low, increases over time
Interest	Cost of borrowing money	Starts high, decreases over time
Property Tax	Local government tax on home value	0.3-2.5% of home value/year
Home Insurance	Protects against damage/theft	$800-3,000/year
PMI	Required if down payment < 20%	0.5-1.5% of loan/year
HOA Fees	Community maintenance and amenities	$0-500/month