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Mortgage Calculator illustration

Mortgage Calculator

Work out your monthly mortgage payment with taxes, insurance, PMI and HOA, then see the full amortization schedule and what the loan really costs.

FinancialWorks without JavaScriptReviewed 2026-08-10

Inputs

Your numbers

The purchase price, not the appraised value.

Below 20% of the price, lenders normally require PMI.

The note rate, not the APR.

Leave at 0 to see principal and interest only.

Charged on the original loan amount until 78% loan-to-value.

Try an example

Result

Enter your values and press Calculate to see the result here.

Formula verified against Appendix J to Part 1026 — Annual Percentage Rate Computations for Closed-End Credit Transactions from Consumer Financial Protection Bureau (Regulation Z, 12 CFR Part 1026). Last checked 2026-08-10.

Built and maintained by Eddy Bo, founder of CalcVerdict.

How does this calculator work?

The number on your bank statement each month is not one thing, it is five things stacked together, and this tool assembles all five. The first is principal and interest. Subtract your down payment from the purchase price to get the amount borrowed, then apply the level-payment annuity relation described in Regulation Z, 12 CFR Part 1026 Appendix J: the payment equals the loan multiplied by i(1+i)^n and divided by ((1+i)^n - 1), where i is the annual note rate divided by 1200 and n is the number of monthly payments. At a 0% rate the formula divides by zero, so the loan is simply split evenly across the term instead. Layer two and three are escrow. Your yearly property tax and yearly homeowners insurance are each divided by twelve, because your servicer collects them monthly and holds them until the bill arrives. Layer four is any HOA fee, entered monthly and passed through untouched — it isn't escrowed, but it is a real housing cost a lender will count against you. Layer five is private mortgage insurance, and it is the layer with the most rules attached. PMI applies when the loan exceeds 80% of the price. The premium here is the PMI rate applied to the original loan amount and divided by twelve — note "original", not current balance, which is how most conventional policies are actually billed. The non-obvious part is when PMI stops. The Homeowners Protection Act, 12 U.S.C. 4902, sets two automatic deadlines and this calculator honours whichever falls first. One is the month the balance is first scheduled to reach 78% of the original value. The other is a hard cap: the month after the midpoint of the amortization period, which is payment 181 on a 30-year loan. Most people assume the 78% rule is the one that governs, but above roughly an 8.6% note rate at 100% loan-to-value — or about 12.6% at 90% — the balance has not yet fallen to 78% by the midpoint, and the midpoint cap is what actually ends the premium. The CFPB notes you can also request cancellation earlier, at 80%; this calculator reports the automatic date, since that one requires nothing from you. Rather than using a closed-form total-interest shortcut, the schedule is walked one month at a time, rounding each month of interest to the cent before subtracting it — which is exactly what a servicer does. Over 30 years that rounding accumulates, so the total interest shown here runs a few dollars above the textbook figure and matches a real payoff statement instead. The final payment absorbs the leftover cents so the balance lands precisely at zero. One caution on the total-cost figure: it sums the down payment, principal, interest and PMI only. It deliberately excludes taxes, insurance and HOA, so it is not the monthly payment multiplied by the term. If you want to see the principal-versus-interest split move year by year, the amortization calculator breaks the same schedule out in detail, and if you are still deciding what price to shop at, start with the house affordability calculator and work backwards from your income.

What questions do people ask about this calculator?

What does the monthly payment include?

The headline figure is PITI plus any PMI and HOA: principal, interest, one twelfth of the yearly property tax, one twelfth of the yearly homeowners insurance, monthly PMI while it applies, and any HOA fee. Principal and interest is the only part fixed for the life of a fixed-rate loan; taxes and insurance change as your assessment and premium change.

Why is so much of my early payment interest?

Interest is charged on the balance you still owe, and at the start you owe almost the whole loan. The payment is level, so as the balance falls the interest portion falls and the principal portion grows. The crossover point — where more of the payment goes to principal than interest — comes surprisingly late on a 30-year loan.

When does PMI stop?

The Homeowners Protection Act sets two automatic deadlines, and the earlier one wins. Your servicer must cancel PMI once the balance is first scheduled to reach 78% of the original value on the original amortization schedule — and, whatever the schedule says, no later than the month after the midpoint of the loan term, which is payment 181 on a 30-year loan. At high interest rates the balance is still above 78% at that midpoint, so the midpoint deadline is what actually ends the premium. You may also request cancellation earlier, at 80%. This calculator reports the automatic date.

Should I take a 15-year or a 30-year loan?

A 15-year loan carries a higher payment and a much lower total interest cost, because you borrow the money for half as long and usually at a lower rate. A 30-year loan buys flexibility. Run both above: compare the monthly payment you can comfortably sustain against the total interest each one costs.

Is the interest rate the same as the APR?

No. The note rate prices the loan itself and is what drives your monthly payment, which is why this calculator asks for it. The APR folds in points and certain closing costs to give a comparison figure across lenders. Use the note rate here and the APR when comparing loan estimates.

Does making extra payments change the PMI date?

Not for automatic termination. The Homeowners Protection Act ties the automatic date to the original schedule, so paying ahead does not move it. Extra payments do build equity faster, which can support an early cancellation request once you reach 80% based on the current balance.

Is this a free home loan calculator?

Yes. "Mortgage" and "home loan" describe the same product — a loan secured by real property — and this is a free mortgage calculator for it: no account, no email gate and no cap on how many scenarios you run. It earns a place among the best home loan calculators by walking the full month-by-month amortization schedule rather than a closed-form approximation, so the total interest and PMI termination month are exact, not estimated. Every result is also a shareable link.

Does this calculator handle FHA or VA loans?

Not directly — this tool prices a conventional loan with standard PMI. FHA loans carry an upfront and annual Mortgage Insurance Premium set by HUD instead of PMI, so use the FHA loan calculator for those. VA loans replace PMI with a one-time funding fee that is usually financed into the loan, so use the VA mortgage calculator for those instead. Both are linked under "Related calculators" below.

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