About this mortgage calculator
Six numbers and you have your monthly payment: home price, down payment, interest rate, term, and optionally annual property tax and insurance. No sign-up, no email, no quote request — the arithmetic runs in your browser and the result appears as you type. It gives principal and interest on their own, then the fuller monthly figure once tax and insurance are folded in, and a month-by-month schedule showing how the balance falls and how the split between interest and principal shifts over the years. What it does not do is estimate rates for you, pull your credit, or pass your details to a lender.
How the mortgage calculator works
The loan amount is the home price minus your down payment. Monthly principal and interest come from the standard amortization formula, the same one behind the EMI/Loan Calculator: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the annual rate divided by twelve and n is the term in months. Annual property tax and insurance are each divided by twelve and added on top. Together those four parts are what lenders call PITI — principal, interest, taxes and insurance. The schedule then walks the loan month by month: interest is charged on the outstanding balance, the rest of the payment reduces it, and the proportions shift steadily toward principal as the balance falls.
Mortgage Calculator examples
$300,000 home, $60,000 down, 6%, 30 years
$1,438.92 a month in principal and interest
The same loan with $3,600 annual tax and $1,200 annual insurance
$1,838.92 a month — the $400 of escrow is nearly a third of the difference between a P&I quote and what you actually pay
The same loan over 15 years instead of 30
A higher monthly payment and far less interest across the life of the loan — the schedule shows both
A down payment at or above the price
Rejected, since there is no loan to amortize
Limitations & privacy
A planning estimate, not a lender's quote. It assumes a fixed rate for the whole term and a payment that never changes. Not included: PMI, which conventional lenders typically require while the down payment is under 20% of the price and which can add a meaningful amount to the monthly figure; HOA dues; closing costs; and anything escrowed beyond the tax and insurance you enter. Property tax in particular varies widely between states and counties, so the annual figure is yours to supply rather than something this can infer. Down payment must be less than the home price. Confirm any number that matters with the lender actually quoting you.
Inputs and results stay in this browser. Only tool identifiers are stored for your recently used tools. You can clear that history from the directory.
Mortgage Calculator: frequently asked questions
What makes this a simple mortgage calculator?
It asks for six numbers and gives you the answer. There is no account, no email capture, no rate quote form and no step where your details go to a lender. If you want the monthly payment on a price you are considering, that is the whole interaction.
What is PITI?
Principal, interest, taxes and insurance — the four parts of a typical monthly mortgage payment. This calculator shows principal and interest on their own, then adds one-twelfth of the annual tax and insurance you enter, which is how a lender presents an escrowed payment.
Does this include PMI?
No. Private mortgage insurance is usually required on a conventional loan while the down payment is under 20% of the price, and it can add a meaningful amount each month. If you are putting down less than 20%, add your lender's PMI estimate to the figure here rather than treating it as the full payment.
Why is my real quote higher than this?
Usually PMI, HOA dues or closing costs, none of which are included. Property tax is another common gap — rates differ sharply between states and counties, so if you left that field at zero the number here is principal and interest only.
How much does a 15-year term change things?
The monthly payment rises and total interest falls, often by a large amount, because the balance is cleared in half the time. Enter 15 in the term field and compare the schedule totals against 30.
Are my figures sent anywhere?
No. The calculation runs in your browser. Nothing you type about a price, a salary-sized down payment or a rate leaves your device.
Updated October 10, 2026