Free Mortgage Calculator · 2026

Calculate your mortgage payment.

Enter your loan details and instantly see your monthly payment, total interest, and full amortization schedule. Unlock Pro for extra payment savings, bi-weekly analysis, refinance comparison, and affordability check.

Monthly PITI breakdown Full amortization schedule No signup required
Monthly Payment — Free Amortization Schedule — Free Extra Payments — Pro Bi-Weekly Savings — Pro Refinance Comparison — Pro Affordability Check — Pro
Loan details
$
The purchase price of the home
$
20.0% of home price
Drag to adjust 20%
%
Taxes, insurance & PMI (optional)
$
$
%
Typically 0.2%–2% of loan/year
$
Your Results
Total Monthly Payment (PITI)
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Principal, interest, taxes, insurance & PMI
P&I — Tax — Ins — PMI — HOA —
Loan Amount
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After down payment
Total Interest Paid
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Over full loan term
Total Cost (P+I)
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Principal + all interest
Payoff Date
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Starting payments today

Payment Breakdown

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P&I
Principal & Interest
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Property Tax
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Home Insurance
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PMI
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Full Calculation Breakdown

Home price—
Down payment—
Loan amount—
Annual interest rate—
Loan term—
Monthly P&I—
Monthly property tax—
Monthly home insurance—
Total monthly payment—
Total P&I payments—
Total interest paid—
Interest as % of loan—

In Plain English

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Amortization Schedule

Year Principal Interest Balance Cumulative Paid
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Disclaimer: This calculator provides estimates only and is not financial advice. Actual payments may vary based on lender, credit score, escrow, and other factors. Always confirm with your lender.
Standard amortization formula
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2026 Avg Mortgage Rates

30-year fixed~6.85%
20-year fixed~6.52%
15-year fixed~6.14%
10-year fixed~5.98%

Rates as of May 2026. Rates vary by lender, credit score, and down payment. Get a personalized quote from your lender.

PMI Quick Guide

PMI is required when your down payment is less than 20%. Typically 0.2%–2% of loan/year. Removed once you reach 20% equity.

The 28/36 Rule

Keep housing costs below 28% of gross monthly income (front-end DTI) and total debt below 36% (back-end DTI). Unlock Pro for full affordability analysis.

30 vs 15 Year Loan

Lower monthly payment30-yr wins
Less total interest15-yr wins
Build equity faster15-yr wins
Lower interest rate15-yr wins

Pro Features

✓Extra payment savings
✓Bi-weekly payment analysis
✓Refinance comparison
✓Affordability & DTI check

Frequently Asked Questions

Mortgage payments and home loans, explained simply.

Your core P&I payment uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n − 1], where P = loan amount, r = monthly rate (annual ÷ 12), and n = total payments. Property tax, insurance, PMI, and HOA are added on top to get your full PITI payment.
PITI stands for Principal, Interest, Taxes, and Insurance. It's the four components of a full monthly mortgage payment. Lenders use PITI to assess your debt-to-income ratio.
PMI is required when your down payment is less than 20%. The Homeowners Protection Act requires automatic cancellation at 78% LTV, but you can request removal at 80%. A new appraisal can also help if your home appreciated.
On a $320,000 30-year loan at 6.75%, adding just $200/month extra can save over $80,000 in interest and cut ~7 years off the loan. Use the Pro Extra Payments tab to see your exact savings. Even small amounts compounded over 30 years make a massive difference.
Refinancing makes sense when: (1) your new rate is at least 0.5%–1% lower, (2) you plan to stay in the home past the break-even point (closing costs ÷ monthly savings), and (3) you're not too far into the loan term. Use the Pro Refinance tab to calculate your exact break-even.
The standard guidelines: keep housing costs below 28% of gross monthly income (front-end DTI) and total debt below 36% (back-end DTI). For a $100,000/year earner, that's about $2,333/month max for housing. Unlock the Pro Affordability tab for a full breakdown including your DTI ratios.
Bi-weekly means paying half your monthly P&I every two weeks. This results in 26 half-payments per year — equivalent to 13 monthly payments instead of 12. The extra payment per year cuts years off a 30-year loan (typically 4–6 years) and saves tens of thousands in interest. See exact numbers in the Pro Extra Payments tab.
Guides & Resources

How to Master Your Mortgage

Everything you need to know about monthly payments, extra principal strategies, refinance break-even analysis, and home affordability.

Basics

How to Calculate Mortgage Payments (2026 Guide)

Learn exactly how to calculate your mortgage payment, including principal, interest, taxes, and insurance (PITI). Formula explained with 2026 examples.

In this guide
  1. What is PITI?
  2. The amortization formula
  3. Worked example (2026 rates)
  4. Understanding PMI
Read full guide ›
Wealth

The Power of Extra Mortgage Payments

Small additions to your monthly payment can result in massive lifetime savings. Learn how the math works and how to shave years off your debt.

In this guide
  1. Why extra payments work
  2. Monthly vs Annual extras
  3. Canceling PMI faster
  4. Investing vs Paying off debt
Read full guide ›
Strategy

Bi-Weekly Payments: The "Lazy" Way to Save $50k

Pay your mortgage like you get paid: every two weeks. Learn how this simple change shaves years off your debt without feeling the pinch.

In this guide
  1. The simple math: 26 vs 12
  2. Example: $350k home savings
  3. How to set it up correctly
  4. Avoiding third-party fees
Read full guide ›
Refi

Mortgage Refinance: When is it Worth It?

Don't just look at the rate. Learn how to calculate the true cost of refinancing and find your exact break-even month.

In this guide
  1. The Break-Even rule
  2. Calculating closing costs
  3. The "Reset" trap
  4. When to definitely refinance
Read full guide ›
Affordability

How Much House Can I Afford? (The 28/36 Rule)

Lenders use two specific ratios to decide if you qualify. Learn the 28/36 rule and how to find your true home-buying budget.

In this guide
  1. Front-end vs Back-end DTI
  2. Real-world math example
  3. Role of the down payment
  4. 2026 market factors
Read full guide ›