ToolNix.io
Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, taxes & insurance.
Loan Details
Monthly Payment
Total Monthly Payment
$0
principal + interest + taxes + insurance
Principal & Interest
$0
Property Tax/mo
$0
Insurance/mo
$0
Loan Amount
$0
Total Interest Paid
$0
Total Cost
$0
Payment Breakdown
Amortization Schedule (First 12 Months)
| Month | Payment | Principal | Interest | Balance |
|---|
🏠 About This Calculator
Our free Mortgage Calculator helps you estimate your monthly home loan payment instantly — no signup required. Whether you're a first-time buyer in the USA, UK, or Canada, this tool gives you a complete picture of your mortgage costs including principal, interest, property taxes, and insurance (PITI).
Beyond the basic monthly payment, you'll also see a full amortization schedule showing exactly how much of each payment goes toward principal versus interest over the entire life of your loan — helping you make smarter financial decisions.
📋 How to Use the Mortgage Calculator
1
Enter the home price — Type the total purchase price of the property you want to buy.
2
Set your down payment — Enter either a dollar amount or a percentage. A 20% down payment avoids PMI charges.
3
Input the interest rate — Enter the annual interest rate from your lender or current market rates.
4
Choose your loan term — Select 15, 20, or 30 years. Shorter terms save interest but increase monthly payments.
5
Add property tax & insurance — Enter your estimated annual property tax and homeowners insurance for a complete PITI payment.
6
Review your results — See your monthly payment breakdown, total interest paid, and full amortization schedule showing every payment.
❓ Frequently Asked Questions
A monthly mortgage payment typically includes four components known as PITI: Principal (the amount that reduces your loan balance), Interest (the lender's fee for the loan), Taxes (property tax collected monthly into escrow), and Insurance (homeowners insurance and PMI if applicable). Our calculator shows you a complete breakdown of all these components.
A commonly used rule is the 28/36 rule: your monthly mortgage payment should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. For example, if you earn $6,000/month, your mortgage payment should ideally stay under $1,680. Use our calculator to test different home prices against your budget.
The interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus other fees such as origination fees, mortgage points, and closing costs, expressed as a yearly rate. APR is always higher than the interest rate and gives a more complete picture of the loan's true cost.
A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but costs much more in total interest over time. Use our amortization table to compare both options side by side.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It typically costs 0.5% to 1.5% of the loan amount per year. To avoid PMI, make a down payment of at least 20%, or ask your lender about lender-paid PMI options. PMI can be cancelled once you reach 20% equity in your home.
Making even small extra payments toward your principal can dramatically reduce your loan term and total interest paid. For example, paying an extra $200/month on a $300,000 mortgage at 7% can save you over $60,000 in interest and shorten your loan by 5+ years. Our amortization schedule shows exactly how this works.