Free Online Mortgage Calculator
A mortgage calculator computes monthly principal and interest using M = P · r(1+r)^n / ((1+r)^n − 1), with optional PMI, property tax and insurance (PITI).
Your data is processed entirely in your browser and never sent to any server.
Formula: M = P · r(1+r)n / ((1+r)n − 1).
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $325.44 | $1,950.00 | $359,674.56 |
| 2 | $327.21 | $1,948.24 | $359,347.35 |
| 3 | $328.98 | $1,946.46 | $359,018.37 |
| 4 | $330.76 | $1,944.68 | $358,687.61 |
| 5 | $332.55 | $1,942.89 | $358,355.05 |
| 6 | $334.36 | $1,941.09 | $358,020.70 |
| 7 | $336.17 | $1,939.28 | $357,684.53 |
| 8 | $337.99 | $1,937.46 | $357,346.54 |
| 9 | $339.82 | $1,935.63 | $357,006.73 |
| 10 | $341.66 | $1,933.79 | $356,665.07 |
| 11 | $343.51 | $1,931.94 | $356,321.56 |
| 12 | $345.37 | $1,930.08 | $355,976.19 |
| Year | Principal paid | Interest paid | Balance EOY |
|---|---|---|---|
| 1 | $4,023.81 | $23,281.53 | $355,976.19 |
| 2 | $4,293.29 | $23,012.04 | $351,682.89 |
| 3 | $4,580.82 | $22,724.51 | $347,102.07 |
| 4 | $4,887.61 | $22,417.73 | $342,214.46 |
| 5 | $5,214.94 | $22,090.40 | $336,999.52 |
| 6 | $5,564.20 | $21,741.14 | $331,435.32 |
| 7 | $5,936.84 | $21,368.50 | $325,498.48 |
| 8 | $6,334.44 | $20,970.90 | $319,164.04 |
| 9 | $6,758.67 | $20,546.67 | $312,405.37 |
| 10 | $7,211.31 | $20,094.03 | $305,194.05 |
| 11 | $7,694.27 | $19,611.07 | $297,499.79 |
| 12 | $8,209.57 | $19,095.77 | $289,290.22 |
| 13 | $8,759.38 | $18,545.96 | $280,530.84 |
| 14 | $9,346.01 | $17,959.33 | $271,184.84 |
| 15 | $9,971.93 | $17,333.41 | $261,212.91 |
| 16 | $10,639.77 | $16,665.57 | $250,573.14 |
| 17 | $11,352.33 | $15,953.01 | $239,220.81 |
| 18 | $12,112.62 | $15,192.72 | $227,108.19 |
| 19 | $12,923.82 | $14,381.52 | $214,184.37 |
| 20 | $13,789.35 | $13,515.98 | $200,395.02 |
| 21 | $14,712.85 | $12,592.49 | $185,682.16 |
| 22 | $15,698.20 | $11,607.14 | $169,983.96 |
| 23 | $16,749.54 | $10,555.80 | $153,234.43 |
| 24 | $17,871.29 | $9,434.05 | $135,363.14 |
| 25 | $19,068.16 | $8,237.18 | $116,294.98 |
| 26 | $20,345.19 | $6,960.15 | $95,949.80 |
| 27 | $21,707.74 | $5,597.60 | $74,242.05 |
| 28 | $23,161.55 | $4,143.79 | $51,080.50 |
| 29 | $24,712.72 | $2,592.62 | $26,367.78 |
| 30 | $26,367.78 | $937.56 | $0.00 |
For general planning only. Lenders use additional factors (credit, escrow, points, taxes) that this tool does not model. Verify with a qualified mortgage professional before signing.
How to Use This Tool
- Enter the home price and your down payment in dollars.
- Set the loan term in years (15, 20 and 30 are typical) and the annual interest rate.
- Optionally add property tax %, annual home insurance and PMI rate for a full PITI view.
- Read the monthly P&I, monthly PITI, total interest and the month-by-month amortization schedule.
- Adjust inputs to compare scenarios — a larger down payment or shorter term often saves tens of thousands.
What Is a Mortgage Calculator?
A mortgage is an amortizing loan: each fixed monthly payment splits between interest charged on the outstanding balance and principal repayment. Early in the term most of the payment is interest; toward the end most of it goes to principal. The standard formula M = P · r(1+r)^n / ((1+r)^n − 1) returns the constant monthly payment that retires the loan in exactly n months at monthly rate r.
Home buyers use this tool to compare 15-year and 30-year terms before locking a rate, refinance applicants check whether the math justifies the closing costs, and rental investors run scenarios on how a larger down payment shifts cash flow. Inputs cover home price, down payment, annual interest rate, term in years, plus optional property tax %, annual home insurance and PMI rate so the full PITI figure most US lenders quote is visible alongside raw principal and interest.
This is general information only — verify final figures with a qualified loan officer before signing. Lenders add credit-score adjustments, points, escrow and other factors not modeled here.
Frequently Asked Questions
What's included in the monthly payment?
When does PMI apply?
15-year vs 30-year mortgage?
Published by the WeGotEveryTool team. We build and test every tool in-house and update pages when the underlying spec, formula, or recommendation changes.
Reviewed: May 2026. Disclaimer: this tool is provided as-is for general informational use. For decisions with material consequences (medical, legal, financial, security) verify results against a qualified professional source.
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