Install FinCalc
Add to your home screen for quick access
Saved Scenarios
Loan & Housing Costs
Enter your purchase details and monthly costs beyond principal and interest.
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Additional monthly costs
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Closing Costs2.5% · $0 est.
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Free Mortgage Calculator with PMI, Taxes & Insurance
Use this free mortgage calculator to estimate your full monthly housing payment — not just principal and interest. Enter your home price, down payment, interest rate, and loan term, then add property taxes, insurance, PMI, and HOA fees for a realistic payment estimate. Compare 15-year vs 30-year terms, run interest rate scenarios, view a full amortization schedule, and estimate closing costs.
Mortgage Calculator FAQ
- How is a monthly mortgage payment calculated?
- Your monthly payment typically includes principal and interest (P&I), property taxes, homeowners insurance, PMI if your down payment is under 20%, and HOA fees if applicable. Principal and interest follow a standard amortization formula based on loan amount, interest rate, and term length.
- What is PMI and when does it go away?
- Private Mortgage Insurance (PMI) protects the lender when you put less than 20% down on a conventional loan. PMI usually drops off once you reach 20% equity, either through payments or home appreciation. FHA loans use MIP with different rules.
- What is the difference between a 15-year and 30-year mortgage?
- A 15-year mortgage has higher monthly payments but far less total interest paid over the life of the loan. A 30-year mortgage spreads payments over a longer period, lowering the monthly cost but increasing total interest. Use our comparison tool to see the tradeoff for your numbers.
- How much should I budget for closing costs?
- Closing costs typically range from 2% to 5% of the home purchase price. They include lender fees, appraisal, title insurance, prepaid taxes, and escrow setup. Our calculator estimates closing costs based on your home price and down payment.
View all FAQs → including refinance, HELOC, and Pro questions.
Mortgage Guides
Learn how mortgage payments work, compare loan terms, and plan for closing costs.
- How to Calculate Your Mortgage PaymentLearn the formula behind monthly mortgage payments and what costs to include beyond principal and interest.
- 15-Year vs 30-Year Mortgage: Which Is Right for You?Compare monthly payments, total interest, and flexibility between 15-year and 30-year home loans.
- What Is PMI and How Much Does It Cost?Understand Private Mortgage Insurance, when it is required, typical costs, and how to remove it.
- Closing Costs Explained: What to Expect at SettlementA breakdown of common closing costs when buying a home and how to estimate cash needed at closing.