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Mortgage Calculator

A complete mortgage calculator with a Simple quick-estimate mode and a Detailed mode covering principal, interest, property tax, home insurance, PMI, HOA fees, discount points, a rate comparison, extra payments, upfront closing costs, and a full amortization chart and schedule with CSV export, for conventional, FHA, VA, USDA, and jumbo loans.

Simple vs. Detailed mode

Switch between a quick Simple estimate (home price, down payment, rate, and term for a fast monthly-payment number) and a full Detailed mode with everything a real mortgage decision needs: loan type, purchase-vs-refinance, property tax, home insurance, PMI, HOA fees, discount points, a rate comparison, extra payments, upfront closing costs, and the full amortization schedule.

The payment breakdown chart

In Detailed mode, the monthly payment is visualized as a full donut chart split into principal & interest, property tax, home insurance, PMI, and HOA fees, with the total shown in the center and each slice's exact dollar amount on hover — the same style used by major mortgage sites.

PMI and the 20% down payment threshold

Private Mortgage Insurance (PMI) is typically required on conventional loans when the down payment is below 20% of the home price. The calculator checks your down payment percentage automatically and shows whether PMI applies and how much it adds to your monthly payment. VA loans never require PMI regardless of down payment, which the calculator also accounts for.

Discount points, rate comparison, and extra payments

Each discount point costs 1% of the loan amount upfront and typically lowers the interest rate by about 0.25%. You can compare your rate against another one (like a national average) side by side, seeing the exact monthly-payment and full-term-interest savings. You can also add extra payments — a fixed amount added to every monthly payment, a lump sum once a year in a chosen month, or a single one-time extra payment on a specific date — and the calculator shows exactly how much interest and time those extra payments save.

Itemized upfront cost breakdown

The Upfront Costs panel breaks your total closing-cost estimate into a typical itemized split — loan origination fee (~40%), title insurance & escrow (~35%), and appraisal/credit report/recording fees (~25%) — alongside your down payment, any discount points, and your total loan amount and home price, all summing to the total cash you'd need at closing. This split is illustrative; every lender's actual Loan Estimate breaks fees down differently.

Amortization chart and full payment schedule

The Amortization tab shows a year-by-year area chart of your loan balance declining alongside cumulative principal and interest paid, plus a summary of loan amount, total interest, total cost, payoff date, and any interest/months saved from extra payments. The Schedule tab lists the complete payment history first by year (expandable to see every month), with an "Expand all years" toggle, a CSV export, and a printer-friendly view.

Common Mistakes to Avoid

Forgetting property tax and insurance in the payment estimate

Solution:

A mortgage payment is rarely just principal and interest — switch to Detailed mode to include property tax, home insurance, PMI, and HOA fees for a realistic total.

Assuming PMI applies to every loan

Solution:

PMI is generally required only when the down payment is below 20% on a conventional loan, and VA loans don't require it at all — check the calculator's PMI status rather than assuming it always applies.

Entering the down payment in the wrong mode

Solution:

The down payment field can be a dollar amount or a percentage — double-check which mode is selected, since entering "20" as a dollar amount instead of a percentage produces a drastically wrong loan amount.

Confusing total interest with total cost

Solution:

Total cost includes the loan principal, all interest, taxes, insurance, PMI, and HOA fees over the full term — total interest alone significantly understates what a home actually costs to finance.

Buying discount points without comparing the break-even point

Solution:

Points cost 1% of the loan amount upfront for roughly a 0.25% rate reduction — use the rate comparison to see the monthly savings, then divide the points cost by the monthly savings to see how many months it takes to break even.

Adding an extra payment on the wrong date or month

Solution:

A one-time extra payment only applies in the calendar month and year you select, and a yearly extra payment applies once per year in the chosen month — double-check these match your actual plan before reading the interest-saved figure.

Not accounting for HOA fees or closing costs

Solution:

HOA fees are a real recurring cost, and closing costs (typically 2%–5% of the home price) are a real upfront cost — both are easy to forget when budgeting for a home.

Treating the itemized fee breakdown as an exact quote

Solution:

The origination/title/appraisal split shown is a typical illustrative estimate, not your lender's actual fee schedule — always confirm exact closing costs with your lender's official Loan Estimate.

Frequently Asked Questions

Simple mode gives a quick monthly payment estimate from home price, down payment, rate, and term. Detailed mode adds loan type, purchase/refinance, taxes, insurance, PMI, HOA, discount points, a rate comparison, extra payments, upfront closing costs, and the full payment chart, yearly breakdown, and monthly schedule.
Yes — type any number of years into the custom term field next to the preset buttons, and the calculator uses your exact term.
Yes, in Detailed mode — enter your monthly property tax and monthly home insurance, and the calculator includes them in your total monthly payment and the payment chart.
PMI is typically required on conventional loans when your down payment is below 20% of the home price. The calculator checks this automatically and shows the PMI amount or confirms it isn't required. VA loans never require it.
Each discount point costs 1% of your loan amount upfront and typically lowers your interest rate by about 0.25%. The calculator applies this automatically to your effective rate and adds the points cost to your estimated cash needed at closing.
Enter a second rate (like a national average) in the "Compare to another rate" field, and the calculator shows a side-by-side table of monthly payment and full-term interest for both rates, with the savings highlighted.
You can add a fixed amount to every monthly payment, a lump sum once a year in a chosen month, or a single one-time extra payment on a specific date. The calculator shows exactly how many months sooner you'd pay off the loan and how much interest you'd save.
Yes — the Schedule tab has an "Export as CSV" link to download the complete monthly payment history, and a "Printer-friendly version" link to print it directly.
No — every calculation runs locally in your browser. Nothing you enter is uploaded, logged, or stored on any server.
It splits your estimated closing costs into a typical illustrative breakdown — loan origination fee, title insurance & escrow, and appraisal/credit report/recording fees — plus your loan amount and home price, so you can see roughly what makes up the total beyond just a single percentage.

Free Online Mortgage Calculator

Estimate your monthly mortgage payment instantly — from a quick Simple estimate to a full Detailed breakdown with principal, interest, property tax, home insurance, PMI, HOA fees, discount points, a rate comparison, and extra payments. Supports conventional, FHA, VA, USDA, and jumbo loans, for both purchases and refinances.

What You Get

  • Simple mode for a quick estimate, or Detailed mode for the full picture
  • A full donut payment-breakdown chart with hover tooltips (principal & interest, tax, insurance, PMI, HOA)
  • Automatic PMI detection based on your down payment percentage and loan type
  • Discount points support — automatically adjusts your effective rate and upfront cost
  • Side-by-side rate comparison showing monthly and full-term interest savings
  • Extra payments — monthly, yearly, or one-time — with exact interest and time saved
  • Estimated upfront cash needed at closing (down payment + fees + points)
  • A year-by-year amortization area chart and a full monthly payment schedule, with CSV export and a printer-friendly view
  • Custom loan terms — not limited to the standard 10/15/20/30-year presets

Who Uses This Calculator

Homebuyers comparing loan offers, homeowners considering a refinance, and anyone budgeting for a home purchase who wants the full picture beyond just principal and interest.