Full Payment Breakdown
See exactly how much goes to principal, interest, property tax, insurance, HOA, and PMI — not just the total.
Mortgage Calculator
Calculate your monthly mortgage payment with PMI, property tax, insurance, and HOA. View a full amortization schedule. 100% client-side, no uploads.
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A mortgage calculator estimates your monthly home loan payment by combining the loan principal, interest, property taxes, insurance, and PMI (if your down payment is below 20%). The formula for the monthly principal and interest payment is M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
Calculate your mortgage without uploading your financial data
Full payment breakdown with PMI, taxes, insurance, and amortization schedule. Right in your browser. No uploads, no sign-up, no limits.
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How to use
- 1
Enter Home Price
Input the purchase price of the home you're considering. You can also adjust the currency if you're outside the US.
- 2
Set Your Down Payment
Enter your down payment amount or adjust the percentage. The calculator automatically syncs the two fields. A down payment of 20% or more eliminates PMI.
- 3
Enter Interest Rate and Term
Input the annual interest rate from your lender and choose your loan term (typically 15 or 30 years). The monthly payment updates instantly.
- 4
Review Your Results
View your estimated monthly payment, payment breakdown (P&I, taxes, insurance, PMI), and expand the amortization schedule to see how each payment is split between principal and interest over time.
Why Use This Mortgage Calculator?
Comprehensive mortgage calculations with privacy-first design.
Live Calculation
Results update the moment you type. Adjust any input and see the impact on your monthly payment instantly.
Complete Amortization Schedule
View a month-by-month breakdown of every payment over the entire loan term, showing principal vs. interest.
100% Private
All calculations happen in your browser. Your income, home price, and loan details never leave your device.
PMI Auto-Calculation
PMI is automatically included when your down payment is below 20%, and removed once your balance reaches 80% of home value.
Free with No Limits
No registration, no API key, no daily quotas. Free for personal and commercial use, forever.
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Understanding Mortgage Calculations
How mortgage payments work
A monthly mortgage payment is more than just principal and interest. The full payment, often referred to as PITI (Principal, Interest, Taxes, and Insurance), includes four main components: (1) Principal — the portion that reduces your loan balance, (2) Interest — the cost of borrowing, calculated on the remaining balance, (3) Property taxes — annual taxes divided into monthly amounts, and (4) Homeowners insurance — protection against damage to your property. Some borrowers also pay PMI (Private Mortgage Insurance) and HOA (Homeowners Association) fees.
In the early years of a mortgage, the majority of each payment goes toward interest, not principal. This is because interest is calculated on the remaining balance, which is highest at the start. For example, on a $300,000 loan at 6.5% for 30 years, the first monthly payment of $1,896 includes about $1,625 in interest and only $271 in principal. By year 15, the split is roughly 50/50, and by the final years, almost the entire payment goes to principal.
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The amortization formula explained
The monthly principal and interest payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 100 ÷ 12), and n is the total number of payments (years × 12). This formula ensures that the loan is fully paid off — balance reaches zero — at the end of the term.
Understanding this formula helps you see why small changes in interest rate or loan term have outsized effects on your monthly payment. For example, increasing the rate from 6% to 7% on a $300,000 30-year loan raises the monthly payment from $1,799 to $1,996 — an increase of $197 per month, or $71,000 over the life of the loan.
How PMI is calculated and removed
PMI is calculated as a percentage of the original loan amount, typically between 0.3% and 1.5% per year, depending on your credit score and down payment. For example, a 0.5% PMI rate on a $280,000 loan costs $1,400 per year, or about $117 per month. PMI is automatically removed when your loan balance reaches 80% of the home's original value. Under the Homeowners Protection Act, lenders must automatically terminate PMI at 78% LTV (loan-to-value). Our calculator automatically stops PMI in the amortization schedule when the balance crosses the 80% threshold.
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Common Use Cases
Real-world scenarios where a mortgage calculator helps you make better decisions.
Home Buying
Compare different home prices, down payments, and interest rates to find a monthly payment that fits your budget.
Refinancing
Calculate whether refinancing to a lower rate or shorter term will save you money over time.
Loan Comparison
Compare 15-year vs. 30-year terms, different interest rates, or different down payment amounts side by side.
Budget Planning
Factor in property taxes, insurance, and HOA to understand the true monthly cost of homeownership.
How does this compare to other mortgage calculators?
A side-by-side comparison of popular mortgage calculation tools.
| Feature | NeatForge | Calculator.net | Bankrate |
|---|---|---|---|
| Privacy (no upload) | 100% local | Server-side | Server-side |
| Price | Free unlimited | Free with ads | Free with ads |
| PMI calculation | Auto | Manual | |
| Amortization schedule | Full | ||
| Property tax & insurance | Separate | ||
| Live calculation | No button | Button click | Button click |
| Multi-currency | 12 currencies | USD only | USD only |
| Works offline | After page load |
Most online mortgage calculators process your financial data on their server. Our tool does everything locally — your income, home price, and loan details never leave your browser.
FAQ
How is the monthly mortgage payment calculated?
The monthly mortgage payment consists of Principal, Interest, Property Tax, Home Insurance, HOA fees, and PMI (if applicable). The Principal & Interest (P&I) portion uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12). For example, a $280,000 loan at 6.5% for 30 years gives a monthly P&I of about $1,771.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is a type of insurance that protects the lender (not you) if you stop making payments on your loan. It is typically required when your down payment is less than 20% of the home's purchase price. PMI usually costs between 0.3% and 1.5% of the original loan amount per year, depending on your credit score, loan type, and down payment size. Once your loan balance drops to 80% of the home's original value, you can request to have PMI removed. At 78%, the lender is legally required to remove it.
How much house can I afford?
A common rule of thumb is the 28/36 rule: your monthly housing costs (including principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income, and your total monthly debt payments (including the mortgage) should not exceed 36%. For example, if your gross monthly income is $6,000, your housing payment should stay under $1,680. However, this is just a guideline — your actual affordability depends on your down payment, credit score, interest rate, and other financial obligations.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal loan amount, expressed as a percentage. The APR (Annual Percentage Rate) includes the interest rate plus other costs such as broker fees, discount points, and some closing costs. The APR is typically higher than the interest rate because it reflects the total cost of the loan over a year. When comparing mortgage offers, always look at both the interest rate and the APR to understand the true cost of borrowing.
How does a down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payment and the total interest paid over the life of the loan. A down payment of at least 20% eliminates the need for PMI, saving you hundreds of dollars per month. For example, on a $400,000 home with a 30-year loan at 6.5%: a 5% down payment ($20,000) results in a $380,000 loan with PMI, while a 20% down payment ($80,000) results in a $320,000 loan without PMI — saving you over $80,000 in interest and PMI over the life of the loan.
What are closing costs?
Closing costs are fees paid at the closing of a real estate transaction, typically 2% to 5% of the loan amount. They include lender fees (origination, underwriting, application), title insurance, appraisal fees, property taxes (prepaid), home insurance (prepaid), recording fees, and attorney fees. Some lenders offer 'no closing cost' mortgages, but these usually come with a higher interest rate. You can sometimes negotiate with the seller to pay part of the closing costs.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but higher total interest over the life of the loan. A 15-year mortgage has higher monthly payments but significantly less total interest and a lower interest rate (typically 0.5% to 1% lower). For example, on a $300,000 loan at 6.5% for 30 years, you'd pay about $380,000 in interest. The same loan at 5.5% for 15 years would cost about $142,000 in interest — a savings of $238,000, but your monthly payment would increase from about $1,896 to $2,452.
How do property taxes work?
Property taxes are assessed by local governments based on the assessed value of your property. They vary widely by location — the national average in the US is about 1.1% of the home's value per year, but rates range from 0.3% in Hawaii to over 2.2% in New Jersey. Property taxes are typically paid annually or semi-annually, but most homeowners pay them monthly as part of their mortgage payment through an escrow account. The lender collects a portion each month and pays the tax bill when it's due.
Is my financial data safe with this mortgage calculator?
Yes. All calculations happen entirely in your browser using JavaScript. Your income, home price, loan amount, and other financial details are never uploaded to a server, never stored in a database, and never transmitted over the network. You can verify this by checking your browser's DevTools Network tab — no network requests are made when you type or view results. This makes the tool safe for sensitive financial planning.
Can I use this calculator for refinancing?
Yes. To calculate a refinance, enter the remaining loan balance as the 'Home Price' (or enter the new loan amount), and set the down payment to zero. Enter the new interest rate and the new loan term. The calculator will show your new monthly payment and amortization schedule. Compare the total cost with your current mortgage to see if refinancing saves you money. Remember to factor in closing costs, which typically run 2% to 6% of the loan amount for refinances.
100% Client-Side & Private
All mortgage calculations happen entirely in your browser using JavaScript.
- Your home price, income, loan amount, and other financial details are never uploaded to a server, never stored in a database, never logged, and never transmitted over the network.
- All computation is performed locally — no network requests are made when you enter values or view results.
- This makes the tool safe for use with sensitive financial data like salary figures, loan amounts, and investment values.
- You can verify the privacy by checking your browser's DevTools Network tab.
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