About This Tool

### About the Mortgage Calculator Buying a home is one of the biggest financial decisions you will ever make, and understanding your monthly mortgage payment is the first step toward making an informed choice. This free mortgage calculator helps you estimate your complete monthly housing cost, including principal and interest (P&I), property taxes, homeowner's insurance, private mortgage insurance (PMI), and HOA fees. Whether you are a first-time homebuyer exploring what you can afford or refinancing your existing mortgage, this tool gives you a clear picture of your monthly obligations. Simply enter the home price, down payment, loan term, and interest rate to instantly see your estimated payment. The calculator also breaks down total interest paid over the life of the loan and compares 15-year versus 30-year mortgage scenarios so you can choose the option that best fits your budget and financial goals. Understanding the full cost of homeownership goes beyond just the principal and interest. Property taxes, insurance, and maintenance add up quickly. Use this calculator to plan ahead and make confident decisions about your home purchase.

Key Features

**Complete PITI Breakdown**: See your monthly payment split into principal, interest, taxes, insurance, PMI, and HOA fees for a full picture of housing costs.
**15-Year vs 30-Year Comparison**: Instantly compare how different loan terms affect your monthly payment and total interest paid over the life of the loan.
**Down Payment Analysis**: Automatically calculates your down payment percentage and alerts you when PMI may be required (below 20% down).
**Total Cost Visibility**: View the total amount you will pay over the life of the loan, including total interest charges and the complete cost of the home.
**Flexible Inputs**: Customize every detail including home price, interest rate, property taxes, insurance, and HOA fees for an accurate personalized estimate.

Frequently Asked Questions

How much house can I afford on my salary?

A common guideline is that your total monthly housing payment (including principal, interest, taxes, and insurance) should not exceed 28% of your gross monthly income. For example, if you earn $75,000 per year ($6,250/month), your housing payment should ideally stay below $1,750. Use this calculator to test different home prices and see what fits your budget.

What is PMI and when is it required?

Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. PMI protects the lender if you default on your loan. It usually costs between 0.5% and 1% of the loan amount per year. Once you build 20% equity in your home, you can request to have PMI removed.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but saves you significantly on total interest. A 30-year mortgage offers lower monthly payments, giving you more budget flexibility. Use the comparison table in this calculator to see the exact difference. If you can comfortably afford the 15-year payment, it can save you tens of thousands of dollars in interest.

Mortgage Calculator - Free Online Home Loan Calculator