Mortgage Calculator vs Loan Calculator
Both tools are 100% free, browser-based, and require no signup. Here is how they differ so you can pick the right one for your task.
Mortgage Calculator
Free mortgage calculator with full PITI breakdown (Principal, Interest, Taxes, Insurance, PMI, HOA). Calculate monthly payments, total interest, PMI cancellation date, and extra payment savings. Free to embed on your website. No signup required.
Use Mortgage Calc →Loan Calculator
Calculate monthly payments, total interest, and full amortization schedule for auto, personal, student, and home equity loans. See how extra payments save you thousands. Free, no signup.
Use Loan Calc →Feature Comparison
| Feature | Mortgage Calc | Loan Calc |
|---|---|---|
| Full PITI — Principal, Interest, Taxes, Insurance, PMI, and HOA | ✓ | — |
| PMI auto-cancels at 80% LTV — shows exact month and date | ✓ | — |
| Extra monthly and annual payment modeling | ✓ | — |
| Shows interest saved and months shaved with extra payments | ✓ | — |
| Year-by-year amortization table with expandable monthly rows | ✓ | — |
| Export full amortization schedule to CSV | ✓ | — |
| Equity milestones at 5, 10, 15, 20, 25, and 30 years | ✓ | — |
| Affordability guidance: 28% and 36% DTI income requirements | ✓ | — |
| Copy results to clipboard or print | ✓ | — |
| 100% browser-based — no data uploaded or stored | ✓ | — |
| Auto, personal, student, and home equity loan types | — | ✓ |
| Accurate amortization using standard P×r(1+r)^n/((1+r)^n−1) formula | — | ✓ |
| Extra monthly payment analysis — shows exact interest saved and months saved | — | ✓ |
| Full year-by-year amortization schedule with expandable monthly rows | — | ✓ |
| Export amortization schedule to CSV | — | ✓ |
| Smart defaults and typical rate hints per loan type | — | ✓ |
| URL state — share pre-filled loan scenarios with a link | — | ✓ |
| Mobile sticky payment bar | — | ✓ |
| Copy results to clipboard or print | — | ✓ |
| 100% browser-based — no data uploaded or stored | — | ✓ |
| 100% free — no signup, no watermarks | ✓ | ✓ |
| Browser-based — files never uploaded | ✓ | ✓ |
When to Use Each Tool
- →Type the home price and your down payment in dollars or as a percentage. The calculator instantly shows your LTV and whether PMI is required.
- →Choose 10, 15, 20, 25, or 30 years (or enter a custom term), and enter your annual interest rate. Check current rates with your lender or on rate comparison sites.
- →Enter your estimated annual property tax and homeowner's insurance, your PMI rate (if applicable), and any HOA fee. The calculator adds these to your P&I to show your full PITI payment.
- →Click Auto, Personal, Student, or Home Equity. The calculator loads appropriate defaults and rate hints for each type.
- →For auto loans, enter the vehicle price and down payment — your loan principal is calculated automatically. For other loan types, enter the borrowed amount directly.
- →Enter the annual rate quoted by your lender. Use the preset term buttons or enter a custom number of months.
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up your full monthly housing cost. Lenders use your PITI to calculate your front-end debt-to-income ratio (DTI), which determines how much loan you can qualify for. Most lenders require PITI to be 28% or less of your gross monthly income. Many basic calculators only show P&I, which can be 30–50% lower than your actual payment.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price (LTV above 80%). Under the Homeowners Protection Act, your lender must automatically cancel PMI once your loan balance reaches 78% of the original home value on schedule. You can also request cancellation when your balance hits 80% LTV, which can happen earlier if you make extra payments or if your home appreciates. This calculator shows the exact month your PMI cancels based on your amortization schedule.
Monthly payment uses the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments. This produces a fixed payment that covers all accrued interest and reduces the principal to exactly zero on the final payment.
Extra principal payments reduce your outstanding balance faster, which means less interest accrues each subsequent month. The savings compound over time. Even a modest extra amount — $50–$100/month — can cut years off a loan and save thousands in total interest. Use the extra payment field and watch the savings update in real time.
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