Free Mortgage Calculator
Go beyond the basic P&I estimate. Enter your home price, down payment, rate, and costs to get your true monthly payment — including property tax, insurance, PMI, and HOA. See exactly when your PMI cancels, how much extra payments save you, your full 30-year amortization table, and the income you need to qualify. Everything runs in your browser.
Property & Loan
$80,000 down · 20.0% down · LTV 80.0% · No PMI required
Enter the loan's annual percentage rate (APR). Check current rates with your lender or on lender comparison sites.
These costs are added to your P&I payment to show your total monthly obligation (PITI).
= 1.20% of home price · $400/mo
Typical US rate: 0.5–2.5% of home value per year. Check your county assessor's website for your actual rate.
US average: $1,000–$3,500/yr depending on home value, location, and coverage level.
Leave at 0 if no HOA. Condos and planned communities typically charge $100–$500/mo.
Monthly Payment
$2,600.51
PITI
Payment Breakdown
Loan Summary
Affordability Guidance
Lenders typically use these income thresholds. Your actual qualification depends on credit score, total debt load, and lender requirements.
Annual income needed: $111,450 – $86,684
Equity Milestones
24.9% equity · $104,933 interest paid to date
31.8% equity · $202,025 interest paid to date
41.4% equity · $288,138 interest paid to date
54.8% equity · $358,880 interest paid to date
73.6% equity · $408,100 interest paid to date
100.0% equity · $427,188 interest paid to date
🔒 All calculations run in your browser. No data is uploaded or stored. For informational purposes only — consult a licensed mortgage professional for personalized advice.
Monthly Payment
$2,600.51
PITI
Payment Breakdown
Loan Summary
Affordability Guidance
Lenders typically use these income thresholds. Your actual qualification depends on credit score, total debt load, and lender requirements.
Annual income needed: $111,450 – $86,684
Equity Milestones
24.9% equity · $104,933 interest paid to date
31.8% equity · $202,025 interest paid to date
41.4% equity · $288,138 interest paid to date
54.8% equity · $358,880 interest paid to date
73.6% equity · $408,100 interest paid to date
100.0% equity · $427,188 interest paid to date
🔒 All calculations run in your browser. No data is uploaded or stored. For informational purposes only — consult a licensed mortgage professional for personalized advice.
Amortization Schedule
361 payments · 31 years
| Period | Payment | Interest | Principal | Balance | Equity | LTV |
|---|---|---|---|---|---|---|
| ▶Year 1(2026) | $24,906 | $21,496 | $3,410 | $316,590 | $83,410 | 79.2% |
| ▶Year 2(2027) | $24,906 | $21,258 | $3,648 | $312,942 | $87,058 | 78.3% |
| ▶Year 3(2028) | $24,906 | $21,004 | $3,902 | $309,040 | $90,960 | 77.3% |
| ▶Year 4(2029) | $24,906 | $20,733 | $4,173 | $304,867 | $95,133 | 76.3% |
| ▶Year 5(2030) | $24,906 | $20,442 | $4,464 | $300,403 | $99,597 | 75.2% |
| ▶Year 6(2031) | $24,906 | $20,131 | $4,775 | $295,628 | $104,372 | 74.0% |
| ▶Year 7(2032) | $24,906 | $19,799 | $5,107 | $290,520 | $109,480 | 72.7% |
| ▶Year 8(2033) | $24,906 | $19,443 | $5,463 | $285,057 | $114,943 | 71.4% |
| ▶Year 9(2034) | $24,906 | $19,063 | $5,843 | $279,214 | $120,786 | 69.9% |
| ▶Year 10(2035) | $24,906 | $18,656 | $6,250 | $272,964 | $127,036 | 68.4% |
| ▶Year 11(2036) | $24,906 | $18,221 | $6,685 | $266,278 | $133,722 | 66.7% |
| ▶Year 12(2037) | $24,906 | $17,755 | $7,151 | $259,128 | $140,872 | 64.9% |
| ▶Year 13(2038) | $24,906 | $17,257 | $7,649 | $251,479 | $148,521 | 63.0% |
| ▶Year 14(2039) | $24,906 | $16,725 | $8,181 | $243,297 | $156,703 | 61.0% |
| ▶Year 15(2040) | $24,906 | $16,155 | $8,751 | $234,546 | $165,454 | 58.8% |
| ▶Year 16(2041) | $24,906 | $15,546 | $9,360 | $225,186 | $174,814 | 56.5% |
| ▶Year 17(2042) | $24,906 | $14,894 | $10,012 | $215,174 | $184,826 | 54.0% |
| ▶Year 18(2043) | $24,906 | $14,197 | $10,709 | $204,465 | $195,535 | 51.3% |
| ▶Year 19(2044) | $24,906 | $13,451 | $11,455 | $193,010 | $206,990 | 48.5% |
| ▶Year 20(2045) | $24,906 | $12,654 | $12,252 | $180,758 | $219,242 | 45.5% |
| ▶Year 21(2046) | $24,906 | $11,801 | $13,105 | $167,652 | $232,348 | 42.2% |
| ▶Year 22(2047) | $24,906 | $10,888 | $14,018 | $153,634 | $246,366 | 38.7% |
| ▶Year 23(2048) | $24,906 | $9,912 | $14,994 | $138,640 | $261,360 | 35.0% |
| ▶Year 24(2049) | $24,906 | $8,868 | $16,038 | $122,602 | $277,398 | 31.0% |
| ▶Year 25(2050) | $24,906 | $7,751 | $17,155 | $105,447 | $294,553 | 26.7% |
| ▶Year 26(2051) | $24,906 | $6,557 | $18,349 | $87,098 | $312,902 | 22.2% |
| ▶Year 27(2052) | $24,906 | $5,279 | $19,627 | $67,471 | $332,529 | 17.3% |
| ▶Year 28(2053) | $24,906 | $3,913 | $20,993 | $46,478 | $353,522 | 12.1% |
| ▶Year 29(2054) | $24,906 | $2,451 | $22,455 | $24,023 | $375,977 | 6.5% |
| ▶Year 30(2055) | $24,906 | $888 | $24,019 | $4 | $399,996 | 0.5% |
| ▶Year 31(2056) | $4 | $0 | $4 | $0 | $400,000 | 0.0% |
| Total | $747,188 | $427,188 | $320,000 | $0 | $400,000 | 0% |
Monthly Payment (PITI)
$2,600.51
P&I only
$2,075.51
Frequently Asked Questions
What is PITI and why does it matter?+
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.
When does PMI go away?+
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.
How do extra payments reduce my loan?+
Extra payments go directly to your loan principal, reducing the balance faster than the scheduled amortization. This has a compounding effect: a lower balance means less interest accrues each month, which means more of every future payment goes to principal. Even $100–$200 extra per month on a 30-year loan can shave 3–5 years and save $40,000–$80,000 in interest. This calculator runs a full month-by-month simulation with your exact extra payment amount.
What is a good DTI ratio for a mortgage?+
Lenders look at two DTI ratios. The front-end DTI (your PITI divided by gross monthly income) should be 28% or lower for conventional loans. The back-end DTI (all monthly debts including PITI divided by gross income) should be 43% or lower — though some programs allow up to 50%. FHA loans are more flexible, often allowing up to 31% front-end and 43% back-end. The income figures shown in this calculator are based on the 28% and 36% front-end guidelines.
How accurate is this calculator?+
This calculator uses the standard amortization formula and produces results identical to bank-grade calculations. The full amortization schedule is accurate to the cent. Property taxes, insurance, and PMI are inputs you control — use your actual local tax rate and insurance quotes for the most precise estimate. Local and state taxes, HOA special assessments, and closing costs are not included.
What is an amortization schedule?+
An amortization schedule is a complete month-by-month table showing how each payment is split between interest and principal over the life of your loan. In the early years of a 30-year mortgage, most of your payment goes to interest — which is how lenders profit front-load. As the balance falls, the interest portion shrinks and the principal portion grows. The schedule is useful for tax planning (mortgage interest deduction), understanding equity build-up, and modeling refinance scenarios.
Should I choose a 15-year or 30-year mortgage?+
A 30-year mortgage has a lower monthly payment but typically costs 50–100% more in total interest over the life of the loan. A 15-year mortgage usually carries a lower interest rate (0.5–0.75% lower on average) and builds equity twice as fast, but monthly payments are 40–50% higher. Use the loan term buttons to switch between 15 and 30 years instantly and compare the total interest difference. The right choice depends on your cash flow flexibility, investment returns, and financial goals.
Is my data stored or shared?+
No. All calculations run entirely in your browser using JavaScript. Nothing is uploaded to any server. Your home price, income, and financial details never leave your device. You can use this calculator on sensitive transactions with complete confidence.
You might also like
Understanding Your Mortgage: PITI and Beyond
Most mortgage calculators show you only the principal and interest portion of your payment — the portion that actually pays down your loan. But your true monthly housing cost is typically 30–50% higher once you include property taxes, homeowner's insurance, and (if applicable) private mortgage insurance. This calculator computes your full PITI so there are no surprises at closing.
What Is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical mortgage payment. Lenders use PITI to calculate your front-end debt-to-income ratio (DTI), which determines how much loan you qualify for. Most conventional lenders require your PITI to be no more than 28% of your gross monthly income.
- Principal — The portion of your payment that reduces your loan balance. In the early years of a 30-year mortgage, this is a surprisingly small fraction.
- Interest — The cost of borrowing, determined by your rate and remaining balance. Interest is front-loaded — you pay mostly interest in the first half of the loan term.
- Taxes — Property taxes collected by your lender and paid to your county/municipality, typically held in an escrow account.
- Insurance — Homeowner's insurance, which your lender requires. Also held in escrow and paid on your behalf.
Private Mortgage Insurance (PMI)
PMI is required on conventional loans when your down payment is less than 20% of the home price (LTV above 80%). It protects the lender — not you — against default risk. PMI typically costs 0.3% to 1.5% of the loan amount per year, adding $100–$400/month for a $300,000 loan. The good news: PMI automatically cancels once your loan balance reaches 80% of the original home value (the Homeowners Protection Act requires cancellation at 78%). This calculator shows you exactly which month your PMI drops off and what your new lower payment will be.
The Power of Extra Payments
Making even a modest extra principal payment each month can dramatically reduce the total cost of your mortgage. On a $320,000 loan at 6.75% for 30 years, an extra $200/month shaves approximately 5–6 years off your term and saves over $65,000 in interest. The calculator shows exact savings because it runs a full month-by-month amortization with your extra payments applied in sequence — not an approximation. You can also model a recurring annual payment (e.g., a year-end bonus or tax refund) applied as a lump sum each year.
Reading the Amortization Schedule
The amortization table shows exactly how each payment is split between interest and principal over the life of your loan. Notice that in the early years, the vast majority of each payment goes to interest — not to building equity. This is by design: interest is calculated on the remaining balance, which is highest at the beginning. As your balance falls, the interest portion shrinks and the principal portion grows. The schedule also highlights the month PMI cancels, and shows cumulative interest paid so you can see the true compounding cost at any point in the loan.
30-Year vs. 15-Year Mortgage
A 30-year mortgage offers a lower monthly payment but costs significantly more in total interest over the life of the loan. A 15-year mortgage typically carries a lower interest rate (0.5–0.75% lower on average) and builds equity twice as fast, but requires a monthly payment roughly 40–50% higher. The right choice depends on your cash flow, other investment returns, and financial goals. Use the loan term buttons to compare your total interest at 15 vs. 30 years with a single click.
Debt-to-Income Ratios Explained
Lenders use two DTI ratios to qualify borrowers. The front-end DTI (also called the housing ratio) is your total PITI divided by your gross monthly income — most lenders cap this at 28–31%. The back-end DTI includes all monthly debt obligations (car loans, student loans, credit cards, plus PITI) divided by gross income — typically capped at 43% for conventional loans and 50% for FHA loans. This calculator shows the gross monthly income needed to keep your payment within the standard 28% front-end guideline, giving you a quick sanity check before speaking with a lender.