Mortgage Calculator 2026 — Free Monthly Payment Calculator with Amortization & FAQ

🏡 Mortgage Calculator — Free Monthly Payment Calculator 2026

Free Mortgage Calculator — Enter home price, down payment, and interest rate to instantly calculate your monthly mortgage payment. Includes amortization schedule, pie chart & FAQ. No signup required!

✓ PITI + PMI ✓ Yearly amortization ✓ Principal vs Interest pie chart ✓ Instant & free

🏠 Home Price ($)

💰 Down Payment

$ Amount % Percent

📅 Loan Term (years)

📈 Interest Rate (%)

🗓️ Start Date (Month/Year)

🏛️ Property Tax ($/year) — optional

🏠 Home Insurance ($/year) — optional

⚠️ PMI (%) — optional (annual rate)

Typically if down payment < 20%

Monthly Payment (Principal + Interest)

+ Tax
$0

+ Insurance
$0

+ PMI
$0

💵 Total monthly cost: $0

Total Payment (Loan + Taxes + Ins + PMI)

🧾 Total Interest Paid (loan only)

Principal
$0

Total Tax
$0

Total Insurance
$0

Total PMI
$0

📊 Principal vs Interest vs Tax vs Insurance

📅 Amortization Schedule (Year wise)

Year	Principal Paid	Interest Paid	Property Tax	Insurance	PMI	Remaining Balance
Loading...

* Yearly totals: P&I amortization + fixed annual tax/insurance/PMI (if any).

📘 Mortgage Calculator Guide — Understand Every Detail

🏠 Home Price

The total purchase price of the property. Enter the sale price or estimated value. Higher home price → larger loan & monthly payment.

Tip: stay within 28% of gross income for housing costs.

💰 Down Payment (Amount or %)

Lump sum paid upfront. Reduces loan amount and can eliminate PMI if ≥20%. Use $ or % toggle. Example: 20% down avoids private mortgage insurance.

20% down = lower monthly & no PMI.

📅 Loan Term

Choose 10,15,20,30 years. Shorter term = higher monthly payment but far less total interest. 30-year gives lower monthly cash flow but more interest over time.

15-year saves tens of thousands in interest.

📈 Interest Rate

Annual percentage rate (APR) from lender. Even 0.5% difference impacts total interest drastically. Current rates 5-7% range; adjust to your scenario.

Use this calculator to compare rate offers.

🗓️ Start Date

First payment month/year. Used for amortization schedule year labels. Helps visualize payment timeline.

Amortization table starts from selected month/year.

🏛️ Property Tax (optional)

Annual tax assessed by local government. Usually 0.5%–2% of home value. Added to monthly escrow. Our calculator includes tax in total cost and pie chart.

Pro tip: check county tax records for accuracy.

🏠 Home Insurance

Yearly homeowners insurance premium. Required by lenders. Varies by location and coverage. Monthly portion included in total payment.

Shop around; bundles can save 15%.

⚠️ PMI (%)

Private Mortgage Insurance required when down payment <20%. Annual rate (0.3%–1.5%). Our calculator shows exact PMI cost and total PMI paid over loan life.

Cancel PMI once equity reaches 20%.

❓ Frequently Asked Questions (FAQ)

What is a mortgage calculator and how accurate is it? +

A mortgage calculator estimates your monthly principal, interest, taxes, insurance, and PMI. It's highly accurate for given inputs but actual lender fees, points, or variable rates may differ. Use it for budgeting and comparing loan scenarios.

How does down payment affect PMI? +

If your down payment is less than 20% of home price, lenders typically require Private Mortgage Insurance (PMI). Our calculator lets you input an annual PMI rate (e.g., 0.5%) and automatically computes monthly PMI based on loan amount. A 20%+ down payment removes PMI.

What is an amortization schedule and why is it useful? +

An amortization schedule shows each year’s principal and interest payments. In early years, interest is higher; later years, principal accelerates. Year-wise view helps you plan extra payments and see equity growth.

Can I include property tax and insurance in monthly payments? +

Yes. Enter annual property tax and home insurance amounts. The calculator adds monthly portions to your total payment, giving you a true PITI (Principal, Interest, Taxes, Insurance) estimate.

How does the pie chart help me? +

The pie chart visualizes total cost breakdown over the entire loan: Principal (amount borrowed), Interest (cost of borrowing), Property Tax, and Insurance. It shows which part dominates your expenses and encourages smart decisions like larger down payment or shorter term.

Is this mortgage calculator free and mobile-friendly? +

Absolutely! It's 100% free, no signup, no hidden fees. Built mobile-first, works perfectly on smartphones, tablets, and desktops. Loads in under 2 seconds and has zero ads inside the calculator.