Free Mortgage Calculator
What this mortgage calculator does: enter a home price, down payment, rate, and term to see your full monthly payment and how the loan pays down over time. It has two modes and four extra tools:
1. Payment & Schedule: principal and interest plus property tax, insurance, PMI, and HOA, for fixed-rate, adjustable (ARM), or interest-only loans
2. How Much Can I Afford?: an estimated price range from your income and debts, using the 28/36 rule of thumb
3. PMI removal dates based on the federal Homeowners Protection Act, as explained by the CFPB
4. Biweekly payments, extra payments, a 15 vs 30-year comparison, and a refinance break-even check
Free, no sign-up. Your numbers stay in your browser. Results are educational estimates, not a loan offer or financial advice; your lender’s figures will differ.
🏠 Mortgage Calculator
Monthly payment, PMI drop-off by law, biweekly savings, affordability & refinance — all in one place
Source: CFPB — Homeowners Protection Act of 1998. PMI must auto-terminate at 78% of original value, or the loan's midpoint, whichever is first; you may request removal at 80%.
| Date | Principal | Interest | PMI | Balance |
|---|
How to use the mortgage calculator
1. Pick your currency (25+ supported) and the loan type: Fixed Rate, Adjustable ARM, or Interest Only.
2. Under Loan Details, enter the Home Price, Down Payment (the percentage shows beside it), Annual Interest Rate, Loan Term, and Loan Start Date. The start month is payment 1 in the schedule.
3. For an ARM, choose the Fixed (Teaser) Period and the Rate After Adjustment.
4. Under Additional Monthly Costs, enter Property Tax, Home Insurance, PMI / LMI, and HOA & Other Fees, all as monthly amounts. Your lender’s Loan Estimate lists these.
5. Optional: add an Extra Monthly Payment or an Annual Lump-Sum (applied every 12th payment) to see interest saved.
6. Open View Amortization Schedule & Graph, Compare Two Scenarios, or Refinance Break-Even Calculator for more detail. Save results with Copy Summary, Export CSV, Export PDF, or Copy Shareable Link.
7. Switch to How Much Can I Afford? and enter Gross Monthly Income, Other Monthly Debts, Down Payment, rate, term, and Est. Tax + Ins + HOA to estimate a price range.
How to read your results
| Result | What it means |
| Total Monthly Payment | Principal and interest plus tax, insurance, PMI (if your down payment is under 20%), and HOA, for the first month. |
| P & I Payment | The loan payment alone. On a fixed-rate loan, it stays the same for the whole term. |
| Total Interest | All interest paid over the life of the loan if you make every scheduled payment. |
| PMI Removal: By Federal Law | When you can ask to cancel PMI (80% of the home’s original value), when it ends automatically (78%), the loan midpoint cutoff, and total PMI paid. |
| Biweekly Payment Accelerator | What happens if you pay half the monthly payment every two weeks: 26 half-payments a year, the same as 13 monthly payments. |
| Affordability result | The highest price where housing costs stay within 28% of gross income and all debts within 36%. It names which limit applies to you. |
Worked example: a $400,000 home with 10% down
Here’s one example run through the calculator: $400,000 home, $40,000 down (10%), 6.5% fixed for 30 years, starting January 2027, with $400 a month in property tax, $150 in insurance, and $150 in PMI. These are illustrative inputs, not current market rates.
| Result | Figure |
|---|---|
| Loan amount | $360,000 |
| P&I payment | $2,275.44 |
| Total monthly payment | $2,975.44, dropping to $2,825.44 once PMI ends |
| Total interest over 30 years | $459,160.16 |
| PMI: request removal / automatic end | December 2034 / last charge January 2036 (109 payments, $16,350 total PMI) |
| Biweekly ($1,137.72 every two weeks) | Paid off in about 24 years and 2 months; $105,746.14 less interest |
| Extra $200 a month | Paid off November 2050 instead of December 2056; $108,916.85 less interest |
| Same loan over 15 years at 6.5% | $3,135.99 P&I; $204,477.57 total interest ($254,682.59 less) |
🧮 How this was calculated
- Loan amount: $400,000 − $40,000 = $360,000. Monthly rate: 6.5% ÷ 12 = 0.5417%
- P&I uses the standard amortization formula: $360,000 × r(1+r)360 ÷ ((1+r)360 − 1) = $2,275.44
- Month 1: interest $360,000 × 6.5% ÷ 12 = $1,950.00; principal $2,275.44 − $1,950.00 = $325.44; balance $359,674.56
- Total monthly: $2,275.44 + $400 + $150 + $150 = $2,975.44
- PMI: 80% of $400,000 = $320,000 (requested) and 78% = $312,000 (automatic). The balance passes $312,000 after payment 109, so PMI costs 109 × $150 = $16,350
- Each month repeats with interest on the lower balance until payment 360; summing the interest gives $459,160.16
Assumptions: rate fixed for 30 years · tax, insurance, and PMI stay the same · payments on time · no extra payments unless stated.
Example figures are illustrative, not averages or statistics.
Affordability example
Gross income of $8,000 a month, $500 in other monthly debts, $600 estimated tax + insurance + HOA, $40,000 down, 6.5% over 30 years:
🧮 How this was calculated
- Housing limit: $8,000 × 28% = $2,240 a month
- Total-debt limit: $8,000 × 36% = $2,880, minus $500 of debts = $2,380 for housing
- The lower figure applies: $2,240. Minus $600 for tax, insurance, and HOA leaves $1,640 for P&I
- A $1,640 payment at 6.5% for 30 years supports a loan of about $259,465.74; add the $40,000 down payment for an estimated price of $299,465.74
The 28/36 rule is a common lender guideline, not a law. Lenders and loan programs set their own limits.
Methodology and sources
1. Payment: the standard fixed-payment amortization formula, with interest = balance × annual rate ÷ 12 each month. For Canadian dollars, the calculator compounds semi-annually, the convention for Canadian fixed-rate mortgages under the Interest Act.
2. PMI: follows the Homeowners Protection Act rules summarized by the CFPB: you can request cancellation when the balance reaches 80% of the home’s original value, and it ends automatically at 78% (if you’re current on payments) or at the loan’s midpoint. Under the law, the automatic date follows the original payment schedule, so extra payments can bring the request date sooner but don’t move the automatic date. FHA mortgage insurance follows different rules.
3. Affordability: the 28% housing / 36% total-debt guideline. The CFPB explains debt-to-income ratios and why 43% has been an important cutoff for many mortgages.
4. ARM: modeled as one rate change after the fixed period, then a new payment for the remaining term. Real ARMs adjust repeatedly within caps set in your loan documents.
5. Interest-only: the payment covers interest only, so the balance doesn’t fall unless you add extra payments.
6. Biweekly: half the monthly P&I every two weeks, interest at the annual rate ÷ 26 per period. Check with your servicer how it applies biweekly payments.
7. Not included: closing costs (except in the refinance tool), rate changes on tax or insurance, and lender fees.
Frequently Asked Questions
1. Why is my total payment higher than principal and interest?
Ans: Most lenders collect property tax and homeowners insurance with your loan payment, and add mortgage insurance if your down payment is under 20%. HOA dues are usually paid separately but still count toward your housing cost. The calculator adds all of these to show the full monthly amount.
2. When does PMI go away?
Ans: For conventional loans covered by the Homeowners Protection Act, you can ask to cancel PMI once your balance is scheduled to reach 80% of the home’s original value, and it ends automatically at 78% if you’re current on payments. The PMI card shows both dates for your loan.
3. What is the difference between a fixed-rate and an adjustable-rate mortgage?
Ans: A fixed-rate mortgage keeps the same interest rate and P&I payment for the whole term. An ARM has a fixed period (often 5, 7, or 10 years), then the rate can change, so the payment can rise or fall. Pick Adjustable ARM and enter a possible later rate to see how the payment could change.
4. How much does a 15-year mortgage save compared with 30 years?
Ans: The monthly payment is higher, but you pay interest for half as long. Open Compare Two Scenarios, set Scenario B to 15 years, and enter the rate you’ve been quoted to see both payments and total interest side by side.
5. Do extra payments really save that much interest?
Ans: Extra principal lowers the balance that interest is charged on every month after it. The earlier in the loan you pay it, the larger the effect. Check that your loan has no prepayment penalty and that your servicer applies the extra to principal.
6. Does a 15-year mortgage save me money?
Ans: Yes, a 15-year mortgage saves a massive amount of money in long-term interest and usually offers a lower rate. However, the required monthly payment will be significantly higher than a 30-year loan.
7. Is the affordability estimate what a lender will approve?
Ans: No. It applies the 28/36 rule of thumb to the numbers you enter. Lenders also look at credit, savings, employment, and the loan program, and some allow higher debt-to-income ratios. Use it as a starting point before talking to lenders.
Kevin Brown researches personal finance topics using official sources; he is not a licensed financial advisor or mortgage lender. Last reviewed: October 2026.
