Free Mortgage Calculator

The Mortgage Calculator is a free online tool that calculates monthly mortgage payments, total interest, and provides a detailed amortization schedule.

Yes, it is completely free with no registration required. All calculations happen client-side in your browser.

The Mortgage Calculator focuses on principal and interest calculations, with fields for additional costs like property taxes and insurance where applicable.

Absolutely. The Mortgage Calculator processes everything client-side in your browser. No data is uploaded to or stored on any server. Your content remains private on your device at all times.

Yes, the Mortgage Calculator is fully responsive and works on smartphones and tablets. You can use it on any device with a modern web browser -- no app download required.

No account or registration is needed. Simply open the Mortgage Calculator in your browser and start using it immediately. There are no sign-up walls or usage restrictions.

The Mortgage Calculator uses industry-standard formulas and algorithms to ensure accurate results. However, for critical financial or medical decisions, always consult a qualified professional.

Simply enter your input in the provided field, adjust any settings to your preference, and the tool will process it instantly. You can then copy the result to your clipboard or download it.

The Mortgage Calculator works in all modern browsers including Chrome, Firefox, Safari, Edge, and Opera. For the best experience, use the latest version of your preferred browser.

PITI stands for Principal, Interest, Taxes, and Insurance — the four parts that make up your true monthly housing cost. Principal and interest repay the loan itself, but lenders also collect property tax and homeowner's insurance, usually through an escrow account, so the full payment is noticeably higher than the principal-and-interest figure alone. If your down payment is under 20%, private mortgage insurance (PMI) and any HOA dues get added on top, pushing it higher still. That gap is why a loan that looks affordable on a basic calculator can strain a budget once the full bill arrives. This calculator's Payment mode builds the complete PITI estimate line by line — principal, interest, taxes, insurance, PMI, and HOA — so you see the actual monthly amount you'd owe rather than just the loan portion.

You typically avoid private mortgage insurance by putting down at least 20% of the home's price, which keeps your loan at or below 80% of the home's value — a loan-to-value (LTV) ratio of 80% or less. With less than 20% down, lenders add PMI to offset their risk, and it stays on your payment until your balance falls under that 80% threshold, at which point it can usually be cancelled. PMI is a recurring monthly cost that buys you nothing in equity, so understanding when it drops off matters. This calculator adds PMI automatically whenever your down payment is below 20%, shows it as a separate line in the payment breakdown, and flags the exact month your balance crosses the 80% mark so you know when it can come off.

The break-even point is the month when your accumulated monthly savings from a lower rate finally exceed what the refinance cost you upfront in closing costs. To find it, divide the total closing costs by your monthly savings: if refinancing saves you a set amount each month and costs a few thousand dollars to close, the break-even is roughly that cost divided by the monthly saving. If you plan to keep the home and loan well past that point, refinancing usually pays off; if you might move or refinance again sooner, it may not. The new term also affects lifetime interest, not just the monthly figure. This calculator's Refinance mode compares your current loan against a new rate and term, then reports the monthly savings, the break-even month, and the difference in total interest after closing costs.

A fixed-rate mortgage locks your interest rate for the entire term, so your principal-and-interest payment never changes. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an introductory period, then adjusts periodically based on market rates, which can raise or lower your payment. ARMs usually include a rate cap limiting how high the rate can climb at each adjustment and over the life of the loan. The trade-off is real: an ARM can save money early, but you take on uncertainty later, which suits buyers who expect to move or refinance before the adjustments begin. This calculator's ARM vs Fixed mode projects both side by side using the initial rate, the adjustment period, and the cap, so you can see when the ARM's payment could overtake the fixed loan.

Whether buying beats renting depends on more than the monthly payment comparison. Buying builds equity and can benefit from home appreciation, but it carries closing costs, property taxes, insurance, maintenance, and the opportunity cost of tying up your down payment instead of investing it. Renting is cheaper upfront and flexible, though rent tends to rise over time. The key variable is how long you stay: the longer you hold a home, the more buying's upfront costs are spread out and outweighed by equity and appreciation. This calculator's Rent vs Buy mode weighs both paths over a holding period you choose, factoring home appreciation, rent increases, and the return you could earn investing the down payment instead, so you can see which option comes out ahead for your specific timeline.