## How to Use the Free Mortgage Calculator

This mortgage calculator helps you estimate your monthly payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fees. It also calculates the sum total of all payments including one-time down payment, total PITI amount and total HOA fees during the entire amortization period. You are presented with a detailed mortgage payment schedule. Many homeowners wish to accelerate their mortgage schedule through extra payments or accelerated bi-weekly payments. A table showing the difference in payments, total interest paid and amortization period under both schemes is also displayed.

Here are a few important points to help you understand the mortgage calculations:

- The difference between home value and the mortgage amount is considered your down payment. If this is not the case (e.g., refinancing your loan), you should ignore the down payment and subtract this amount from the total of all payments.
- Private Mortgage Insurance (PMI) is calculated only if down payment is less than 20% of the property value (i.e., loan-to-value ratio is higher than 80%) and stops as soon as the outstanding principal amount (balance) is less than or equal to 80% of the home value. PMI is estimated at following rates: 95.01-100% LTV = 1.03% , 90.01-95% LTV = 0.875%, 85.01-90% LTV = 0.625%, 80.01-85% LTV = 0.375%. The actual PMI is based on your loan-to-value (LTV), credit score and debt-to-income (DTI) ratio.
- PMI, property taxes and homeowners insurance (aka hazard insurance OR home insurance) are defaulted to national averages in the US. These averages may not be accurate for your particular situation. You should override and enter your own estimates, if required.
- Although you may not pay property taxes and insurance on a monthly basis, it is factored into the total monthly payment with the assumption that you are setting aside this amount (through escrow / impound account or some other means) every month.
- You can enter down payment, one-time expenses, property taxes and homeowners insurance as a percentage of the home value and PMI as a percentage of the mortgage amount. You also have the choice of entering exact dollar amounts instead, if desired.
- One-time expenses can include closing costs (including discount points) and any money spent on one-time repair or renovation of the property.
- Bi-weekly payments (aka 'Accelerated Bi-weekly', 'True Bi-weekly' or 'Bi-weekly applied bi-weekly') help reduce your total interest cost and accelerate mortgage payoff.
- All extra payments pay down the principal and help reduce the loan tenure.
- You can print OR share a custom link to your mortgage calculation, with all your numbers already pre-filled, with your friends & family.
**Taxes, PMI, Insurance & Fees**includes property taxes, PMI, Homeowner's Insurance and HOA Fees.**PITI**refers to**P**rincipal,**I**nterest,**T**axes and**I**nsurance.

The mortgage calculations do not include the following costs and savings:

- Certain recurring costs associated with home ownership (e.g., utilities, home warranty, home maintenance costs etc.)
- Savings such as tax deductions on your mortgage payments

Some of the recurring expenses will change over the lifetime of home ownership due to home value changes, inflation and other factors. Some expenses (e.g., property taxes, homeowner's insurance etc.) will continue even after you have paid off your loan. You should consider all these factors, especially when making a rent vs. buy decision.

Best wishes for an affordable home mortgage loan and a great new home!

##### FHA Mortgage Calculator

FHA Loan Calculator With MIP, Taxes, Home Insurance & HOA Fees

##### Mortgage Guide

A Beginner’s Guide to Mortgages and Buying Real Estate

##### Android App

Download our Free Android App from Google Play Store

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How do you print this page and have it look the same as on a browser? I have not been successful, even using the “save as PDF” option. Thanks.

Fixed it. Please use the browser “Print…” option.

It works perfectly now. Thanks a million.

Vasu, thanks for sharing your wonderful product Free. Calculations are made simple here.

Wish I could send a link to someone with a particular set of numbers already entered.

Thanks for this excellent suggestion. I am working on a solution for this. If everything happens as per plan, I will release this functionality in the next couple of weeks.

Update: You can now use the Share button to obtain a link with your set of numbers already entered.

Really fantastic tool! This is the best calculator I’ve found, though I’m still looking for one that takes into account mortgage deduction based on tax bracket to give me the total picture on how a given loan will affect my finances on a monthly basis.

That’s a tough one. I will keep that in the back of my mind when adding new features to this calculator. Thanks for the kudos.

This is a good sight to use we use it in computer class all the time. Have a nice day!!!!! HAYLEE AKA BALLER

Thanks for the appreciation. I wasn’t expecting it to be used in a computer class though 🙂 What are you trying to learn (or teach) using this calculator?

great calculator…thanks so much for sharing it!

it would be cool if you could add a field for extra payments, so if i wanted to see how much interest total i would pay by adding $ X.xx amount each month, I could compare terms better.

Its in the works. Please check back in a couple of weeks.

Update: Extra payments have been added now.

Hello Vasu – It would be nice if the calculator also showed the bi-weekly payment total interest paid and amortization using the extra payment feature. Said differently, if I added $100 to each monthly payment AND paid bi-weekly, what would that do to the total interest paid and total years. Thanks!

I prefer to keep this calculator simple & easy to understand. I will probably create another ‘Advanced’ mortgage calculator page and add this feature. Thanks for the feedback.

I was unhappy with most calculators I’ve found online, but yours is the best thus far. If I could make one request, I would also want to see the HOA Fees included in the total of all payments. It is helpful to have the number present in the total monthly payment, but it would also be very instructive to see it included in the total of all payments chart. It is a simple calcuation, I know, but having all the numbers in one place is always great.

HOA Fees is already included in the monthly payment and total of all payments. Please check again.

Just wondering if there has been any progress on the Advanced Calculator? I love this one for playing with numbers to see their effect. Would love to be able to see what switching to Bi-Weekly payments would do for me.

Thanks for an awesome tool!

Thanks for the compliment. I am in the middle of a website redesign. I plan to take up calculator upgrade (with features most requested by our readers) after the redesign project.

any update/progress/feedback on the new redesigned website?

Probably the best calculator I’ve used anywhere on the web. Additional monthly payment feature would be amazing! Thank you so much

Vasu, please add the totals at the end of the amortization table , i would like to know total principal, total interest at the end of the 30 year period. thanks – viswanath

The total of all payments is already available at the top (below the monthly payment breakup).

Thanks. I got it.

I have the bank automatically round-up my payment every month – it would be great to have the option to enter the payment amount I currently make to see how the schedule will work out.

If the bank is rounding up (and not rounding down) the monthly payment, then I will have a solution for you in a couple of days. I am adding the ‘Extra Payments’ feature to the calculator shortly. You can enter the difference between the “rounded up” figure and the monthly payment estimated by the calculator as monthly extra payment. It will show you how this extra amount is going to impact your payment schedule. Hope this helps.

Update: Extra payments feature is available now.

Your tool is especially useful! Every home buyer or owner, and those considering refinancing really ought to know about it. I have a couple of comments. 1) It would help the visualization if the color keys were consistent; principal = green, interest = orange, and taxes, insurance & fees = purple throughout. Maybe the pie chart could be slightly rearranged to accommodate the color keys? 2) After 10 of the 30 years of my mortgage have passed, I wanted to know what percentages of my total principle and interest obligations have been paid, to see if there is an advantage to a refinance. Found that after 1/3 of the term has elapsed, only 13% of the principle has been paid back, but I had to do a lot of tedious addition. For this purpose, it would be really nice to have running cumulative amounts of P, and I in your output. Maybe it could be “hidden” from view, like the monthly data is. I like your simple chart and don’t want to mess it up, but I think it would be nice if this was available.

Thanks for the detailed feedback. Today’s big release addresses some of your concerns: displaying i) consistent color keys and ii) principal balance in the chart.

Thanks for being so responsive, Vasu. I wonder about the usefulness of the column labeled A+B+C+D since it does not vary (much). That column might be more illuminating to the homeowner if the data it showed was the “cumulative amount of interest paid to date” and/or a “cumulative amount of principal paid to date.” Alternatively, it could show the “cumulative percent of interest paid to date” and/or the “cumulative percent of principal paid to date. If it did the latter, I could look down the column(s) and see when I had paid back 10% or any other percentage of the loan. Even better, if you had both columns, a user could not help but notice how fast the lender is accumulating interest compared to how slowly the principal is being repaid. It might give visibility to that aspect of a mortgage. Of course, if you are working on the behalf of “lenders” you might not like that idea.

I have now added ‘Loan Paid To Date’ to the amortization schedule and chart. Thanks for this great suggestion.

Terrific, Vasu! That column “speaks” to me. (How do you make changes so fast?) I think this tool you have created is a magnificent contribution to the real world, and I hope people take notice and make good use of it. You deserve a lot of praise as well as thanks.

Vasu, Like everyone else, I really like this tool. I put in all my data, and the monthly payments come very very close to my actual payment. Would you be able to add a selection for the Additional payments whereby I would be able to choose the length of time I wanted to pay off my mortgage? Let’s say I wanted to have my home paid off in 12 years from today, how much extra would I have to include in my payment to make it so?

Here’s an easy way to do this: Let’s say you borrow $280,000 @ 5% interest rate:

Step 1: Use the mortgage calculator to determine your mortgage payment (excluding taxes and insurance) for 30 years = $1503.10

Step 2: Use the mortgage calculator to determine your mortgage payment (excluding taxes and insurance) for 12 years = $2,589.69

Step 3: Subtract the numbers to arrive at the monthly extra payment required to pay off your 30-year mortgage in 12 years = $1,086.59 ($2,589.69 – $1503.10)

If you need to figure out extra payments for some other duration (say n years), repeat Step 2 & 3. Its a little extra math, but its not difficult. We all want to run a lot of “what if” scenarios when getting a mortgage loan. Its difficult to build a calculator that handles all of them. Nevertheless, I thank you for the feedback and the kudos.

Great calculator.. very clear and easy to use. My only suggestion is to have an end point for extra payments. For example, I plan to make significant extra payments for the first 2-3 years of the loan when it is the most effective to do so, but then plan to have children and will most likely unable to consistently make the extra payments. Another buyer might plan to make lower extra monthly payments, but then after a certain time period pay more due to increased income.

Love your feedback. These are very valid points. Stopping, reducing or increasing extra payments with time are all possible scenarios. Some folks have also mentioned that there should be a provision to make multiple ‘one-time’ payments. Incorporating all these possibilities in this calculator will probably overwhelm the average user. I am planning to add a separate ‘Advanced Calculator’ page with many more options for power users.

I will seriously consider your suggestion of adding an end point for extra payments. Thanks

Thanks a lot! This is one of the best and simple Mortgage calculators I came across.

This is absolutely wonderful! I love it and have shared it widely. Thank you!

Thanks for the kudos and spreading the word.

I have searched for mortgage calculators at multiple sites from cnn/bankrate/nytimes total 10+ and finally i found this site. This is THE BEST mortgage calculators i have seen so far. Thanks for it.

You might want to share this with other non-profit or for-profit companies (may be bankrate / npr etc) so other people can know about this product and can use it for there benefit.

Thanks for the kudos!

Love it, Vasu! I’m a Loan Officer and would love to use this for my clients so that they can shop within their goals. Please get in touch with me.

Add Accelerated Bi-weekly (with extra payments)

Accelerated Bi-weekly (with Extra payments) is available now.

This is a fantastic tool – thanks for all of your work on it. I have a slightly strange request: could you add a “Pin It” button for Pinterest? I’m sure I’m not alone in having boards on Pinterest for things of this nature and I know many people think of Pinterest as the place to bookmark and find the “best of the web”. I’d love to be able to add this site there. Thanks again!

THE BEST MORTGAGE CALCULATOR AVAILABLE!!! THANKS A TON FOR CREATING IT FOR PEOPLE.

I love this calculator. The only thing I would add is either the ability to specify the number of payments per year OR add a line to the bi-weekly payments table that includes a line for Accelerated Bi-weekly (With Extra Payments)

Thanks for the feedback…will try to add the ‘Payment Frequency’ choice in the next update.

Update: Accelerated Bi-weekly (with Extra payments) is available now.

Hi Vasu, Really nice calculator. Great mix of features and usability. I have used it so much that I think I should at least buy you dinner. Any plans of adding a donate button ?

Thanks for the generous praise! No need for donation…please spread the word about this calculator.

Can you tell me why the interest paid on the amortization tables change with extra payments applied? Are you assuming these are adjustable rate mortgages? Otherwise, the amortization tables are fixed – so interest does not drift from the predetermined schedule on date of closing – extra payments just move up the payoff date. Using this calculator, one would get the impression that interest paid per month changes when extra payments are applied to FRMs, but in reality, it doesn’t.

Thank you

The interest rate doesn’t change with each extra payment. Your monthly payment remains the same, but principal-to-interest ratio for the subsequent periods should change. The interest amount you pay each month depends on the principal outstanding from the previous month.

Here’s a detailed post on how mortgage amortization works: http://usmortgagecalculator.org/how-mortgage-amortization-works/

Most accurate calculator I’ve seen.

Vasu – Great tool. Helped us in determining amount we can budget when buying a home. Can you make it so that it calculates adding extra to monthly payment and paying accelerated bi weekly i.e. 100 extra per month but paid biweekly? Thanks…

Glad it helped you. Extra payments with bi-weekly schedule is in the works along with few other changes.

Update: Bi-weekly payments is available now.

I love this tool, its been helpful and handy. It does a great job showing the data for analysis

I would recommend to add the following capabilities too, to get much more value of it

1. compute/summarize Bi-Weekly with & without additional payments.

2. Show when the PMI goes away on the “Monthly vs. Accelerated Bi-weekly mortgage payment” section at the bottom

Thanks for the suggestions. I have added them to the list of features for the next upgrade.

Update: Bi-weekly payments is available now.