## 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

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PMI keeps going to zero after enter the numbers

PMI goes to zero only if down payment is 20% or more. If this isn’t the case, please share the numbers you entered using the share button above.

I love this site. It clearly and visually shows results down the road based on different inputs 🙂

This is an awesome tool! The enhancements were very much needed! It can be as simple or as detailed as you need it. This is the best mortgage calculator I’ve found online! Thank you so much for creating such a wonderful tool to help others!

This is a fantastic calculator. My favorite by far! Are you thinking of adding Accelerated Bi-Weekly results which show Additional Payments included as well? Great tool! Thanks!

Its in the works.

Update: Its available now.

the best Calculator out there

This calculator, without reservation, is the best amortization calculator that I’ve used!! I’m loving it!

I use this thing damn near every single day. It is an invaluable tool and I thank the creator for it.

This is a great calculator! I just wish there were an option to show PMI for the life of the loan as some FHA loans keep it for the life of the loan.

I plan to create a separate calculator for FHA Loan to account for upfront and annual mortgage insurance premiums. Stay tuned.

Update: FHA Loan Calculator is now available.

Is there a way for the PMI to be added to the extra payment if you plan to pay the same amount every month?

Extra payment is paid toward the loan principal amount. It helps you pay off your mortgage quickly and as a result reduce the total interest outgo.

PMI impacts neither principal nor interest portion of the loan.

It would be nice if there was a checkbox to add the amount of the PMI to the extra payments after the PMI drops off. An example would be lets say my payments are 500 a month with a PMI of 100. After the PMI no longer needs to be paid it would be nice if instead of assuming I’m only going to pay 400, it adds the 100 to extra payments.

Love your caldulator. Would like FHA and VA Mortgage Calculator

This tool is amazing Vasu. I have recommended this to all of my friends.

Gives a perfect estimation of monthly payments unlike other tools. Way to go!!

Far and away the best mortgage calculator I’ve ever seen. Nice job, this has been incredibly useful.

Only thing I can think to improve this even more is to have the capability to add bi-monthly payments. Not exactly extra payments, it’s the practice of paying half of the mortgage payment every two weeks. This pays down the interest faster and it would be great to see that laid out in a chart here.

Monthly vs Bi-weekly payments comparison is now available.

Wow, that’s great. Thanks!

This calculator helped me be realistic about my upcoming home purchase. I was easily able to model different scenarios to keep myself informed and better able to make quick decisions during negotiations.

Agreed, this is one great calculator. Helps me obsess over potential payments and styles of loans.

hi great plugin, i would like to use it on my website but cannot seem to find the download link. Can you please help me here? Thanks!

You can download the mortgage calculator widget from here: http://usmortgagecalculator.org/mortgage-calculator-widget/

Thanks! This is by far the best mortgage calculator out there. Thank you Vasu!

Thank you for the kind words!

Very useful – would be nice to also include calculations of closing costs & points. It would also be useful to include a variable to compare cost of a mortgage for a home in an excellent school district vs a not so excellent + cost of private school tuition.

You can now include closing costs & points in one-time expenses.

Before the upgrade there use to be a summary at the bottom showing the summary of the whole period based on the extra payments. I dont see that anymore

That summary compared i) monthly payment, ii) monthly with extra payments, and iii) bi-weekly payments. Now that we have added bi-weekly payment option, you can run and compare all the 3 scenarios (plus bi-weekly with extra payments scenario) separately. This was an oft-requested feature from our readers.

Hey Vasu, Great calculator love everything about it, use it frequently. There must have been a change recently, there used to be a section that displayed how long the mortgage would take normally, how long with biweekly payments and how long with the new additional payments entered. This section is gone now!! This hurts because how the duration must be caculated by hand, you had a fantastic section originally below everything bring it back don’t try to outdo yourself.

Regardless thanks for the amazing calc!

You do not have to calculate anything by hand. Instead you can run all these scenarios using this calculator. With this upgrade, we have added bi-weekly payment option to the calculator itself; you can run and compare all the 4 scenarios (monthly / bi-weekly, with or without extra payments). This was the most requested feature from our readers.

Hey again Vasu, the item that must be calculated by hand is duration. Yes you show the year and month when the loan will end but originally in the calculator it stated : 30 years and with additional payments, 27y 3m , so it was very easy to see how much you saved by adding $100 to your monthly payments. Now you must do the calculation manually to determine this number that was the part that the summary at the end helped tremendously with! Just really wish that part was back! Thanks!

OK…I have added it back now. I ❤ Happy Customers!

I just installed the code/app on my website and got a very limited version of the calculator above. Is there a way to get a fully blown version that includes the automatic calculation of PMI etc?

Only a basic (mobile-friendly) amortization calculator widget has been made available for use on other websites. There’s a link in the widget that allows users to explore this calculator for more details.

You have the best mortgage calc that I have come across in years of searching. Is there a way to purchase the same type of calculator info that is on the mobile app? I wasn’t able to find the link you referenced

Very good calculator! In the process of looking for a house and have been searching for a good payment calculator and this is by far the best I’ve used! 🙂

Only recently have I begun contemplating buying another house but I’ve used calculators online during past re-fi exercises. I agree with everyone who’s heaped praise upon you for this incredible piece of work. I wish to further laud your responses to all these posts and suggestions. It seems that alone and for the common good, you’ve tended to this calculator from birth to present the way programs should be. Thank you.

Thank you for all the kind words!

Vasu, I strongly agree with all of the laud and adulations by those who have come across your WONDERFUL calculator! I noticed your new entry, too, of “Comparison of Mortgage Payments”…again, such a useful quick visual tool!

Would it be possible (new challenge!) to put in the type of calculator for Lot purchase type, adding the cost of construction?

Can’t get a home that is wheelchair-friendly without massive restructuring and costs, so we are entertaining building a home, starting with a lot purchase.

Thanks again for your very helpful gift for those of us who are not savvy in this area!

🙂

Thanks for all the kind words! Which loan program are you using for Lot purchase and construction?

We did not go with the lot purchase & construction because the lots ran too high; going with an FHA for a pre-owned home.

Hello, I like this calculator. Is there a paid version? Or is the calculator truly free to use on any website? Thanks.

You cannot use this calculator on your (or any other) website. You can only use the calculator widget for free on your website: http://usmortgagecalculator.org/mortgage-calculator-widget/