Mortgage Calculator

Free mortgage calculator with property tax, homeowner's insurance, and PMI estimates. See your total monthly payment breakdown, amortization schedule, and compare how different down payments affect your costs. Includes total cost of ownership analysis.

Home Price ($)

Down Payment

Loan Term (years)

Interest Rate (%)

Annual Property Tax ($)

Annual Insurance ($)

Estimated Monthly Payment

$2,236.46

Loan: $280,000 at 6.5% for 30 years

Monthly Breakdown

P&I

$1,769.79

Tax

$350.00

Insurance

$116.67

Payment Breakdown

Monthly

$2,236.46

Principal & Interest79.1%

Property Tax15.6%

Insurance5.2%

Total Cost of Ownership (30 years)

Total Payments

$805,125

Home Price$350,000

Down Payment−$70,000

Total Interest Paid$357,125

Total Taxes & Insurance$168,000

Interest is 127.5% of the loan amount over 30 years.

Down Payment Comparison

Down Payment	Amount	Loan	Monthly P&I	PMI	Total Monthly
5%	$17,500	$332,500	$2,101.63	$138.54	$2,706.83
10%	$35,000	$315,000	$1,991.01	$131.25	$2,588.93
15%	$52,500	$297,500	$1,880.40	$123.96	$2,471.03
20%Current	$70,000	$280,000	$1,769.79	None	$2,236.46

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender, not the borrower, and is removed once you reach 20% equity.

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$1,769.79	$253.12	$1,516.67	$279,746.88
2	$1,769.79	$254.49	$1,515.30	$279,492.38
3	$1,769.79	$255.87	$1,513.92	$279,236.51
4	$1,769.79	$257.26	$1,512.53	$278,979.25
5	$1,769.79	$258.65	$1,511.14	$278,720.60
6	$1,769.79	$260.05	$1,509.74	$278,460.54
7	$1,769.79	$261.46	$1,508.33	$278,199.08
8	$1,769.79	$262.88	$1,506.91	$277,936.20
9	$1,769.79	$264.30	$1,505.49	$277,671.90
10	$1,769.79	$265.73	$1,504.06	$277,406.16
11	$1,769.79	$267.17	$1,502.62	$277,138.99
12	$1,769.79	$268.62	$1,501.17	$276,870.37
... 345 more rows ...
358	$1,769.79	$1,741.34	$28.45	$3,511.03
359	$1,769.79	$1,750.77	$19.02	$1,760.26
360	$1,769.79	$1,760.26	$9.53	$0.00

Disclaimer: This calculator provides estimates for informational purposes only. Actual payments may vary based on your specific loan terms, credit score, location, and lender requirements. Property taxes and insurance rates vary by location and coverage. PMI rates depend on credit score and loan-to-value ratio. Consult with a qualified mortgage professional for accurate payment information.

How to Use Mortgage Calculator

1Enter home price, down payment, interest rate, and loan term.
2Optionally add property tax, insurance, and PMI rates.
3View your complete monthly payment breakdown.
4Explore the amortization schedule and compare down payment scenarios.

Frequently Asked Questions

How is my monthly mortgage payment calculated?▾

Your monthly payment includes principal + interest (using the amortization formula), plus property taxes, homeowner's insurance, and PMI (if down payment is less than 20%).

What is PMI and when do I need it?▾

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5-1% of the loan amount annually.

How much house can I afford?▾

A common guideline is that your total housing costs should not exceed 28-36% of your gross monthly income. Use this calculator to find a comfortable payment.

What's the difference between a 15-year and 30-year mortgage?▾

A 15-year mortgage has higher monthly payments but significantly lower total interest paid. A 30-year mortgage has lower monthly payments but costs more over the life of the loan.

About Mortgage Calculator

NexTool's Mortgage Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.