How is a monthly mortgage payment calculated?

A monthly mortgage payment (P&I) is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (loan term in years × 12).

What's the difference between a fixed and adjustable rate mortgage?

A fixed-rate mortgage maintains the same interest rate for the life of the loan, providing predictable payments. An adjustable-rate mortgage (ARM) has a rate that can change periodically after an initial fixed period, often starting lower but carrying the risk of future increases.

How much of a down payment do I need?

Conventional loans typically require 20% down to avoid PMI, though many lenders accept 3–5% down. FHA loans require 3.5% with a 580+ credit score. VA and USDA loans may offer 0% down options for eligible borrowers.

What is PMI and can I remove it?

Private Mortgage Insurance (PMI) is required by lenders when your down payment is less than 20%. You can request PMI removal once your loan balance reaches 80% of the home's original value. By law (Homeowners Protection Act), lenders must cancel PMI automatically at 78% LTV.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but builds equity faster and pays significantly less total interest — often saving $100,000+ over the loan life. A 30-year mortgage has lower payments, freeing up monthly cash flow, but costs more in total interest.

12 free calculators

Free Mortgage & Home Loans Calculators 2026

Calculate mortgage payments, affordability, refinancing savings, and home loan costs.

Browse Calculators How to Use

All Mortgage & Home Loans Calculators

12 calculators

Mortgage Payment Calculator

Popular

Calculate your monthly mortgage payment including principal, interest, taxes, insurance, PMI, and HOA fees.

Monthly payment breakdown (P&I, taxes, insurance, PMI, HOA)
Doughnut chart of payment components
Full amortization schedule
PMI drop-off month calculation

$2,661/moUse Calculator

Home Affordability Calculator

Popular

Find out how much home you can afford based on your income, debts, and desired debt-to-income ratio.

DTI-based affordability calculation
Maximum purchase price estimate
Front-end and back-end DTI breakdown
Adjustable DTI limit

$420,000 maxUse Calculator

Down Payment Calculator

Popular

Calculate your required down payment, savings gap, and how long it will take to reach your goal.

Required down payment amount
Savings gap calculation
Monthly savings timeline
Visual progress bar

$70,000 neededUse Calculator

Rent vs. Buy Calculator

Popular

Compare modeled renting and buying costs using your rent, home price and growth assumptions. Explore an estimated break-even point.

Break-even year analysis
5/10/20-year cost comparison
Cumulative cost line chart
Home appreciation modeling

Break-even: 7 yrsUse Calculator

Refinance Calculator

Popular

Calculate your potential savings from refinancing your mortgage and determine your break-even point.

Monthly savings calculation
Break-even months
Lifetime interest savings
New vs. current payment comparison

$180/mo savingsUse Calculator

HELOC Calculator

Estimate your available home equity line of credit and monthly payment options.

Available equity calculation
Maximum HELOC amount
Draw vs. repayment period payments
Interest-only payment option

$160,000 availableUse Calculator

Mortgage Payoff Calculator

Popular

See how extra payments on your mortgage can save you thousands in interest and years of payments.

Extra monthly payment analysis
Lump-sum payment option
Months and interest saved
Balance comparison chart

52 months savedUse Calculator

Closing Costs Calculator

Estimate the closing costs on your home purchase with an itemized breakdown by category.

Itemized closing cost breakdown
Lender, title, and prepaid costs
2–5% of purchase price estimate
State-based tax estimates

~$10,200 estimatedUse Calculator

ARM Calculator

Calculate adjustable-rate mortgage payments and see worst-case scenarios with lifetime rate caps.

Initial and adjusted payment calculation
Worst-case cap payment
Payment fluctuation chart
Cap structure modeling

$1,800 initialUse Calculator

Interest-Only Mortgage Calculator

Compare interest-only vs. principal-and-interest payments and see the total cost difference.

Interest-only period payment
P&I payment after conversion
Phase-by-phase comparison table
Total interest analysis

$2,500/mo interest onlyUse Calculator

FHA Loan Calculator

Calculate FHA loan payments including upfront MIP and annual mortgage insurance premium.

FHA-specific payment calculation
Upfront MIP amortization
Annual MIP component
Total monthly payment

$1,892/mo totalUse Calculator

VA Loan Calculator

Calculate VA loan payments including the VA funding fee based on your down payment and service type.

VA funding fee calculation
First-use vs. subsequent-use rates
Monthly payment breakdown
Total loan cost

$1,756/moUse Calculator

Mortgage & Home Loans Guides

How Mortgage Payments Are Calculated

Learn the PMT formula behind every mortgage payment and how principal, interest, taxes, and insurance make up your monthly cost.

5 min read

Fixed vs. Adjustable Rate Mortgages

Understand the differences between 30-year fixed, 15-year fixed, and ARM loans — and which might save you more money.

6 min read

PMI: What It Is and How to Avoid It

Private Mortgage Insurance adds 0.5–1.5% to your loan annually. Learn how to eliminate it by reaching 20% equity.

4 min read

The True Cost of Buying a Home

Beyond the purchase price: closing costs, property taxes, maintenance, and HOA fees that buyers often overlook.

7 min read

When Does Refinancing Make Sense?

Use the break-even method to determine whether the cost of refinancing is worth the monthly savings.

5 min read

Compare Mortgage & Home Loans Calculators

Name	Best For	Complexity	Key Feature
Mortgage Payment	First-time buyers estimating monthly cost	Simple	Full PITI breakdown
Home Affordability	Buyers setting a realistic purchase budget	Simple	DTI-based max price
Rent vs. Buy	Deciding between renting and owning	Advanced	Break-even year analysis
Refinance Calculator	Homeowners considering a rate refi	Moderate	Break-even month

Frequently Asked Questions

Built on trust

Why Use MoneyCalc?

Free tools with explained assumptions

No Account Required

MoneyCalc calculators run entirely in your browser. Some tools save settings locally on your device.

100% Free

All calculators are completely free to use. No subscriptions, no hidden fees, no paywalls.

Transparent Estimates

Read the formula, assumptions and model limitations alongside each calculator.

Works on Any Device

Optimized for mobile, tablet, and desktop. Calculate on the go from any browser.

Related Categories

Personal Loans

Compare personal, auto, student, and other loan options with EMI and amortization breakdowns.

Debt Tools

Tackle debt faster with snowball, avalanche, consolidation, and payoff calculators.

Savings

Grow your money with compound interest, savings goal, CD, and emergency fund calculators.