The most comprehensive free mortgage toolkit — payment calculator, amortization, rent vs buy, ARM, biweekly, tax savings, HELOC, and more.
Enter your home price, down payment, interest rate, and loan term to instantly calculate your monthly mortgage payment, total interest, and full amortization schedule.
Your base monthly payment (principal & interest) is calculated using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
Your total monthly payment — also called PITI — includes principal & interest, property taxes, homeowners insurance, PMI (if your down payment is under 20%), and HOA fees. This is the number lenders use to evaluate your debt-to-income ratio.
A 20% down payment eliminates PMI on conventional loans and typically secures a lower interest rate, reducing both your monthly payment and total interest paid over the life of the loan.
See exactly how each payment splits between principal and interest over the life of your loan — and download the full schedule as a CSV.
| Year | Beginning Balance | Principal | Interest | Ending Balance |
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Specialized tools to help you make smarter mortgage decisions
National average rates as of . Rates vary by lender, credit score, loan-to-value ratio, and property location. Use these as benchmarks when shopping lenders — a 0.25% rate difference on a $400,000 loan saves over $20,000 in interest over 30 years.
Rates shown are for illustrative purposes. Actual rates depend on your credit score, LTV, location, and lender.
Compare estimated rates, monthly payments, fees, and APRs across multiple lenders. Filter by loan purpose, term, property value, credit score, and loan type (Conventional, FHA, VA, USDA) to find the best mortgage for your situation.
Rates shown are representative estimates for illustrative purposes and may not reflect live market conditions. Actual rates depend on credit profile, LTV, property type, and lender criteria.
Your monthly payment (P&I) uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n–1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Additional costs like property tax, insurance, PMI, and HOA are added on top.
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan amount per year and can be removed once you reach 20% equity.
A 15-year mortgage has higher monthly payments but builds equity faster and saves significant interest. A 30-year mortgage offers lower monthly payments and more cash flow flexibility. Use the Loan Comparison tool to see the numbers for your scenario.
The interest rate is the base cost of borrowing. APR includes the interest rate plus lender fees, points, and other costs — giving a more accurate picture of the loan's true cost. Use our Real APR Calculator to find the true cost of your loan.
ARMs offer lower initial rates but carry payment risk after the fixed period ends. A 5/1 ARM is fixed for 5 years, then adjusts annually. If rates rise significantly, your payment could jump hundreds of dollars. Use our ARM Calculator to model worst-case scenarios.
Paying every two weeks results in 26 half-payments per year — equivalent to 13 full monthly payments instead of 12. That one extra payment per year is applied to principal, reducing your balance faster and saving significant interest over the loan term.
Buying generally wins long-term when you stay in a home 5+ years, home prices appreciate, and your rent would otherwise keep rising. The Rent vs Buy calculator accounts for equity growth, maintenance, opportunity cost on the down payment, and rent increases.
Most conventional loans require a minimum score of 620. FHA loans accept scores as low as 580 (or 500 with a 10% down payment). VA and USDA loans don't have a strict minimum but lenders typically want 620+. Higher scores unlock better rates and terms.