Free Mortgage Payment Calculator With Clear Assumptions

This page combines a practical mortgage payment calculator with an explanation of how mortgage payments are commonly estimated. You can treat it as a mortgage estimator or a simple home loan calculator when you want a fast “what-if” view of payment size, interest costs, and approximate payoff timing.

If you prefer alternative labels, you may also see people call tools like this an mtg calculator or mtg calc. Under the hood, the math is the same: a standard amortization formula that spreads payments over time so the balance declines to zero by the end of the term. Because this is an educational amortization calculator, results depend entirely on the numbers you enter and simplified assumptions.

This tool focuses on forward mortgages (typical home loans). A reverse mortgage calculator can be very different because eligibility, payouts, fees, and rules vary by program and borrower profile. For that reason, this calculator does not model reverse mortgages; it is designed for standard home loan scenario testing only.

For details on methodology and limitations, see How Our Calculators Work.

Mortgage calculator showing monthly payment estimate and amortization-style payoff timeline for a home loan in the United States

Mortgage Calculator (US)

Use our mortgage calculator to estimate monthly payments, total interest, and an amortization-style payoff timeline. This online mortgage calculator is built for educational scenario testing and helps you compare assumptions like down payment, interest rate, term length, taxes, insurance, HOA fees, and PMI.

All Tools Rent vs Buy

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Amortization-based

Standard payment math.

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Transparent inputs

You control assumptions.

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Home-loan focused

Taxes, insurance, HOA, PMI.

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Educational only

Not financial advice.

Online Mortgage Calculator

Enter your assumptions below to estimate monthly payment, total interest, and payoff timeline. This mortgage repayment calculator is for educational scenario testing only.

Home price ($)

Down payment type

Down payment

Loan term (years)

Interest rate (APR %)

Start month

Property taxes (annual $)

Home insurance (annual $)

HOA (monthly $)

PMI included?

PMI rate (annual % of loan)

Extra payment (monthly $)

Notes: PMI is a simplified estimate; real PMI depends on lender rules, credit, and program details. Extra payments reduce interest and can shorten payoff time.

Payment & Amortization Summary

Results update after you calculate. Values are estimates for scenario testing.

Loan amount

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Monthly principal & interest

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Monthly taxes + insurance + HOA + PMI

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Estimated total monthly payment
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Total interest paid (estimated)

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Payoff date (estimated)

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Quick interpretation

Run your scenario to see a clear payment estimate and payoff timeline.

Methodology & Assumptions

This mortgage calculator uses a standard fixed-rate amortization approach. The monthly principal-and-interest payment is calculated using the common amortization formula for installment loans. In other words, your payment is structured so the loan balance reaches zero at the end of the selected term (e.g., 30 years). For this reason, the tool may also be used as an amortization calculator or a simplified mortgage repayment calculator.

Your total monthly payment is then estimated by adding monthly equivalents of property taxes and home insurance, plus any HOA fee you enter. PMI (private mortgage insurance) is treated as a simplified estimate based on an annual PMI rate and your starting loan balance. Actual PMI rules vary by lender, loan type, credit profile, and program terms; some mortgages remove PMI at certain loan-to-value thresholds, and some require refinancing. This home loan mortgage calculator intentionally keeps the model transparent rather than overly complex.

Extra payments are applied monthly to principal in this model. This typically reduces total interest and shortens payoff time, though real-world servicing rules can differ. Interest rate changes, adjustable-rate mortgages (ARM), lender fees, points, escrow shortages, tax deductions, and local variations are not modeled unless you approximate them through your inputs. Because this is an educational mortgage estimator, treat outputs as scenario illustrations, not predictions.

For consumer-facing mortgage education and guidance, you can review resources published by the Consumer Financial Protection Bureau (CFPB) mortgage tools . These external sources are provided for general reference only; InvestingLab.com is not affiliated with any agency.

Housing decisions often affect long-term net worth. You can view a broader balance-sheet snapshot with our Net Worth Calculator.

FAQ

Common questions about this mortgage payment calculator and amortization estimates.

Is this an online mortgage calculator I can trust for exact numbers?

This tool is designed for educational scenario testing. It uses standard amortization math, but it does not include lender-specific fees, points, escrow rules, or program requirements. Use it to compare assumptions and get a directional estimate, then confirm details with official loan disclosures.

What is the difference between a mortgage calculator and an amortization calculator?

A mortgage calculator typically focuses on estimating the monthly payment. An amortization calculator emphasizes how each payment splits between principal and interest over time. This page functions as both by estimating payment and payoff timing using amortization.

Can this mtg calculator include taxes, insurance, HOA, and PMI?

Yes. You can include property taxes, home insurance, HOA fees, and PMI as simplified add-ons. These items often explain why your total monthly payment differs from principal-and-interest alone.

Does the mortgage stimulator or mortgage estimator account for rate changes?

No. This tool assumes a fixed interest rate for the entire term. Adjustable-rate mortgages (ARM), refinancing, or rate resets are not modeled. You can run multiple scenarios using different rates to understand sensitivity.

Is there a reverse mortgage calculator here?

Not on this page. Reverse mortgages have program-specific rules, fees, and payout structures that require a different model. This calculator is intended for standard home loan payments and amortization-based payoff estimates.

Disclaimer

InvestingLab.com provides educational tools and simulations only. We do not provide financial, investment, tax, or legal advice. Outputs from this mortgage payment calculator are hypothetical estimates based on user inputs and simplified assumptions. Actual mortgage terms, fees, escrow requirements, taxes, insurance, and program rules may differ materially.