Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property tax, insurance, and PMI.
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Estimated Monthly Payment
$2,236
/month
Total Interest
$357,125
Total Cost
$805,125
Mortgage Calculator — Free, Instant & Comprehensive
Planning to buy a home? Use our free mortgage calculator to see your exact monthly payment including principal, interest, property tax, insurance, and PMI. Compare 15-year versus 30-year terms, experiment with different down payments, and find the home price that fits your budget. No signup, no limits, and completely private.
How to Calculate Your Mortgage (Step-by-Step)
Calculating your mortgage is simple: Step 1 — Enter the home price and your down payment amount. Step 2 — Set the loan term and annual interest rate. Step 3 — Optionally add property tax, insurance, and PMI estimates. The calculator instantly shows your total monthly payment broken into components, along with an amortisation chart showing how principal and interest split over time.
Why Calculate Your Mortgage Before Buying?
A home is likely the largest purchase you will ever make, and the total cost extends far beyond the listing price. Interest, property taxes, insurance, and PMI can add hundreds of thousands of dollars over a 15- or 30-year term. Running the numbers upfront helps you set a realistic budget, compare lender offers, negotiate better rates, and avoid stretching beyond what you can comfortably afford each month.
Best Use Cases for the Mortgage Calculator
Use this calculator when you need to determine how much house you can afford, compare 15-year versus 30-year mortgage options, evaluate the impact of different down payment amounts, understand the true cost of your mortgage over its full term, compare interest rate offers from different lenders, or plan for property tax and insurance costs alongside your mortgage payment.
Why Use DesignForge360's Mortgage Calculator?
All calculations run entirely in your browser — no bank, no broker, and no server ever sees your financial inputs. No login required. No limits on scenarios. Includes property tax, insurance, and PMI breakdown for a complete monthly cost picture. Interactive amortisation charts make complex mortgage maths easy to understand. Built for home buyers, real estate investors, and financial planners.
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Frequently Asked Questions
How is the monthly payment calculated?
The tool uses the standard amortisation formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
Does it include property tax and insurance?
Yes. You can enter annual property tax and annual homeowner's insurance. These are divided by 12 and added to the monthly mortgage payment to show total monthly cost.
What about PMI?
If your down payment is less than 20%, the calculator estimates Private Mortgage Insurance (PMI) at 0.5% of the loan annually and includes it in the monthly total.
Is my data stored anywhere?
No. All calculations run in your browser. Nothing is sent to any server — your financial details stay completely private.
Is this mortgage calculator free?
Yes — completely free with no hidden limits. No sign-up required. Calculate as many mortgage scenarios as you need.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you significantly on total interest. A 30-year mortgage has lower monthly payments but costs more in interest over the life of the loan. Use the calculator to compare both options side by side.
How much house can I afford?
A common guideline is that your total monthly housing cost should not exceed 28–30% of your gross monthly income. Use this calculator to find the home price that fits your budget based on your income, down payment, and current interest rates.
Can I factor in extra payments?
The calculator shows the standard amortisation schedule. To see the impact of extra payments, try reducing the loan term or increasing the down payment to model similar scenarios.
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