Mortgage Calculator

The headline figure is PITI plus any PMI and HOA: principal, interest, one twelfth of the yearly property tax, one twelfth of the yearly homeowners insurance, monthly PMI while it applies, and any HOA fee. Principal and interest is the only part fixed for the life of a fixed-rate loan; taxes and insurance change as your assessment and premium change.

Interest is charged on the balance you still owe, and at the start you owe almost the whole loan. The payment is level, so as the balance falls the interest portion falls and the principal portion grows. The crossover point — where more of the payment goes to principal than interest — comes surprisingly late on a 30-year loan.

The Homeowners Protection Act sets two automatic deadlines, and the earlier one wins. Your servicer must cancel PMI once the balance is first scheduled to reach 78% of the original value on the original amortization schedule — and, whatever the schedule says, no later than the month after the midpoint of the loan term, which is payment 181 on a 30-year loan. At high interest rates the balance is still above 78% at that midpoint, so the midpoint deadline is what actually ends the premium. You may also request cancellation earlier, at 80%. This calculator reports the automatic date.

A 15-year loan carries a higher payment and a much lower total interest cost, because you borrow the money for half as long and usually at a lower rate. A 30-year loan buys flexibility. Run both above: compare the monthly payment you can comfortably sustain against the total interest each one costs.

No. The note rate prices the loan itself and is what drives your monthly payment, which is why this calculator asks for it. The APR folds in points and certain closing costs to give a comparison figure across lenders. Use the note rate here and the APR when comparing loan estimates.

Not for automatic termination. The Homeowners Protection Act ties the automatic date to the original schedule, so paying ahead does not move it. Extra payments do build equity faster, which can support an early cancellation request once you reach 80% based on the current balance.

Yes. "Mortgage" and "home loan" describe the same product — a loan secured by real property — and this is a free mortgage calculator for it: no account, no email gate and no cap on how many scenarios you run. It earns a place among the best home loan calculators by walking the full month-by-month amortization schedule rather than a closed-form approximation, so the total interest and PMI termination month are exact, not estimated. Every result is also a shareable link.

Not directly — this tool prices a conventional loan with standard PMI. FHA loans carry an upfront and annual Mortgage Insurance Premium set by HUD instead of PMI, so use the FHA loan calculator for those. VA loans replace PMI with a one-time funding fee that is usually financed into the loan, so use the VA mortgage calculator for those instead. Both are linked under "Related calculators" below.