Mortgage Calculator
Calculate your monthly mortgage payment with taxes, insurance, and PMI. See a full amortization schedule and payment breakdown. 100% free, no signup.
Loan Details
Additional Costs (optional)
Extra Payments (optional)
Principal vs Interest Over Time
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly principal and interest payment 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 total number of payments. Property tax, insurance, PMI, and HOA are added on top to give your total monthly payment (PITI).
What is PMI and when do I have to pay it?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home price. It protects the lender in case you default. PMI typically costs 0.3%–1.5% of the original loan amount per year and is automatically removed once you reach 20% equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest. A 30-year mortgage offers lower payments and more flexibility. Use this calculator to compare — try both terms and look at the total interest paid.
How accurate is this calculator?
This calculator uses the same standard amortization formula used by banks and lenders. The results are accurate for fixed-rate mortgages. Actual payments may vary slightly based on your lender's rounding method, escrow account handling, and closing date.
Is this really free with no limits?
Yes. ForgeDaddy is 100% free with no signup, no rate limits, and no data collection. All calculations run entirely in your browser — nothing is sent to a server.
Can I use this for other types of loans?
Absolutely. While designed for mortgages, this calculator works for any fixed-rate amortized loan — car loans, personal loans, student loans, etc. Just set tax, insurance, and PMI to zero and enter your loan details.
How to Calculate Your Mortgage Payment
- Enter your home price and down payment — type the purchase price and your down payment in dollars or as a percentage. The calculator auto-computes the loan amount and shows whether PMI applies.
- Adjust the loan term — choose 15, 20, or 30 years (or enter a custom term) and set the annual interest rate from your lender.
- Add property tax, insurance, and HOA — enter your annual property tax, home insurance, and monthly HOA fees. These are added to your principal and interest to show the true monthly cost (PITI).
- View your monthly payment breakdown and amortization — see exactly how much goes to principal, interest, tax, insurance, and PMI each month. Scroll down for the full amortization schedule and principal-vs-interest chart.
Why Use ForgeDaddy's Mortgage Calculator?
- Real amortization schedule with 30 years of data — view every single monthly or yearly payment, see how principal and interest shift over time, and export the full schedule to CSV.
- PMI auto-calculated when down payment is under 20% — no guessing. The calculator detects when PMI applies and factors it into your total monthly payment automatically.
- Extra payment and biweekly modeling — add extra monthly payments, a one-time lump sum, or switch to biweekly payments to see how much interest you save and how many years you shave off.
- Compare 15, 20, and 30-year terms — toggle between loan terms instantly and compare total interest paid, monthly payments, and payoff dates side by side.
- 100% free with no ads selling your data — unlike Bankrate, NerdWallet, and LendingTree, ForgeDaddy does not sell your information to lenders or mortgage brokers. No signup, no lead generation forms, no phone calls.
Uses the standard amortization formula M = P[r(1+r)n] / [(1+r)n - 1], the same formula used by banks and lenders worldwide.
Related Tools
- Loan Calculator — general-purpose loan amortization for car loans, personal loans, and more.
- Percentage Calculator — quickly calculate percentages, discounts, and ratios.
- Invoice Generator — create professional invoices with automatic totals and PDF export.
- NDA Generator — generate a free non-disclosure agreement for real estate or business deals.
- PDF Compress — compress mortgage documents and closing paperwork before emailing.
Last Updated: March 2026