30-Year Conventional
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Principal & Interest / Month
Total PITI: — / month
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Our free mortgage calculator supports conventional, FHA, VA, refinance, and commercial mortgages. Click any card to load that loan type with correct default settings.
Standard home loan not backed by government. Best rates for borrowers with 20%+ down and 740+ credit score. No PMI with 20% down.
Government-backed. Minimum 3.5% down with 580+ credit score. Requires MIP (mortgage insurance premium) for the life of the loan.
For veterans and active-duty military. No down payment, no PMI, and competitive rates. Use our VA mortgage calculator with 0% down.
Calculate new payment when refinancing. Enter remaining balance as home price and 0 down payment. Compare new vs old rate savings.
Our free mortgage calculator is more comprehensive than Bankrate mortgage calculator, Zillow mortgage calculator, NerdWallet mortgage calculator, or the Google mortgage calculator — because it includes the full PITI (Principal, Interest, Taxes, Insurance) breakdown, PMI calculation, extra payment savings, and a complete mortgage calculator amortization schedule all in one tool. Unlike the Dave Ramsey mortgage calculator which focuses on 15-year mortgages, our tool covers all terms from 10 to 30 years. Whether you need a simple mortgage calculator for a quick estimate or a detailed monthly mortgage calculator with taxes, this free tool handles everything. Use it as a home mortgage calculator, refinance mortgage calculator, VA mortgage calculator, or even a commercial mortgage calculator.
The monthly mortgage calculator formula for principal and interest (P&I) is: M = P × [r × (1+r)ⁿ] ÷ [(1+r)ⁿ − 1]
Where P = loan amount (home price minus down payment), r = monthly interest rate (APR ÷ 12 ÷ 100), n = total payments (years × 12). The full PITI payment adds monthly property tax (annual tax ÷ 12) + monthly insurance (annual premium ÷ 12) + monthly PMI (loan amount × PMI rate ÷ 12) + monthly HOA fee.
Loan = $400,000 − $80,000 = $320,000
r = 7 ÷ 12 ÷ 100 = 0.005833 | n = 30 × 12 = 360
P&I = 320,000 × [0.005833 × (1.005833)³⁶⁰] ÷ [(1.005833)³⁶⁰ − 1]
P&I = $2,129/month | Total Interest = $446,456
+ Property Tax: $4,800/yr = $400/mo | + Insurance: $1,500/yr = $125/mo
Total PITI = $2,654/month
Our mortgage calculator with extra payments shows the dramatic impact of making additional principal payments. Even small extra payments applied every month can save tens of thousands of dollars over the life of a 30-year mortgage.
| Extra / Month | Interest Saved | Payoff Early | Total Savings |
|---|---|---|---|
| $100 extra | $27,943 | 3.5 years | High impact |
| $200 extra | $47,087 | 5.5 years | Very high |
| $300 extra | $62,243 | 7.2 years | Excellent |
| $500 extra | $84,694 | 10 years | Outstanding |
Based on $320,000 loan at 7% APR for 30 years (P&I = $2,129/month)
A true mortgage calculator with taxes shows your complete monthly housing cost — called PITI: Principal, Interest, Taxes, and Insurance. Most lenders require you to pay property taxes and homeowner's insurance into an escrow account each month. Understanding the full PITI is critical for budgeting and qualifying for a mortgage.
| PITI Component | Typical Amount | Notes |
|---|---|---|
| Principal (P) | Varies | Goes toward loan payoff — grows over time |
| Interest (I) | Varies | Cost of borrowing — highest in early years |
| Property Tax (T) | $200–$1,000+/mo | Varies by state — Texas/NJ high, Hawaii low |
| Insurance (I) | $100–$300/mo | Homeowner's insurance + flood if required |
| PMI | $80–$250/mo | Required if down payment <20%; auto-calculated |
| HOA | $0–$500+/mo | Condos and planned communities only |
Our VA mortgage calculator helps eligible veterans calculate their monthly payment with no down payment and no PMI. VA loans are guaranteed by the U.S. Department of Veterans Affairs and offer some of the best terms available in the mortgage market. To use the VA mortgage calculator: click the VA (0% down) loan type pill, enter home price, set the VA loan rate (typically 0.25–0.5% below conventional), and ensure PMI is disabled (VA loans don't require it).
VA Loan: $350,000 (0% down) | Rate: 6.75% APR | 30 years
Monthly P&I = $2,270 (no PMI, saving ~$200/month vs FHA)
VA Funding Fee (one-time): ~$8,750 (2.15% for first use, can be rolled into loan)
vs Conventional with 5% down: P&I = $2,208 + PMI ~$175 = $2,383/month
VA advantage: $113/month less even with $0 down — plus no PMI ever
Property taxes vary enormously by state, significantly impacting your total monthly mortgage payment. A mortgage calculator Texas must account for Texas's high property tax rates (average 1.6–2.4%). A mortgage calculator California uses much lower rates (0.7–1.1%) but much higher home prices. Our mortgage calculator lets you enter your exact local property tax amount for a precise state-specific estimate.
| State | Avg Property Tax Rate | Annual Tax on $400K | Monthly Tax Escrow |
|---|---|---|---|
| Texas | 1.80% | $7,200 | $600/mo |
| New Jersey | 2.23% | $8,920 | $743/mo |
| California | 0.76% | $3,040 | $253/mo |
| Florida | 0.83% | $3,320 | $277/mo |
| Hawaii | 0.29% | $1,160 | $97/mo |
| US Average | 1.10% | $4,400 | $367/mo |
The mortgage calculator amortization schedule shows exactly how each payment is split between principal and interest over time. Financial experts like Dave Ramsey strongly recommend 15-year mortgages — the Dave Ramsey mortgage calculator approach is simple: if the 15-year payment keeps your PITI below 25% of take-home pay, choose the 15-year. Our tool shows the amortization table for any term so you can see year-by-year how your equity grows.
Use our refinance mortgage calculator to determine if refinancing saves money. Enter your remaining loan balance as the home price, set down payment to $0 (or your current equity for cash-out), and enter the new proposed rate. The break-even point is: Closing Costs ÷ Monthly Savings = Months to Break Even. Refinancing typically makes sense when you can lower your rate by 0.75%+ and plan to stay in the home for more than 2–3 years.
Mortgage planning tip: The 28/36 rule — keep your total housing payment (PITI) below 28% of gross monthly income, and all debt payments below 36%. On $100,000/year income ($8,333/month): max PITI = $2,333/month. Use our house mortgage calculator to find the home price where your PITI stays within this limit at your local tax rates.
Note on reverse mortgage calculator: Reverse mortgages (HECM) work differently from standard mortgages — you receive payments instead of making them. Our standard mortgage calculator covers traditional purchase and refinance mortgages. For a reverse mortgage calculator specifically, consult a HUD-approved reverse mortgage counselor, as eligibility requires age 62+, significant home equity, and primary residence requirements.
Questions answered for our free mortgage calculator, VA mortgage calculator, refinance mortgage calculator, mortgage calculator with taxes, and mortgage amortization calculator.
Monthly mortgage P&I is calculated using: M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P = loan amount (price minus down payment), r = monthly rate (APR ÷ 12 ÷ 100), n = total months. For a $400,000 home with 20% down ($320,000 loan) at 7% APR for 30 years: M = $2,129/month P&I. Add property tax ($400/mo), insurance ($125/mo), and PMI ($0 at 20% down) for total PITI = $2,654/month. Our mortgage calculator with taxes computes all of this instantly.
On a $320,000 loan at 7% APR: the 30-year mortgage has P&I of $2,129/month and total interest of $446,456. The 15-year mortgage has P&I of $2,875/month and total interest of only $197,482 — saving $248,974 in interest. The 15-year payment is 35% higher but you build equity faster and pay dramatically less interest. Use our monthly mortgage calculator to compare both options with your exact numbers. If the 15-year PITI is below 28% of your gross income, it's almost always the better financial choice.
Use the 28/36 rule: your total PITI (principal, interest, taxes, insurance) should not exceed 28% of gross monthly income. On $100,000 annual income ($8,333/month), max PITI = $2,333/month. Subtract estimated property taxes and insurance ($500–800/month typical), leaving approximately $1,533–1,833 for P&I. At 7% APR for 30 years, this supports a loan of approximately $230,000–$275,000. Add your down payment to find affordable home price. Use our home mortgage calculator to reverse-engineer from your desired payment to a home price.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price on a conventional loan. Cost: 0.5–1.5% of the loan amount annually ($80–$250/month on a $250,000 loan). Under the Homeowners Protection Act, your lender must automatically cancel PMI when your loan balance reaches 78% of the original purchase price (based on scheduled payments). You can request early cancellation at 80% LTV if your home hasn't declined in value and you have a good payment history. VA loans never require PMI — a key advantage tracked in our VA mortgage calculator.
VA mortgages are available to: veterans with 90+ days wartime service or 181+ days peacetime service, active-duty service members, National Guard/Reserves with 6+ years service, and surviving spouses of veterans. Benefits: 0% down payment, no PMI, competitive rates, no prepayment penalty, and loan limits waived for full entitlement borrowers (since 2020). To use our VA mortgage calculator: click the VA tab, enter home price, leave down payment at $0, enter current VA rate (~6.5–7%), and calculate — PMI is automatically removed. Note: a one-time VA Funding Fee (1.25–3.3% of loan) applies but can be rolled into the loan.
Click the Refinance tab. Enter your remaining loan balance as the "home price" and set down payment to $0 for a rate-and-term refinance. Enter your new proposed rate and term to see the new payment. To calculate savings: compare the new P&I to your current P&I. Divide total refinance closing costs (typically 2–5% of loan) by monthly savings to find break-even point in months. If break-even is under 24 months and you plan to stay in the home, refinancing likely makes sense. Our refinance mortgage calculator mode handles cash-out refinance too — just set down payment to the amount of equity you're keeping (not cashing out).
Mortgage interest rates are set nationally by lenders based on the federal funds rate, bond market, and your credit profile — they don't significantly vary by state. However, total monthly payment varies significantly by state due to property taxes. Our mortgage calculator Texas should include the state's high property tax rate (average 1.6–1.8% annually — one of the highest in the US), which adds $530–$600/month on a $400,000 home. Our mortgage calculator California should use ~0.76% property tax rate. Enter your county's actual rate in the Property Tax field for the most accurate result. Check Zillow mortgage calculator or Bankrate mortgage calculator for daily rate updates, then use our tool for full PITI analysis.