Free Mortgage Calculator — Monthly Payment & Amortization Schedule

Calculate monthly mortgage payments with PITI breakdown, PMI, and amortization schedule. See how extra payments save thousands. Free mortgage calculator 2026.

How to Use Free Mortgage Calculator — Monthly Payment & Amortization Schedule

  1. Enter the home price, down payment amount, interest rate, and loan term (15 or 30 years).
  2. Add your annual property tax rate and homeowners insurance cost for a complete PITI payment.
  3. View your full monthly payment breakdown: principal, interest, taxes, insurance, and PMI if applicable.
  4. Switch to the Amortization Schedule tab to see how each payment reduces your balance year by year.
  5. Enter extra monthly payments to calculate how many years and dollars you save over the loan term.

Who Uses Free Mortgage Calculator — Monthly Payment & Amortization Schedule?

First-Time Homebuyer

A couple in Ohio pre-approved for $380,000 wants to know their actual monthly payment before making offers — including taxes and insurance, not just principal.

Result: Full PITI payment of $2,847/month revealed — they adjust their search to $340,000 to stay comfortably within budget.

Refinance Evaluator

A homeowner in Texas with a 6.8% mortgage considers refinancing to 6.1% and wants to know the break-even point on closing costs.

Result: Calculator shows $187/month savings — break-even on $4,500 closing costs in 24 months. She refinances immediately.

Extra Payment Planner

A 35-year-old in California wants to know how much paying $500 extra per month on his 30-year mortgage actually saves.

Result: Extra payments cut loan from 30 years to 21 years and save $87,000 in interest — he starts the extra payments immediately.

Frequently Asked Questions

What is PITI in a mortgage payment?

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use total PITI to qualify you, not just principal and interest.

How accurate is this mortgage calculator?

It uses the standard amortization formula and 2026 PITI assumptions. Actual rates and escrow amounts vary by lender, credit score, and location.

How much can extra payments save me?

Even an extra $100/month on a 30-year loan can shave 4-6 years off your term and save tens of thousands in interest. Use the extra payment field to see your exact savings.

When does refinancing make sense?

Refinancing is typically worth it when you can lower your rate by 0.75%+ and stay in the home long enough to recover closing costs (usually 2-3 years).

What credit score do I need for the best mortgage rate?

A score of 740+ typically qualifies you for the best mortgage rates. Scores between 620-739 still qualify but at higher rates. Each 20-point score improvement can save 0.1-0.3% in rate, which equals thousands over the loan term.

How much should I put down on a house?

20% down avoids PMI (saving $100-$300/month) and gets better rates. But 3-5% down programs exist for first-time buyers. Our calculator shows exactly how PMI changes your payment at different down payment percentages.