Free Mortgage Calculator
With Taxes, Insurance & PMI
Get your exact monthly payment and full amortization schedule. The same calculation your lender uses — instantly and privately.
🏠 Mortgage Payment Calculator
Enter your loan details below for a complete payment breakdown
What Does a Mortgage Payment Actually Include?
Most homebuyers focus on the principal and interest portion of a mortgage payment — the number their lender advertises. But your true monthly housing cost includes several additional expenses that can add hundreds of dollars per month.
- Principal: The portion of your payment that reduces your loan balance
- Interest: The lender's fee for the loan — heavily front-loaded in early payments
- Property taxes: Typically 1–3% of home value annually, collected monthly into escrow
- Homeowners insurance: Required by lenders, typically $1,200–$3,600 per year
- PMI: Required when down payment is under 20%, typically 0.5–1.5% of loan amount annually
How Interest Rate Affects Your Payment
Even a small change in interest rate has a significant impact on your monthly payment and total cost of homeownership over 30 years.
| Interest Rate | Monthly P&I (on $320K loan) | Total Interest (30yr) |
|---|---|---|
| 6.0% | $1,919 | $370,840 |
| 6.5% | $2,023 | $408,280 |
| 7.0% | $2,129 | $446,440 |
| 7.5% | $2,237 | $485,320 |
| 8.0% | $2,348 | $525,280 |
The difference between 6% and 7.5% on a $320,000 loan is $318 per month — and over $114,000 in total interest over 30 years. Shopping lenders for even 0.25% lower rate is worth the effort.
30-Year vs 15-Year Mortgage
| Factor | 30-Year | 15-Year |
|---|---|---|
| Monthly payment | Lower | Higher (~40% more) |
| Total interest paid | Much higher | Significantly lower |
| Equity build speed | Slowly | Quickly |
| Flexibility | More | Less |
| Best for | Cash flow priority | Wealth building priority |
A popular middle-ground: take the 30-year for the lower required payment, but make extra principal payments when possible. This gives flexibility while accelerating equity.
Understanding PMI — and How to Eliminate It
Private Mortgage Insurance protects your lender — not you — if you default. It's required when your down payment is less than 20% and typically costs 0.5–1.5% of your loan amount annually.
- Put 20% down: Eliminates PMI from day one
- Request removal at 20% equity: Once your balance reaches 80% of the original purchase price, request cancellation in writing
- Automatic cancellation: By law, PMI must cancel automatically at 22% equity based on your original amortization schedule
- Refinance: If home values rise and your LTV drops below 80%, refinancing eliminates PMI
What Affects Your Mortgage Rate?
- Credit score: The biggest factor. 760+ qualifies for the best rates. Below 680 significantly raises your rate
- Down payment: Larger down payments reduce lender risk and often yield better rates
- Loan type: Conventional, FHA, VA, and USDA all have different structures
- Loan term: 15-year loans typically have lower rates than 30-year
- Debt-to-income ratio: Lower existing debt means better rates
Your Mortgage Data Is Completely Private
Every number you enter — home price, income, down payment — is processed entirely in your browser. Nothing is ever transmitted to a server, stored in a database, or shared with any lender or financial institution. CalcFactor was built because major financial sites harvest this data and sell it to mortgage brokers. Your numbers stay on your screen alone.