Mortgage Calculator
Your monthly payment with taxes, insurance and PMI, how much faster extra payments pay the loan off, and the full month-by-month amortization schedule. Rates update weekly from Freddie Mac.
01Your Monthly Payment
Property tax starts at 1% of the price; pick your state to use its average effective rate, or type your own figure. Insurance varies widely by state and home, so use a real quote if you have one.
02Pay It Off Faster
Every extra dollar you pay goes straight to principal, so it stops costing you interest for the rest of the loan. Try a small monthly amount, a yearly lump sum such as a bonus or tax refund, or a one-time payment.
03Where the Money Goes Over Time
Loan balance
Principal and interest paid each year
04What Your Rate and Term Cost You
Same loan at different rates
| Rate | Monthly P&I | Change | Total interest |
|---|
Same rate, different terms
| Term | Monthly P&I | Total interest |
|---|
15-year loans usually carry a lower rate than 30-year loans, which widens the gap further.
05Amortization Schedule
Each year of the loan, with the principal, interest and mortgage insurance paid and the balance at year end. Click a year to see its months.
| Year | Principal | Interest | Balance |
|---|
06Mortgage Rates Since 1971
30-year fixed, week of Oct 15, 2026
7.40%Freddie Mac's weekly national average, against 6.30% a year earlier.
15-year fixed, same week
6.71%0.69 points below the 30-year rate.
Highest 30-year rate on record
18.63%Week of Oct 9, 1981.
Lowest 30-year rate on record
2.65%Week of Jan 7, 2021.
Monthly averages of Freddie Mac's weekly Primary Mortgage Market Survey, the benchmark for U.S. mortgage rates since April 1971 (the 15-year series starts in 1991). These are averages for borrowers with strong credit putting 20% down; the rate you are offered depends on your credit score, down payment, points and loan type. Updated automatically each week.
07How a Mortgage Payment Works
A fixed-rate mortgage has the same principal-and-interest payment every month, worked out so the loan is exactly paid off at the end of the term. What changes is the mix. Interest each month is the rate times whatever you still owe, so early payments are mostly interest and late ones are mostly principal. That is why the balance falls so slowly in the first decade of a 30-year loan, and why extra payments made early save the most.
| The payment formula | Payment = loan × r ÷ (1 − (1 + r)−n), where r is the annual rate divided by 12 and n is the number of monthly payments. |
| Escrow | Most lenders also collect property tax and homeowners insurance with each payment and pay those bills for you, so your total payment can change from year to year even on a fixed-rate loan. |
| Private mortgage insurance | Usually required on a conventional loan with less than 20% down. Freddie Mac puts the typical cost at about $30 to $70 a month for every $100,000 borrowed. |
| When PMI ends | Under the Homeowners Protection Act, you can ask in writing to cancel PMI once the balance reaches 80% of the home's original value, if you are current and the value has not fallen. It must end automatically when the original schedule reaches 78%, and no later than the midpoint of the loan term. FHA mortgage insurance follows different rules. |
| The 28/36 rule of thumb | Many lenders like housing costs under 28% of gross monthly income and all debt payments under 36%. It is a guideline, not a law. |
| Conforming loan limit | Loans up to the FHFA limit can be sold to Fannie Mae and Freddie Mac: $832,750 for a one-unit home in most of the country in 2026, higher in expensive areas. Bigger loans are jumbo loans and are priced separately. |
Property taxes vary more than most buyers expect. The effective rate on owner-occupied homes runs from 0.29% in Hawaii to 1.88% in Illinois and New Jersey, according to the Tax Foundation.
08Frequently Asked Questions
How is a monthly mortgage payment calculated?
The principal and interest payment uses the standard amortization formula: loan amount times r divided by (1 minus (1 + r) to the power of minus n), where r is the annual interest rate divided by 12 and n is the number of monthly payments. Property tax, homeowners insurance, mortgage insurance and HOA dues are then added on top.
How much do extra payments save?
Extra payments go straight to principal, so they cut every future interest charge. On a typical 30-year loan, even $100 or $200 a month extra can take years off the loan and save tens of thousands of dollars in interest. The calculator above shows the exact savings for your loan.
When can I stop paying PMI?
Under the Homeowners Protection Act you can ask your servicer in writing to cancel private mortgage insurance once your balance reaches 80% of the home's original value, if you are current on payments and the value has not dropped. It must end automatically when your original schedule reaches 78%, and no later than the halfway point of the loan.
Is a 15-year mortgage better than a 30-year?
A 15-year loan has a much higher monthly payment but usually a lower rate, and it costs far less in total interest. A 30-year loan keeps the payment lower and leaves more room in the budget. You can also take a 30-year loan and pay extra each month, which keeps the flexibility to fall back to the required payment.
Is mortgage interest tax-deductible?
Yes, if you itemize. Interest is deductible on up to $750,000 of mortgage debt taken out after Dec 15, 2017 ($375,000 if married filing separately), a limit the One Big Beautiful Bill Act of 2025 made permanent. That law also makes mortgage insurance premiums deductible as interest starting in 2026. Most households take the standard deduction instead, so check whether itemizing helps you.
Where do the mortgage rates on this page come from?
From Freddie Mac's Primary Mortgage Market Survey, published weekly since 1971 and distributed by the Federal Reserve Bank of St. Louis (FRED). The page updates itself when a new week is published. Your own rate will depend on your credit, down payment, loan type and any points you pay.
09Method and Sources
All calculations run in your browser and nothing you type is sent anywhere. The link in your address bar keeps your inputs, so you can bookmark or share a scenario. Payments are rounded for display; the schedule uses full precision. PMI is charged on the original loan amount until it ends under the rules above; when you add extra payments, the calculator assumes you ask to cancel once the balance reaches 80% of the price.
- Freddie Mac Primary Mortgage Market Survey: 30-year fixed (FRED, MORTGAGE30US) and 15-year fixed (MORTGAGE15US)
- Tax Foundation: Property Taxes by State and County (effective rate on owner-occupied housing, 2024 data)
- CFPB: when you can remove private mortgage insurance
- Freddie Mac: private mortgage insurance costs
- FHFA: conforming loan limits for 2026
- IRS Publication 936: Home Mortgage Interest Deduction and the One Big Beautiful Bill Act (Public Law 119-21), section 70108
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