Mortgage Calculator
Estimate your monthly mortgage payment including taxes, insurance, and PMI.
Free Mortgage Payment Calculator
The Toolts Mortgage Calculator estimates your monthly home loan payment including principal, interest, property taxes, homeowner's insurance, and private mortgage insurance (PMI). Enter the home price, down payment, interest rate, and loan term to see a complete cost breakdown. PMI is automatically calculated when the down payment is less than 20% of the home price.
Understanding Your Mortgage Payment
A mortgage payment typically has four components known as PITI: Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property taxes assessed by local government), and Insurance (homeowner's insurance to protect the property). If your down payment is less than 20%, lenders typically require PMI, which protects the lender if you default.
30-Year vs 15-Year Mortgage
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but much less total interest. For a $280,000 loan at 6.75%, the 30-year option costs about $373,000 in interest while the 15-year costs about $167,000 — a savings of over $200,000.