U.S. Mortgage & Refinance Calculator

U.S. Home Finance

Mortgage & Refinance
Calculator

Estimate your monthly payment, see the full breakdown, and find out if refinancing saves you money. Free, instant, no signup.

Loan Details
Home Price$400,000
Down Payment20% ($80,000)
Loan Term
Interest Rate6.5%
Property Tax /yr$4,400
Insurance /yr$1,800
PMI Rate /yr0.5%
HOA /mo$0
Payment Breakdown
$2,528
Estimated Monthly Payment
$2,528
/month
$320,000
Loan Amount
$269,968
Total Interest
$589,968
Total Cost
Jul 2056
Payoff Date

Why Use This Calculator

Buying a home is the biggest financial decision most Americans make. Understanding your true monthly cost — not just principal and interest, but taxes, insurance, PMI, and HOA — helps you budget accurately and avoid payment shock.

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Full Payment Breakdown

See exactly where every dollar goes: P&I, property tax, insurance, PMI, and HOA in a visual donut chart.

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Refinance Comparison

Compare your current loan against a new one side-by-side. See monthly savings and your break-even point instantly.

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Amortization Summary

Know your total interest cost, total loan cost, and exact payoff date before you sign anything.

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Interactive Sliders

Drag sliders to see how price, rate, and down payment changes affect your payment in real time.

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100% Private

All calculations run in your browser. No data is sent anywhere, no account needed, no tracking.

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U.S. Focused

Built for U.S. mortgage conventions: 30/20/15-year terms, PMI rules, property tax, and HOA structures.

How It Works

1

Enter Details

Set your home price, down payment, rate, and term using the sliders.

2

Add Costs

Include property tax, insurance, PMI, and HOA for a complete picture.

3

See Breakdown

View your monthly payment split visually with the donut chart.

4

Compare & Decide

Switch to the Refinance tab to see if a new loan saves you money.

Frequently Asked Questions

How is my monthly mortgage payment calculated?
Your monthly payment includes Principal & Interest (calculated using the standard amortization formula M = P[r(1+r)^n]/[(1+r)^n-1]), Property Tax (annual tax ÷ 12), Homeowners Insurance (annual premium ÷ 12), PMI (if your down payment is under 20%), and HOA fees. This calculator shows all components separately so you know exactly what you're paying.
When should I refinance my mortgage?
A common rule is to refinance when you can lower your rate by at least 0.75–1%. However, the real answer depends on your break-even point: divide your closing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing makes financial sense. Use the Refinance tab above to calculate your exact break-even.
What is PMI and when do I have to pay it?
PMI (Private Mortgage Insurance) protects the lender if you default. It is typically required when your down payment is less than 20% of the home's value. PMI usually costs 0.3% to 1.5% of the loan amount per year. You can request removal once you reach 20% equity, and it automatically drops at 22% equity.
Is this calculator accurate for all U.S. states?
The P&I calculation is universal across all states. Property tax and insurance vary by state and locality, so enter your actual figures for the most accurate estimate. Average U.S. property tax is about 1.1% of home value, but ranges from 0.28% (Hawaii) to 2.49% (New Jersey). Check your county assessor's website for exact rates.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest — often saving $100,000+ compared to a 30-year loan. A 30-year mortgage offers lower monthly payments and more flexibility. Use the Loan Term dropdown to compare both options side-by-side with your specific numbers.