Free Mortgage Payment Calculator 2026 - Full PITI Breakdown

The HomeBuyerMath mortgage payment calculator estimates the full monthly cost of owning a home, not just principal and interest. Enter your home price, down payment, interest rate, loan term, and loan type (conventional, FHA, VA, or USDA) and the calculator returns a complete PITI breakdown: principal, interest, property taxes, homeowner's insurance, PMI or MIP if applicable, and HOA dues.

How the Calculator Works

The principal and interest portion is computed using the standard amortization formula M = P * (r(1+r)^n) / ((1+r)^n - 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (loan term in years times 12). Property tax is calculated from the effective annual rate you supply, divided by 12. PMI is automatically included on conventional loans with less than 20% down at a default annualized rate of 0.5% of the loan balance. FHA loans add upfront and annual MIP per HUD's 2026 schedule; VA loans add a one-time funding fee instead of ongoing mortgage insurance.

What You Get

Outputs include the total monthly payment, an itemized PITI breakdown, a full month-by-month amortization schedule, total interest paid over the life of the loan, an extra-payment scenario showing how additional principal payments shorten the term, an ARM preview comparing fixed vs. adjustable rates, a refinance break-even calculator, and a PMI drop-off timeline showing when you reach 20% equity.

Common Use Cases

Use this tool to estimate a 30-year vs. 15-year mortgage, compare FHA vs. conventional payments at the same price point, see how a larger down payment affects your monthly cost, model a 1% rate change, or check whether a biweekly payment schedule would save meaningful interest. For state-specific tax rates and loan limits, see the state mortgage guides. To check whether you can qualify in the first place, use the affordability calculator.