Mortgage Calculator USA
Estimate your monthly mortgage payment instantly — with principal, interest, property tax, insurance, PMI, and a full amortization schedule with payoff date.
Amortization Schedule
Enter your loan details in the Mortgage Calculator tab and click Calculate to generate your full amortization schedule.
Mortgage Calculator USA: Your Complete 2026 Guide
Our free mortgage calculator for the USA helps you estimate your exact monthly mortgage payment — including principal, interest, property taxes, homeowners insurance, and PMI — in seconds. Whether you are buying your first home, refinancing an existing loan, or comparing 30-year versus 15-year options, this tool gives you the full picture before you ever speak to a lender.
How to Use This Mortgage Calculator USA
- Home Price. Enter the purchase price of the home. If refinancing, enter your home’s current appraised value.
- Down Payment. Toggle between dollar amount and percentage. A 20% or larger down payment eliminates PMI entirely.
- Loan Type and Term. Choose from 30-year fixed, 20-year, 15-year, 10-year, or ARM options. The 30-year fixed is the most common US mortgage.
- Interest Rate. Enter your lender’s quoted annual rate. Check Freddie Mac’s PMMS for current national averages.
- Property Tax Rate. Enter as a percentage of home value. The national average is ~1.1%, but ranges from 0.27% (Hawaii) to over 2.4% (New Jersey, Illinois).
- Homeowners Insurance. The national average is $2,500–$3,000 per year for 2026. Your lender requires proof of coverage at closing.
- Advanced Options. Enter your PMI rate, monthly HOA fees, and any extra monthly principal payments to model early payoff scenarios.
Understanding Your Monthly Mortgage Payment (PITI)
Your total monthly housing payment is called PITI — Principal, Interest, Taxes, and Insurance. Lenders use your total PITI payment when calculating whether you qualify for a loan.
Principal
The portion that reduces your loan balance. In the early years of a 30-year mortgage, principal makes up a small share — sometimes under 25% of each payment — because interest is front-loaded in standard amortization.
Interest
The cost of borrowing, calculated monthly on your outstanding balance. For a $320,000 loan at 6.5%, your first month’s interest is $320,000 × (0.065 ÷ 12) = $1,733. As you pay down principal, the interest portion shrinks and principal grows — this is amortization.
Property Taxes
Assessed by your county or municipality. Most lenders collect taxes monthly into an escrow account and pay your bill directly. Our calculator estimates your monthly tax using the annual rate you enter against the home’s purchase price.
Homeowners Insurance
Required by all lenders. If your down payment is less than 20%, you also pay PMI until your loan balance reaches 80% of the home’s original value.
Current Mortgage Rates in the USA (2026)
Mortgage rates have a profound impact on your monthly payment and total loan cost. The table below shows representative rates for common loan types. Always verify current rates at Freddie Mac PMMS or the CFPB.
| Loan Type | Representative Rate (2026) | Monthly P&I on $320K | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 6.50% – 7.25% | ~$2,023 – $2,184 | ~$409K – $466K |
| 30-Year Fixed (avg) | ~6.5% | ~$2,023 | ~$409K |
| 20-Year Fixed | 6.25% – 7.00% | ~$2,398 – $2,484 | ~$256K – $277K |
| 15-Year Fixed | 5.75% – 6.50% | ~$2,661 – $2,792 | ~$159K – $183K |
| 10-Year Fixed | 5.50% – 6.25% | ~$3,456 – $3,584 | ~$95K – $110K |
| 5/1 ARM (initial) | 5.75% – 6.50% | ~$1,867 – $2,023 | Varies after reset |
| 7/1 ARM (initial) | 6.00% – 6.75% | ~$1,919 – $2,075 | Varies after reset |
30-Year vs. 15-Year Mortgage
A 30-year mortgage offers the lowest required monthly payment and maximum flexibility. A 15-year mortgage forces you to build equity twice as fast and comes with a rate 0.5%–0.75% lower, saving potentially $250,000+ in total interest on a $320,000 loan — but monthly payments are 40–55% higher. Choose 15-year if you can comfortably afford the payment; choose 30-year if you need flexibility, and make extra principal payments when possible.
Down Payment Strategies
- 3% down — Fannie Mae HomeReady / Freddie Mac Home Possible (first-time buyers with income limits). PMI applies.
- 3.5% down — FHA minimum (credit score 580+). FHA MIP differs from conventional PMI.
- 10% down — Reduces loan amount and PMI rate; still requires PMI.
- 20% down — Eliminates PMI entirely. On a $400,000 home, this requires $80,000 upfront.
- 25%+ down — Maximizes equity, improves rate pricing, greatest payment flexibility.
PMI: What It Costs and When It Ends
PMI typically costs 0.3%–1.5% of your loan amount annually. On a $300,000 loan at 0.85%, that is $2,550/year or $213/month. Under the Homeowners Protection Act, you can request PMI cancellation when your balance hits 80% of the original purchase price, and lenders must automatically cancel it at 78%. Our calculator shows you exactly which month PMI is projected to end.
The 28/36 Rule: How Much Can You Afford?
Lenders use two DTI ratios: your front-end DTI (PITI ÷ gross monthly income) should stay below 28%, and your back-end DTI (all debt payments combined) should stay below 43%. Our calculator shows the annual income needed to qualify at 28% front-end DTI for your specific payment.
How Extra Payments Save You Money
- An extra $100/month on a $320,000 loan at 6.5% saves ~$42,000 in interest and cuts ~4 years off a 30-year term.
- An extra $200/month saves ~$77,000 and shortens the loan by ~7 years.
- An extra $500/month could save over $150,000 and reduce a 30-year mortgage to ~21 years.
Enter an extra payment amount in Advanced Options to model the exact impact on your payoff date and total interest.
2026 Conforming Loan Limits
The 2026 FHFA conforming limit is $832,750 for single-family homes in most counties, up from $806,500 in 2025. High-cost areas have limits up to $1,249,125. Loans above these limits are jumbo mortgages and typically require 10–20%+ down, a 700+ credit score, and 12+ months of cash reserves. Check FHFA.gov for your county’s specific limit.
Also see our Federal Income Tax Calculator to understand how your mortgage interest deduction affects your tax liability, and our Loan Calculator to compare loan scenarios side by side.