Free Mortgage Calculator

As its name implies, this free Mortgage Calculator is designed to help individuals and prospective homebuyers estimate their monthly mortgage payments based on purchase price, loan amount, interest rate, loan term, annual property taxes, annual insurance, and annual PMI. The loan amount field should contain the purchase price minus any down payment you plan to make. If you don’t know the annual property tax amount, go to your county’s tax assessor website and, if possible, do an address-based property search for nearby homes. That should give you an idea of the property tax amount. Insurance and PMI is harder to estimate, because they’re determined by a number of factors. You can avoid PMI (private mortgage insurance) if you pay a higher down payment; how much that has to be may vary from one lender to another.

Mortgage loan interest used to be 100% tax deductible for all homeowners. Thanks to the Tax Cuts and Jobs Act of 2017, which drastically increased the standard tax deduction amount, that is no longer true. Your mortgage interest is tax deductible only if you have enough Schedule A deductions to exceed the standard tax deduction amount. The same is true of property taxes on the home. Note that this information is accurate as of January 14, 2024, and is subject to change by Congress and the IRS.

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Mortgage Loan Information

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Taxes and Insurance

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Financial Analysis

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