Mortgage Plainly

Mortgage math, shown plainly

See the whole monthly payment, not just principal and interest. Add taxes, insurance, PMI, FHA or VA costs and HOA dues, and watch every formula work.

The payment formula

M = P × r ÷ (1 − (1 + r)−n)

  • P amount borrowed
  • r yearly rate ÷ 12
  • n number of monthly payments

Freddie Mac PMMS average, week of November 5, 2026: 30-year fixed 7.18%, 15-year fixed 6.57%. Source. Averages, not a quote: enter the rate you are offered.

Calculators

CalculatorAmortization scheduleInterest, principal and balance for every payment.CalculatorExtra payment calculatorNew payoff date and interest saved from extra payments.CalculatorAffordability calculatorPrice range from income, debts, cash and a DTI limit.CalculatorMortgage payment calculatorPrincipal, interest, taxes, insurance, PMI or MIP, and HOA.CalculatorRefinance break-evenMonthly savings, break-even month and lifetime cost.CalculatorRent vs buy calculatorBuyer's equity versus renter's savings after N years.

Buying a home? A sensible order

  1. Check what you can affordIncome, debts and a DTI limit you choose set a price range.
  2. Price the full paymentTaxes, insurance and mortgage insurance often add hundreds a month.
  3. Budget for closingUsually 2% to 5% of the price, on top of the down payment.
  4. Compare Loan EstimatesPoints and lender credits trade cash now for rate later.

Guides

GuideClosing costsWhat is included, the 2% to 5% range, and the two key forms.Guide2026 loan limitsThe 2026 baseline, high-cost ceiling and how limits are set.GuideDebt-to-income ratioHow DTI is figured and the limits lenders publish.GuideDiscount pointsWhat a point costs, the break-even, and when credits make sense.GuideEscrow accountsHow escrow works, the cushion limit, shortages and surpluses.GuideFHA vs conventionalDown payment, mortgage insurance and limits, side by side.GuideHow mortgage interest worksMonthly interest, the payment formula, and rate vs APR.GuidePMI explainedWhen PMI applies, what drives the price, and the 80% and 78% rules.GuideVA funding feeFee rates by down payment and use, plus who is exempt.

What we do and don't do

Formulas shown

Every result shows the formula, so you can check it against your Loan Estimate.

No invented rates

You type your own rate. The only average we quote is Freddie Mac's weekly survey, dated.

No lender ads

We don't sell leads or take lender referral fees. Calculators run in your browser.

New to the terms? Our glossary explains them in plain words.

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