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Free Mortgage Calculator: Monthly Payments, Principal & Interest

Tooly · 2026-08-02 · 5 min read

Buying a home is the biggest financial decision most people make — and the monthly payment depends on a pile of numbers: price, down payment, rate, term, taxes, and insurance. A free mortgage calculator sorts it all out instantly, so you know what you can actually afford before you talk to a lender.

What goes into a mortgage payment?

• Principal — the loan amount you're paying back
• Interest — the cost of borrowing, driven by your rate
• Property taxes — usually escrowed into the monthly payment
• Homeowners insurance — also commonly escrowed
• PMI — private mortgage insurance if your down payment is under 20%

Calculate your mortgage payment free

The Tooly Mortgage Calculator does the math:

• Enter home price, down payment, interest rate, and loan term
• See your monthly principal + interest instantly
• Adjust the rate or term to see how the payment changes
• Free, no signup, runs in your browser

Quick payment reference (principal + interest only)

Loan amount	6% / 30yr	7% / 30yr
$200,000	$1,199/mo	$1,331/mo
$300,000	$1,799/mo	$1,996/mo
$400,000	$2,398/mo	$2,661/mo
$500,000	$2,998/mo	$3,327/mo

Tips before you buy

• Use the calculator to test "what if" scenarios before shopping
• Budget for taxes + insurance on top of principal + interest (often 20-30% more)
• Get pre-approved so you know your real price range
• Compare at least three lenders — rates vary by a lot

Frequently Asked Questions

Is this mortgage calculator really free? Yes — unlimited use, no account, no limits.

Does it include taxes and insurance? The calculator focuses on principal + interest; add ~20-30% for escrowed taxes and insurance in most areas.

Is my data private? Everything runs in your browser — your numbers never leave your device.

What else should I check? The Loan Calculator shows full amortization detail, and LicenseTracker keeps your ongoing subscriptions in check.

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