Free Mortgage Calculator — Year-Over-Year True Cost

Last updated: April 17, 2026

MoneyMath's mortgage calculator estimates the true monthly cost of owning a home, not just principal and interest. It includes property tax, insurance, PMI, maintenance, and a year-by-year cost timeline so buyers can see how payments may change after closing.

Free to useRuns in your browserTransparent assumptions

Estimate principal and interest plus escrow costs such as property tax, homeowners insurance, PMI, and maintenance.

Compare year 1, year 5, and year 10 costs so a fixed-rate mortgage does not hide rising ownership expenses.

Use the PMI and reassessment checks to understand why your monthly payment can change after closing.

How to use this calculator

Step 1Enter your starting information. Add the core inputs requested by the Mortgage Calculator, such as amounts, dates, rates, income, weight, or other scenario details.
Step 2Review the calculated result. Read the headline answer first, then scan the supporting breakdown, chart, or comparison table.
Step 3Compare another scenario. Change one input at a time to understand what drives the result and which option is most realistic.

Formula, Sources & Assumptions

Formula

Monthly principal and interest uses the standard amortizing loan formula: P = L[c(1+c)^n] / [(1+c)^n - 1], then adds escrow and ownership-cost assumptions.

Assumptions

Results are estimates for planning and education.
Actual costs, taxes, rates, or outcomes may differ based on personal circumstances and updated rules.