Mortgage Calculator
Calculate your monthly mortgage payment with taxes, insurance, PMI and an amortization schedule.
5.0 (1 rating)Enter your values to see the result.
Results are estimates for planning only. Actual figures depend on your lender or bank, fees, rounding and the exact dates used, so confirm the numbers before you sign anything.
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Understand the method, inputs and limits behind your result.
- Formula
- Monthly payment = P × r / (1 − (1 + r)^−n). If r = 0, payment = P / n. Monthly interest = outstanding balance × r; principal repaid = payment − interest.
- Variables
- P = amount borrowed
- r = annual interest rate ÷ 100 ÷ 12
- n = number of monthly payments (years × 12)
- Units
- Principal and payments: selected currency
- Annual rate: percent
- Term: years or months
- Example
- A $400,000 home with 20% down ($80,000) and a 30-year loan at 6.5% has a principal and interest payment of $2,022.62. Adding $4,000 a year in property tax and $1,500 in insurance brings the total to about $2,481 a month, and the loan costs about $408,000 in interest over 30 years.
- Assumptions
- Fixed rate and monthly payments. Principal and interest exclude taxes, insurance and fees; extra costs entered are added separately. Actual lender rounding and payment dates may differ.
- Source
- Last reviewed
- Implementation review; specialist review has not been recorded.
Methodology & References
The method depends on the selected model and input options. Review the assumptions and references above before interpreting the result.
- Enter the home price and your down payment, as a percentage or an amount.
- Enter the interest rate and choose the loan term, then add yearly property tax and insurance, PMI and any HOA fee.
- Review the monthly payment breakdown, total interest and the amortization schedule to see how your balance falls each year.
Interpretation and limitations
- What is PMI and when does it stop? Private mortgage insurance protects the lender when your down payment is below 20%. It usually ends when your loan balance falls to 80% of the home's value; the calculator shows roughly when that happens.
- Is a 15-year or 30-year mortgage better? A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan keeps payments lower and more flexible. The calculator lets you compare both.
- Does the payment include everything? It includes principal, interest, property tax, insurance, PMI and HOA fees. Maintenance, utilities and closing costs are extra.
References
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Clear instructions
Find steps, examples and limitations below.
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Open the tool in a supported web browser.
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How to use the Mortgage Calculator
The mortgage calculator shows what a home loan will really cost each month. Enter the home price, down payment, interest rate and term, and it calculates your principal and interest payment, then adds property tax, home insurance, private mortgage insurance (PMI) and HOA fees to give your total monthly payment. It also shows total interest over the life of the loan and a year-by-year amortization schedule.
- 1 Enter the home price and your down payment, as a percentage or an amount.
- 2 Enter the interest rate and choose the loan term, then add yearly property tax and insurance, PMI and any HOA fee.
- 3 Review the monthly payment breakdown, total interest and the amortization schedule to see how your balance falls each year.
Example and practical tips
A $400,000 home with 20% down ($80,000) and a 30-year loan at 6.5% has a principal and interest payment of $2,022.62. Adding $4,000 a year in property tax and $1,500 in insurance brings the total to about $2,481 a month, and the loan costs about $408,000 in interest over 30 years.
Frequently asked questions
What is PMI and when does it stop?
Private mortgage insurance protects the lender when your down payment is below 20%. It usually ends when your loan balance falls to 80% of the home's value; the calculator shows roughly when that happens.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan keeps payments lower and more flexible. The calculator lets you compare both.
Does the payment include everything?
It includes principal, interest, property tax, insurance, PMI and HOA fees. Maintenance, utilities and closing costs are extra.
Practical guides
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How to Use Mortgage Calculator
Calculate your monthly mortgage payment with property tax, insurance, PMI and HOA fees, plus the full amortization schedule and total interest.
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