By ToolzHive
About this tool
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.
How to use Mortgage Calculator
- 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.
Worked 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.
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.
Put this guide into practice
- Mortgage Calculator — Calculate your monthly mortgage payment with taxes, insurance, PMI and an amortization schedule.