Financial Calculators
Mortgage Calculator
Enter a home price, down payment, interest rate and loan term to estimate your monthly mortgage payment. You can also include property tax, insurance, HOA costs, PMI and extra payments for a more complete planning view.
Calculate your mortgage payment
Mortgage Calculator
Estimate principal and interest, monthly housing costs, and how your loan balance changes over time.
Loan details
Estimated payment
- Monthly Mortgage Payment
- $0.00
- Principal & Interest
- $0.00
- Property Tax per Month
- $0.00
- Home Insurance per Month
- $0.00
- HOA per Month
- $0.00
- PMI per Month
- $0.00
- Loan Amount
- $0.00
- Total Principal
- $0.00
- Total Interest
- $0.00
- Total Cost of Loan
- $0.00
- Estimated Payoff Date
- —
Estimated cost breakdown over the loan term
- Principal $0.00
- Interest $0.00
- Taxes $0.00
- Insurance $0.00
- Other Costs $0.00
Your calculation is processed in your browser and is not stored by this tool.
Monthly amortization schedule
Twelve payments are shown at a time to keep the page fast.
| Payment Number | Payment Date | Beginning Balance | Principal | Interest | Ending Balance |
|---|
Annual amortization summary
| Year | Beginning Balance | Principal Paid | Interest Paid | Ending Balance |
|---|
The amounts you enter stay in browser memory. Results are estimates based on your inputs, not a lender quote, approval decision or financial advice.
How to use the mortgage calculator
- 1
Enter the home price and the cash down payment. The calculator subtracts the down payment to find the amount financed.
- 2
Add the annual interest rate and choose a loan term, such as 15, 20 or 30 years.
- 3
Include annual property tax, home insurance, monthly HOA dues or PMI if they apply to your estimate.
- 4
Enter an optional extra monthly payment to see how it may change the payoff date and total interest.
- 5
Review the payment breakdown and amortization schedule, then change one input at a time to compare scenarios.
What the monthly payment includes
The main loan payment is principal plus interest. Principal reduces the balance; interest is the cost of borrowing. Property tax and home insurance are converted from annual amounts to monthly estimates. HOA dues and PMI are added as separate monthly costs when you enter them.
This makes it easier to compare the loan payment with the wider monthly cost of owning the home. It still does not include every possible charge. Closing costs, points, maintenance, utilities and changing escrow amounts may sit outside the estimate.
How the mortgage calculation works
The calculator first subtracts the down payment from the home price. For a standard fixed-rate loan, it applies the amortization formula using the monthly interest rate and the total number of monthly payments. Each scheduled payment covers interest due on the remaining balance and then reduces principal.
Formula: monthly principal and interest = P × [r(1 + r)n] ÷ [(1 + r)n − 1], where P is the loan principal, r is the monthly rate and n is the number of monthly payments.
The schedule uses unrounded balances internally, which helps prevent small rounding differences from building up over a long term. An extra payment is applied to principal in the model, so later interest is calculated on a lower balance.
Worked mortgage example
A $400,000 home with $80,000 down leaves a $320,000 loan. At a fixed 6.5% annual rate for 30 years, estimated principal and interest are about $2,022.62 per month. Property tax, insurance, HOA dues and PMI would increase the full monthly housing estimate if entered.
What changes the result most?
- Interest rate: even a small rate difference can change both the monthly payment and total interest over a long term.
- Down payment: more cash down reduces the loan principal, but it may also affect cash reserves and mortgage-insurance rules.
- Loan term: a shorter term usually raises the monthly payment while reducing total interest.
- Extra payments: additional principal can shorten payoff time, but check the actual loan agreement for payment rules.
Important limitations
Actual lender terms may include different compounding, escrow adjustments, fees, points, mortgage-insurance rules or adjustable rates. Use the same assumptions when comparing scenarios, and confirm important figures with a lender or qualified professional.
Related tools
Mortgage Calculator FAQ
How much is the monthly payment on a mortgage?
Enter the price, down payment, fixed interest rate and term. The result shows estimated principal and interest, plus any tax, insurance, HOA or PMI amounts you add.
Does this mortgage estimate include property tax and insurance?
Yes, when you enter annual property tax and insurance. They are divided into monthly amounts and shown separately from principal and interest.
How does a larger down payment change the result?
A larger down payment lowers the amount borrowed, which normally lowers the payment and total interest. Actual PMI and lender rules can also change.
What happens if I make extra mortgage payments?
In the calculator, extra payments reduce principal. That can reduce future interest and bring the estimated payoff date forward.
Why is my lender quote different?
A lender may use a different rate, start date, fee structure, escrow amount, mortgage-insurance rule or rounding method. Match every input before comparing figures.
Is this an affordability or approval calculator?
No. It estimates a payment for the values entered. Use the Mortgage Affordability Calculator for a broader income-and-debt scenario, but neither tool promises approval.
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