Financial calculator
Mortgage Calculator
Enter a home price, down payment, rate, and loan term. Results update as you type.
Estimated monthly payment
$0.00Monthly payment breakdown
| Property tax | $0.00 |
| Home insurance | $0.00 |
| PMI | $0.00 |
| HOA | $0.00 |
| Other costs | $0.00 |
Amortization schedule
This table groups payments by year so you can see how much goes toward principal, interest, estimated taxes and fees, and the remaining balance.
| Year | Principal | Interest | Taxes & fees | Extra paid | Balance |
|---|
Mortgage payment formula
For a fixed-rate mortgage, the principal and interest payment is based on the loan balance, monthly interest rate, and number of monthly payments.
In this formula, M is the monthly principal and interest payment, P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
What is included in this mortgage calculator?
- Principal and interest for fixed-rate loans.
- Estimated property tax from a yearly tax rate.
- Homeowners insurance from an annual premium.
- Private mortgage insurance when the down payment is below 20%.
- Monthly HOA dues, other costs, optional extra payments, and a yearly amortization schedule.
What does this calculator do?
This mortgage calculator estimates the full monthly housing payment, including loan principal and interest plus optional taxes, insurance, PMI, HOA, and extra payments.
Formula
Principal and interest use the fixed-payment loan formula. Monthly taxes, insurance, PMI, and HOA are added to estimate the total monthly payment.
Example calculation
For a $400,000 home with 20% down, the loan principal is $320,000. The calculator applies the interest rate and term, then adds recurring ownership costs.
Common use cases
- Home affordability checks
- Comparing down payment scenarios
- Estimating PMI, taxes, insurance, and payoff timing
Limitations and accuracy notes
This tool is for quick planning and education. Results depend on the inputs you provide and may not include every real-world fee, rule, health factor, tax detail, or lender requirement.
Mortgage calculator FAQ
What is included in a monthly mortgage payment?
A typical mortgage payment can include principal and interest, property tax, homeowners insurance, PMI, and HOA dues.
When does PMI apply?
PMI often applies when the down payment is below 20%. This calculator estimates PMI only when the down payment is under that threshold.
How is mortgage interest calculated?
Fixed-rate mortgage interest uses the loan balance, annual interest rate, and payment term to calculate a monthly payment.