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Mortgage Calculator

Estimate your monthly mortgage payment, including taxes, insurance, and other costs.

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About the Mortgage Calculator

Estimate your total monthly mortgage payment — principal, interest, property taxes, home insurance, PMI, and HOA fees — and see the full amortization schedule for your home loan.

How the Mortgage Calculator works

A mortgage payment is usually more than just principal and interest. Lenders often collect property taxes and home insurance premiums monthly and hold them in escrow, and if your down payment is under 20% you'll typically also pay Private Mortgage Insurance (PMI) until you build enough equity. HOA fees and other recurring costs add further to the total, even though they don't affect how the loan itself amortizes. This calculator keeps the loan's principal & interest schedule separate from these extra costs, so you can see exactly how much of your payment goes toward paying down the home versus covering taxes and insurance.

How to use the Mortgage Calculator

  1. Enter the home price and your down payment, either as a percentage or a fixed dollar amount.
  2. Enter the loan term and annual interest rate.
  3. Choose the month and year your loan starts.
  4. Check "Include Taxes & Costs Below" to add property taxes, home insurance, PMI, HOA fees, and other costs.
  5. Press Calculate to see your total monthly payment, payoff date, total interest, and the amortization schedule.

Tips for the Mortgage Calculator

  • PMI is usually no longer required once you reach about 20% equity in your home.

Formula used by the Mortgage Calculator

Monthly Principal & Interest: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] where P = loan amount, r = monthly interest rate, n = number of payments Total Monthly Payment = M + Property Tax/12 + Home Insurance/12 + PMI/12 + HOA/12 + Other Costs/12

Example: Mortgage Calculator

A $350,000 home with 20% down on a 30-year loan

  • Home price: $350,000
  • Down payment: 20% ($70,000)
  • Loan term: 30 years
  • Annual rate: 6.5% (illustrative)

Result: Monthly principal & interest ≈ $1,769.79 (before taxes, insurance, PMI, HOA)

On the $280,000 loan amount, the amortization formula gives a fixed monthly principal & interest payment of about $1,769.79 over 360 payments — taxes, insurance, and other costs would be added on top if included.

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