Mortgage Calculator
Estimate principal and interest plus optional property tax and homeowners insurance.
About the Mortgage Calculator
A mortgage payment depends on the amount you borrow, your interest rate, and the length of the loan. This calculator also lets you include annual property taxes and homeowners insurance for a broader monthly estimate.
How to use this calculator
- Enter the home price and the down payment you plan to make.
- Enter the annual interest rate and loan term in years.
- Add annual property tax and homeowners insurance if you want them included in the monthly estimate.
- Review the loan amount, principal and interest payment, and estimated total monthly payment.
How the calculation works
For a fixed-rate loan, the principal-and-interest payment is calculated from the loan amount, monthly interest rate, and total number of monthly payments. Property tax and insurance are then divided by 12 and added to the monthly estimate.
Example
A $400,000 home with an $80,000 down payment leaves a $320,000 loan. At 6.5% for 30 years, the calculator estimates the principal-and-interest payment and can add annual tax and insurance on top.
Things to keep in mind
- A larger down payment reduces the amount you need to finance.
- Taxes and insurance vary by property and location, so use realistic local estimates.
- PMI, HOA dues, closing costs, lender fees, and other expenses may increase your actual housing cost.
- Use the result as a planning estimate rather than a loan offer or approval.
Frequently asked questions
What does a mortgage payment include?
Principal and interest are the core loan payment. Many homeowners also budget for property taxes and homeowners insurance, while PMI and HOA dues may apply separately.
Does a bigger down payment lower the monthly payment?
Usually, yes. A larger down payment means a smaller loan balance, which generally reduces principal and interest.
Does this calculator show the exact payment from a lender?
No. It is a planning estimate. Lender terms, taxes, insurance, fees, and other costs can change the actual payment.
Can I compare different loan terms?
Yes. Try different terms and rates to see how the monthly payment and total interest change.