HomePropertyMortgage Calculator

Mortgage Calculator

Calculate your monthly mortgage payment instantly with taxes and insurance included. See total interest, amortization schedules, and payment breakdowns.

Home price ($)10000–10000000

Down payment (%)0–100

Loan term

Interest rate (%)0.1–20

✨ Your Result

1,770

/MONTH · 30-year fixed at 6.5%

Principal & Interest1,770

Loan Amount280,000

Total Interest357,200

Down Payment70,000

Frequently Asked Questions

Common questions about mortgage.

Your monthly payment typically includes four components (PITI): principal, interest, property taxes, and homeowners insurance. Some mortgages also include HOA fees or PMI (private mortgage insurance) if you put down less than 20%.

A larger down payment reduces your loan amount, lowering both your monthly payment and total interest paid. Putting down at least 20% also helps you avoid PMI, which can add $50-$200+ to your monthly payment depending on loan size.

A 15-year mortgage has higher monthly payments but you'll pay significantly less interest overall and own your home faster. A 30-year mortgage offers lower monthly payments and more flexibility, but you'll pay much more in total interest over the life of the loan.

Most lenders recommend your monthly housing costs stay below 28% of your gross monthly income. Your total debt payments (including mortgage, car loans, credit cards) should stay below 36% of gross income, though these are guidelines and your comfort level may differ.

Private Mortgage Insurance (PMI) protects the lender if you default, required when you put down less than 20%. You can typically request PMI removal once you reach 20% equity through payments or home appreciation, or it automatically ends at 22% equity.

How to Calculate

Enter your home price, down payment (as percentage or dollar amount), interest rate, and loan term to calculate your monthly payment. The calculator uses the standard amortization formula to determine your principal and interest payment, then adds property taxes, insurance, and HOA fees if provided. You'll see a complete breakdown of where your money goes each month, plus total interest over the life of the loan. The amortization schedule shows how your payment splits between principal and interest over time—early payments are mostly interest, but this gradually shifts toward principal.

Formula & Method

**Monthly Payment Formula:**

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:
- M = Monthly payment (principal + interest)
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (years × 12)

Total monthly payment = M + (annual property tax ÷ 12) + (annual insurance ÷ 12) + HOA fees

Sources & References

https://www.consumerfinance.gov/owning-a-home/
https://www.fhfa.gov/
https://www.freddiemac.com/

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