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.
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.