Mortgage Calculator
Estimate the monthly cost of a fixed-rate mortgage from home price, down payment, interest rate, and term. Enter the down payment in dollars or as a percentage, then compare common terms or use a custom term.
Mortgage Calculator tool
About the Mortgage Calculator
Optional property tax, home insurance, and HOA inputs appear separately from principal and interest. The yearly loan breakdown shows principal repaid, interest paid, and remaining balance. Results are estimates, not financial advice.
How Is Mortgage Calculated?
Loan principal is the home price less the down payment. A fixed-rate amortization formula determines principal and interest; recurring ownership costs are then added to estimate a broader monthly housing payment.
Loan amount = home price − down payment
P&I = L × r ÷ [1 − (1 + r)^(−n)]
Monthly housing payment = P&I + price × tax rate ÷ 1,200 + annual insurance ÷ 12 + monthly HOA
Example
For a $300,000 home with 20% down, the loan is $240,000. At 6% for 30 years, P&I is $1,438.92. Adding 1.2% annual property tax, $1,200 yearly insurance, and $50 monthly HOA gives $1,888.92 per month.
How to Use the Mortgage Calculator
- Enter the home purchase price.
- Select dollars or percent for the down payment and enter its value.
- Enter the rate and choose 15, 20, 30, or a custom number of years.
- Enter annual property tax percentage, yearly insurance, and monthly HOA, or set them to zero.
- Review the cost components and yearly amortization table.
Mortgage Calculator Examples
Loan amount
A $400,000 home with 20% down requires an $80,000 down payment and a $320,000 loan.
Zero-rate illustration
A $180,000 loan at 0% over 15 years has $1,000 monthly principal and interest. Annual insurance of $1,200 adds $100 per month.
Down payment and equity
A larger down payment reduces the amount borrowed. This calculator does not determine lender eligibility or insurance requirements.
Costs outside the estimate
Closing costs, maintenance, utilities, special assessments, and future tax or insurance changes are excluded. The table tracks only loan amortization.
Frequently Asked Questions
Does this include PMI?
No. Private mortgage insurance, mortgage insurance premiums, and other lender charges are not included.
What value is used for property tax?
The entered annual percentage applies to the home price. Actual assessed values and exemptions can differ.
Is the total monthly payment fixed?
Only the modeled principal and interest remain fixed. Tax, insurance, and HOA can change.
Can I use a custom mortgage term?
Yes. Select Custom and enter a term that converts to a positive whole number of months, up to 100 years.
Does total repayment include taxes and insurance?
Total principal and interest excludes ownership expenses. The total monthly payment includes the optional monthly expense estimates.
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