Mortgage Calculator
Estimate monthly mortgage payments including principal, interest, and optional taxes, insurance, and HOA fees.
How this calculator works
How to use this calculator
Enter the home price, down payment, interest rate, and loan term. Optionally add property tax, home insurance, and HOA fees to estimate a broader monthly housing payment.
Formula used
The principal and interest payment uses the standard fixed-rate amortization formula: M = P × [r(1 + r)^n] / [(1 + r)^n − 1]. P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Optional taxes, insurance, and HOA fees are added monthly.
Example calculation
For a $350,000 home with a $70,000 down payment, a 6.5% rate, and a 30-year term, the loan amount is $280,000 and the estimated principal and interest payment is about $1,769.54 per month.
What the result means
The result is an estimate of monthly housing cost. It is not a loan offer and may not include all costs such as mortgage insurance, closing costs, local taxes, or lender fees.
Frequently asked questions
Does this include property tax and insurance?
Yes, if you enter them. Otherwise it shows principal and interest only.
Is this for fixed-rate mortgages?
Yes. The formula assumes a fixed interest rate and regular monthly payments.
Why is my lender quote different?
Lenders may include fees, mortgage insurance, escrow rules, taxes, and other costs not included here.