Mortgage Calculator
The Mortgage Calculator estimates your monthly principal and interest payment based on home price, down payment, interest rate, and loan term, with optional fields for property tax, insurance, and HOA dues.
Advertisement
Advertisement
How This Tool Works
Enter your home price, down payment, interest rate, and loan term. Optionally add annual property tax, insurance, and monthly HOA dues for a complete monthly payment estimate.
Formula & Method
Monthly principal & interest = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
Example Calculation
A $350,000 home with a $70,000 down payment, 30-year term, and 6.5% rate has a $280,000 loan and a principal & interest payment of about $1,770/month.
Frequently Asked Questions
Does this include property taxes and insurance?+
Yes, if you fill in the optional annual tax and insurance fields, they're added to your monthly principal & interest payment for a full PITI estimate.
What interest rate should I use?+
Use current rates for your credit profile and loan type — check with a few lenders, since rates vary based on credit score, loan type, and market conditions.
Does a bigger down payment always help?+
A larger down payment reduces your loan amount and monthly payment, and can help you avoid private mortgage insurance (PMI) if it reaches 20% of the home price.
Advertisement
Related Tools
Loan Payment Calculator
Calculate the monthly payment for any fixed-rate loan.
Use tool →FinanceDebt-to-Income Ratio Calculator
Calculate your debt-to-income ratio, a key number lenders check.
Use tool →FinanceAuto Loan Calculator
Calculate your monthly car payment including tax, trade-in, and down payment.
Use tool →FinanceCredit Card Payoff Calculator
See how long it will take to pay off a credit card balance.
Use tool →