Mortgage Calculator
Estimate the loan payment on a home purchase from price, down payment, rate, and term. Add tax, insurance, and fees if you want a fuller monthly picture.
$
$
%
$
Optional.
$
Optional.
$
Optional.
About this calculator
A mortgage payment is usually quoted as principal and interest. Many lenders also collect property tax, homeowners insurance, and HOA dues in the same monthly amount. This calculator shows both the loan payment and an estimated total housing payment.
Limits
- Principal and interest use a standard amortizing payment. Points, mortgage insurance, and rate changes are not included.
- Tax, insurance, and HOA are flat monthly amounts you type. The calculator does not look them up.
- This is not a mortgage offer.
How to calculate
Enter the home price, down payment, annual interest rate, and term in years. Add yearly tax, yearly insurance, and monthly HOA if you want those included. The loan amount is price minus down payment.
Loan = Price − Down payment
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
Housing payment = M + tax/12 + insurance/12 + HOA
When to use it
- Comparing 15-year and 30-year terms
- Seeing how a larger down payment changes the payment
Examples
$400,000 home, $80,000 down, 6.5% for 30 years
The loan is $320,000. Principal and interest are about $2,022.62 per month before tax and insurance.
Principal and interest on a $320,000 loan at 6.5%
| Term | Monthly P&I (approx.) |
|---|---|
| 15 years | $2,786 |
| 20 years | $2,387 |
| 30 years | $2,023 |
FAQ
Is PMI included?
No. Private mortgage insurance is often required when the down payment is under 20%. Add it yourself if your lender charges it.
How is this different from the loan calculator?
The loan calculator starts from a known loan amount. This one starts from a purchase price and down payment, and can fold in tax, insurance, and HOA.