Mortgage Calculator

Use this mortgage calculator to estimate the monthly housing payment from a home price, down payment, interest rate, loan term, property tax, insurance, HOA fees, optional PMI, and extra monthly payment. Results include a payment breakdown, loan amount, total interest, total of payments, and payoff time.

How to use this calculator

Enter the home price and choose whether the down payment is a percentage or dollar amount. Add the loan term and annual interest rate, then include yearly property tax, yearly insurance, monthly HOA fees, and any extra monthly payment. Toggle PMI if you want the calculator to estimate private mortgage insurance when the down payment is below 20 percent.

Formula

Principal and interest use the standard amortized loan formula:

$payment = P \times r \times (1 + r)^n \div ((1 + r)^n - 1)$

The calculator then adds monthly tax, insurance, PMI when applicable, and HOA fees.

Worked example

For a 360,000 dollar home with 20 percent down, the loan amount is 288,000 dollars. At 6.5 percent for 30 years, principal and interest are about 1,820.36 dollars per month before taxes, insurance, or HOA fees.

Interpreting the estimate

A lower payment can still mean higher lifetime interest if the term is longer. Compare nearby scenarios with the loan calculator, VA loan calculator, and debt-to-income calculator. For a home equity line, use the HELOC payment calculator.