Mortgage Calculator
A mortgage calculator is a free online tool that estimates your monthly home loan payment. It factors in PMI, property taxes, insurance, and HOA fees to show your true housing cost. Free, no sign-up required.
Loan Details
Results
Total / month
After down payment
Over 30 years
| Month | Principal | Interest | Balance |
|---|
360 months · Showing 0 rows
How to Use This Calculator
- 1Enter the home price you are considering in the Home Price field.
- 2Adjust the down payment using the slider. Toggle between a dollar amount and a percentage of the home price.
- 3Set the interest rate. The default reflects current market averages; check with lenders for your actual rate.
- 4Choose the loan term — 30 years for lower monthly payments, 15 years to save on interest.
- 5Optionally add property tax rate, annual home insurance, and monthly HOA fees for a complete picture.
- 6Review the monthly payment breakdown, amortization chart, and AI-generated insights.
- 7Switch the amortization table between monthly and yearly views to see how your balance changes over time.
How It's Calculated
The monthly principal-and-interest payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1] Where: - M = monthly payment (principal + interest) - P = loan amount (home price minus down payment) - r = monthly interest rate (annual rate ÷ 12) - n = total number of payments (years × 12) For example, a $320,000 loan at 6.5% for 30 years: - P = 320,000 - r = 0.065 / 12 = 0.005417 - n = 360 - M = $2,022.62 Your total monthly housing payment also includes property tax, home insurance, HOA fees, and PMI (if your down payment is under 20%).
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