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Mortgage calculator

What your monthly payment will be, with taxes, insurance and fees.

Reviewed by Victor Yuki Matusita on . First published .

Your numbers stay on your device
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%
years

Monthly payment

$2,396.20/mo

Over 30 years at 6.5% you'll pay $682,637 on the loan, of which $382,637 is interest. Taxes, insurance and fees add $500.00 a month.

  • Principal $300,000 · 44%
  • Interest $382,637 · 56%

Taxes, insurance and fees

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$
$

Private mortgage insurance, usually asked with less than 20% down.

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Payment schedule

How to use the mortgage calculator

  1. Enter the home price and your down payment, in dollars or as a percent of the price.
  2. Type the interest rate your lender quoted and the loan term in years.
  3. Add the yearly property tax and insurance, and any PMI or HOA dues, to see the whole monthly payment.
  4. Open the schedule to see every payment, or save it as a PDF or a CSV.

How the mortgage payment is worked out

The formula

The principal and interest payment is M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan (the price minus the down payment), r is the monthly rate (the yearly rate divided by 12) and n is the number of monthly payments.

Each month the interest is the balance times r, rounded to the cent. The rest of the payment lowers the balance, and the last payment is whatever closes it, so it can differ from the others by a few cents.

The monthly total adds one twelfth of the yearly property tax and insurance, plus the PMI and HOA dues.

Assumptions

  • The rate stays the same for the whole term: a fixed-rate loan.
  • Interest is charged once a month at the yearly rate divided by 12, on the balance, and rounded to the cent.
  • Property tax and insurance stay at the yearly amounts you enter. In real life they can change every year.
  • PMI and HOA dues stay at the monthly amounts you enter. Here PMI doesn't stop on its own; on most loans it can end once the balance falls to 78% to 80% of the home's original value.
  • No closing costs, points or lender fees are included.

Worked example

This is the example the calculator opens with, worked out by the same engine you use above.

You enter
Home price$375,000.00
Down payment20%
Rate6.5%
Loan term30 years
Property tax per year$4,500.00
Home insurance per year$1,500.00
PMI per month$0.00
HOA dues per month$0.00
You get
Monthly payment$2,396.20
Principal and interest$1,896.20
Property tax per month$375.00
Insurance per month$125.00
PMI and HOA per month$0.00
Loan amount$300,000.00
Interest$382,636.71
Total of loan payments$682,636.71
Number of payments360 payments

Over 30 years at 6.5% you'll pay $682,637 on the loan, of which $382,637 is interest. Taxes, insurance and fees add $500.00 a month.

Sources

Read the guide: 15-year vs 30-year mortgage: the real cost

Educational tool

This calculator is an educational tool, not financial advice and not a loan offer. Your lender sets your rate, your costs and your payment.

More mortgage calculators

Mortgage calculators that each answer one question
CalculatorWhat it answers
Mortgage with extra paymentsThe months and interest an extra payment saves on a mortgage.
Biweekly mortgage calculatorHalf the payment every two weeks against the monthly payment.
15-year vs 30-year mortgageThe two terms side by side: payment, interest and the difference.

Questions about mortgage payments

What does the monthly payment include?

Principal and interest, plus one twelfth of the yearly property tax and home insurance, and any PMI and HOA dues you enter. Lenders often call the first four PITI, and collect taxes and insurance through an escrow account.

Why is the last payment a little different?

The payment is rounded to the cent, and so is the interest of each month. After hundreds of payments those cents add up, so the last payment is whatever closes the balance exactly.

Where does the interest rate come from?

You type it. The starting value is an example, not a quote. Use the rate on your Loan Estimate, or try a few rates to see how much each point changes the payment.

When does PMI go away?

On most conventional loans you can ask to cancel it once the balance reaches 80% of the original value, and it ends on its own at 78%. The calculator keeps the amount you enter for the whole term; set it to zero to see the payment without it.

Can I share or save my numbers?

Copy link puts your numbers after the # of the address, so the same page opens with them. Download PDF and CSV save the inputs, the result and the whole schedule on your device.

Privacy

Your numbers stay on your device. The calculator runs in your browser, so nothing you type is sent anywhere, and the link you copy keeps the numbers after the #, a part of the address your browser never sends.