Mortgage Calculator
Use this free mortgage calculator to estimate your monthly house payment, including principal, interest, property taxes, home insurance, PMI, HOA fees, and other costs.
Mortgage Payment Calculator
Enter your loan details below to calculate your estimated monthly payment.
Taxes, Insurance & Costs
Includes principal, interest, taxes, insurance, PMI, HOA, and other costs.
Monthly Payment Breakdown
Principal & Interest$0.00
Property Tax$0.00
Home Insurance$0.00
PMI$0.00
HOA & Other$0.00
Mortgage Amortization Schedule
This table shows the monthly interest, principal, and remaining loan balance.
| Month | Date | Payment | Interest | Principal | Balance |
|---|
What Is a Mortgage Calculator?
A mortgage calculator is an online tool that helps estimate the monthly payment for a home loan. It uses the home price, down payment, loan term, and interest rate to calculate the principal and interest payment. This calculator also allows you to include property taxes, home insurance, PMI, HOA fees, and extra costs for a more complete estimate.
Mortgage Payment Formula
The standard mortgage payment formula for principal and interest is:
- M = monthly principal and interest payment
- P = loan amount
- r = monthly interest rate
- n = total number of monthly payments
How to Use This Mortgage Calculator
- Enter the home price.
- Enter your down payment amount.
- Add the loan term, such as 15, 20, or 30 years.
- Enter the annual mortgage interest rate.
- Add optional costs like property tax, insurance, PMI, and HOA fees.
- Click Calculate to see your estimated monthly payment and amortization schedule.
What Costs Are Included?
This calculator can include principal, interest, property taxes, homeowners insurance, private mortgage insurance, HOA fees, and other annual costs. The result is an estimate and may differ from the exact payment offered by a lender.
Mortgage Calculator FAQs
What is the main monthly mortgage payment?
The main mortgage payment is usually principal and interest. However, many homeowners also pay property tax, insurance, and other costs each month.
Does a larger down payment reduce monthly payment?
Yes. A larger down payment reduces the loan amount, which can lower the monthly payment and may help avoid PMI.
What is PMI?
PMI means private mortgage insurance. It is commonly required when the down payment is less than 20% of the home price.
Can extra payments reduce interest?
Yes. Extra monthly payments can reduce the remaining balance faster, which may lower total interest and shorten the payoff time.
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