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Mortgage Payment Calculator

Estimate your monthly mortgage payment, total repayment and total interest based on the loan amount, interest rate, term and down payment.

Your Details

Overview

Use this mortgage payment calculator to estimate your monthly mortgage cost from the home price, down payment, interest rate and loan term. You can also include annual property tax and home insurance to see a more complete monthly housing payment.

How it works

The calculator first subtracts the down payment from the home price to find the loan amount. It then uses the standard amortization formula to estimate the monthly principal and interest payment based on the annual interest rate and loan term. Monthly property tax and home insurance are added on top to show a broader monthly housing cost. Total repayment and total interest are based on principal and interest only.

How to use this calculator

  1. 1Enter the home price.
  2. 2Add your planned down payment.
  3. 3Enter the annual interest rate.
  4. 4Choose the mortgage term in years.
  5. 5Add estimated annual property tax and home insurance.
  6. 6Review the monthly payment, total repayment and total interest.

Example Calculation

Home price

$350,000

Down payment

$70,000

Annual interest rate

7%

Loan term

30

Annual property tax

$4,200

Annual home insurance

$1,500

Estimated monthly payment

$2,245

For a $350,000 home with a $70,000 down payment, a 6.5% rate and a 30-year term, the loan amount is $280,000 and the estimated monthly payment is about $2,370, including tax and insurance.

Frequently asked questions

What does this mortgage payment calculator estimate?

It estimates your monthly mortgage payment, loan amount, total repayment and total interest using the home price, down payment, rate and term.

Does the monthly payment include taxes and insurance?

Yes, this version can include estimated monthly property tax and home insurance in the total monthly payment.

Is PMI included in the result?

No. Private mortgage insurance is not included, so the actual monthly cost may be higher if your lender requires it.

What is principal and interest?

Principal is the amount you borrow, and interest is the cost charged by the lender for borrowing that money.

Why does a longer loan term reduce the monthly payment?

A longer term spreads repayment over more months, which usually lowers the monthly payment but increases total interest paid.

Why might my real mortgage payment be different?

Actual payments can differ because of lender fees, PMI, escrow changes, adjustable rates, HOA fees and local tax or insurance costs.

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Assumptions and warnings

Assumptions

  • The mortgage uses a fixed interest rate for the full term.
  • Payments are made monthly and the loan is fully amortized over the selected term.
  • Property tax and home insurance are estimated monthly additions and may vary.
  • Results are estimates and do not include HOA fees, mortgage insurance, closing costs or lender fees.

Warnings

  • This calculator provides an estimate only and is not financial advice.
  • Actual mortgage costs and approval terms may vary by lender, taxes, insurance and fees.