Mortgage Calculator
Estimate monthly mortgage payments, principal and interest, property tax, insurance and total housing payment.
Estimated monthly payment
How we calculated it
About the Mortgage Calculator
Home-loan affordability starts with the principal-and-interest payment, but the full housing budget often includes much more. This calculator models the amortized mortgage payment and can add recurring housing costs when those inputs are available.
The payment shown by a basic mortgage formula is not the same as the total cost of owning a home. Property taxes, homeowners insurance, mortgage insurance, association fees, maintenance and closing costs can materially change affordability.
How to Use the Mortgage Calculator
- Enter the home price and down payment, or enter the loan principal directly if you already know the amount financed.
- Enter the mortgage interest rate and loan term.
- Add taxes, insurance, association fees or mortgage insurance when the calculator supports them and you want a fuller monthly housing estimate.
- Calculate the monthly payment and total interest, then compare more than one rate and term rather than focusing on a single scenario.
How the Calculation Works
The principal-and-interest payment uses the standard amortization formula M = P × r(1+r)^n ÷ [(1+r)^n − 1], where P is loan principal, r is the monthly interest rate and n is the number of monthly payments.
Taxes, insurance and other recurring housing costs are added separately when provided. They do not change the underlying principal-and-interest amortization unless they are financed into the loan.
Worked example
Mortgage Calculator Worked Example
$300,000 mortgage at 6.5% for 30 years
Monthly rate = 0.065 ÷ 12 and n = 360. The principal-and-interest formula produces a payment of about $1,896 per month. Property taxes, insurance and other housing charges would be added separately.
Result guide
Understanding Your Mortgage Calculator Result
A lender may quote a different payment because of escrow items, mortgage insurance, fees, rate-lock details or rounding. Use the calculator for scenario comparison, not as a substitute for the official loan estimate.
Before you rely on the answer
Assumptions and Limitations
- The mortgage rate remains fixed for the modeled term unless a different product is explicitly selected.
- Payments are made on schedule.
- Closing costs and future tax/insurance changes are excluded unless entered.
Practical tip
Using This Result in Practice
Test affordability with a rate slightly higher than the current quote and include realistic taxes, insurance and maintenance. A payment that only works under the most optimistic assumptions can leave little room for other household costs.
Related calculations
Useful Calculations to Continue With
If you are still deciding how much home fits your income and debts, use the House Affordability Calculator before choosing a mortgage amount.
If you already have a mortgage and want to see the effect of extra payments, use the Mortgage Payoff Calculator.
Common questions
Mortgage Calculator FAQ
Does the mortgage payment include taxes and insurance?
The principal-and-interest formula does not. The total monthly estimate includes those items only if the calculator has fields for them and you enter them.
Why is my lender’s payment different?
The lender may include escrow, mortgage insurance, fees or a slightly different rate and rounding convention. Use the official loan estimate for the contractual payment.
Does a lower interest rate always make refinancing worthwhile?
No. Closing costs, remaining term and how long you keep the loan also matter. Compare total savings and break-even time, not just the new rate.