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Mortgage Calculator

Estimate your monthly mortgage payment including taxes, insurance and HOA.

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How the mortgage calculator works

Your monthly principal & interest payment is calculated from the loan amount (home price minus down payment), the interest rate and the loan term using the standard amortization formula:

M = P · r · (1 + r)^n / ((1 + r)^n − 1)

where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. We then add monthly property tax, homeowners insurance and any HOA fee to estimate your full housing payment.

Tips

  • A larger down payment lowers your loan amount and monthly payment, and a 20% down payment typically avoids private mortgage insurance (PMI).
  • Shortening the term (e.g. 15 years) raises the monthly payment but greatly reduces total interest.
  • Property tax and insurance are often collected in an escrow account as part of your monthly payment.

Estimates only. Actual payments depend on your lender, PMI, taxes and insurance quotes.