Mortgage Calculator
Estimate your monthly home payment with tax and insurance included.
20% of the home price
Monthly payment
$2,215.62
- Principal and interest
- $1,769.79
- Property tax
- $320.83
- Home insurance
- $125.00
- Loan amount
- $280,000.00
- Total interest
- $357,124.57
How to use the Mortgage Calculator
- Enter the home price and your down payment.
- Enter the mortgage interest rate and the term in years.
- Add the yearly property tax rate and your annual home insurance cost.
- Read your total monthly payment and its breakdown, plus the loan amount and total interest.
About the Mortgage Calculator
Buying a home means paying more than the loan itself. This mortgage calculator estimates your full monthly housing payment: the principal and interest on your loan, plus property tax and home insurance. Change the home price, down payment or rate to see how each choice moves your monthly cost.
The loan amount is the home price minus your down payment. Principal and interest are calculated with the standard mortgage formula: M = L × r × (1 + r)^n ÷ ((1 + r)^n − 1), where L is the loan, r is the monthly rate and n is the number of monthly payments.
Property tax is the home price multiplied by the tax rate, divided by 12. Home insurance is the yearly premium divided by 12. Your total monthly payment is the sum of the three parts. Total interest is the principal-and-interest payment multiplied by n, minus the loan. Costs such as mortgage insurance, HOA fees and maintenance are not included, so treat the result as an estimate.
Frequently asked questions
How much should I put down on a home?
Many lenders ask for between 3% and 20%. A larger down payment lowers your loan, your monthly payment and your total interest, and may help you avoid mortgage insurance.
What is included in the monthly payment?
Principal, interest, property tax and home insurance. This is often called PITI. Mortgage insurance and HOA dues are not included.
How do I find my property tax rate?
Your local tax authority or the seller's listing usually shows it. As a rough guide, many areas charge between 0.5% and 2% of the home value per year.
Does a shorter term save money?
Yes. A 15-year mortgage has a higher monthly payment than a 30-year one, but you pay far less total interest. Compare both terms here.
Is the result a loan offer?
No. It is an estimate for planning. Your lender's quote will depend on your credit, fees and the exact loan product.