Mortgage Calculator
Estimate your monthly mortgage payment, interest costs, property taxes, insurance, and total housing expenses.
- Principal & interest79.8%
- Property tax15.4%
- Insurance4.8%
How it works
The monthly principal and interest use the standard fixed-rate amortization formula:
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
Where P is the loan balance (home price − down payment), r is the monthly interest rate, and n is the total number of monthly payments. Taxes, insurance, HOA, and mortgage insurance are added on top.
Common questions
Does the result include taxes and insurance? Yes — enter your annual property tax and homeowners insurance to see the full monthly payment.
How does an extra payment help? Extra principal is applied directly to your balance each month, reducing total interest and shortening the loan.
What is LTV? Loan-to-value is the loan balance divided by the home price. Many lenders require PMI above 80% LTV.
Methodology & sources
Every formula on this page is verified against the authoritative publications listed below. Assumptions describe the boundaries of the estimate.
Formulas
- Loan = Home price − Down payment
- M = P × [r(1+r)^n] ÷ [(1+r)^n − 1] where r = APR/12, n = years × 12
- Total monthly = P&I + Tax/12 + Insurance/12 + HOA + PMI + Extra principal
Assumptions
- Fixed interest rate for the full term.
- Property tax, homeowners insurance, HOA dues, and PMI stay constant.
- Extra principal is applied every month until payoff.
- PMI is not automatically removed at 78% LTV — enter 0 once it should stop.
Citations
- [1]How is my monthly mortgage payment calculated? — Consumer Financial Protection Bureau (CFPB).Verified 2026-07-22.
- [2]Homeowners Protection Act (PMI cancellation at 78% LTV) — 12 U.S.C. § 4901 et seq..Verified 2026-07-22.
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This calculator provides estimates only. Results depend on the values entered and may not account for every individual situation. This site does not provide financial, tax, legal, investment, medical, or academic advice.