Mortgage Calculator
Calculate your monthly mortgage payments with property taxes and insurance.
How to Calculate Your Mortgage Payment
Calculate your monthly mortgage payment with our easy-to-use calculator. Input your home details and get instant results.
- 1
Enter Home Details
Input your home price, down payment, and loan term to get started.
- 2
Add Additional Costs
Include property taxes, insurance, and HOA fees for a complete picture.
- 3
Get Results
View your monthly payment, total cost, and detailed amortization schedule.
Mortgage Formula
M = P[r(1+r)^n]/[(1+r)^n-1]
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (Annual rate ÷ 12)
- n = Total number of months
What's Included in a Monthly Mortgage Cost
Understanding all components of your monthly mortgage payment helps you budget effectively and avoid surprises.
- 1
Principal & Interest
The main components of your mortgage payment, covering loan repayment and interest charges.
- 2
Property Taxes
Annual taxes divided into monthly payments, typically held in escrow.
- 3
Insurance & HOA
Home insurance premiums and HOA fees, if applicable to your property.
Pro Tip
Use our calculator to experiment with different down payment amounts and loan terms to find the best balance between monthly payments and total interest cost.
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