๐ Mortgage Calculator
Estimate monthly payment and total interest.
Describe your home or mortgage in plain language. The calculator performs the math.
Add estimated recurring expenses for a fuller home-ownership cost. Leave expenses that do not apply at zero.
About this calculator
This calculator is designed to provide clear, easy-to-understand results. Enter your values, review the results, and calculate again whenever you need to.
What goes into a monthly mortgage payment?
A typical fixed-rate principal-and-interest payment depends on the loan balance, monthly interest rate and number of payments. Your total housing budget may also include property taxes, homeowners insurance, private mortgage insurance (PMI) when required, and HOA fees. Utilities and maintenance are usually separate expenses.
Mortgage payment formula
For a fully amortizing fixed-rate loan, the principal-and-interest payment is M = P ร r(1 + r)^n รท ((1 + r)^n โ 1), where P is the starting loan principal, r is the monthly interest rate and n is the number of monthly payments. If the interest rate is zero, divide the principal by the number of payments.
Example: compare the inputs
A $280,000 loan at a 6.5% annual rate over 30 years has 360 scheduled monthly payments. The calculator estimates principal and interest from those inputs; add local taxes, insurance and any applicable fees to build a more complete monthly estimate. Actual lender terms and costs may differ.
Related guides
Frequently asked questions
How is a monthly mortgage payment calculated?
Principal and interest depend on loan amount, interest rate and term. Property taxes, insurance, HOA fees and PMI can increase the total monthly payment.
Does the estimate include taxes and insurance?
Enter available expenses in the calculator fields. Results are estimates and may differ from a lender quote.