Mortgage calculator
Estimate the monthly payment on a fixed-rate home loan. Home buyers use it to compare prices, down payments and loan terms before talking to a lender.
- Runs in your browser
- Free, no account needed
- Copy or download the result
Result
Example
Home price: 400000 Down payment: 20 Down payment is: Percent of price Interest rate: 6.5 Loan term: 30 Property tax: 350 Home insurance: 120 HOA dues: 0 PMI: 0
Total monthly payment: $2,492.62 Principal and interest: $2,022.62 Property tax: $350.00 Home insurance: $120.00 HOA dues: $0.00 PMI: $0.00 Loan amount: $320,000.00 Down payment: $80,000.00 (20.00% of price) Number of payments: 360 Total interest over the term: $408,140.64 Total of principal and interest: $728,140.64 Estimate for a fixed-rate loan with monthly payments. Interest is rounded to the cent each month and the last payment covers any small remainder. Tax, insurance, HOA and PMI are added as the monthly amounts you enter.
How to use the mortgage calculator
- Enter the Home price and the Down payment, then set Down payment is to Percent of price or Dollar amount.
- Enter the Interest rate and the Loan term in whole years.
- Optionally add monthly Property tax, Home insurance, HOA dues and PMI, then press Run.
- Press Copy result or Download to keep the breakdown.
How it works
Principal and interest use the standard level payment formula with a monthly rate of the yearly rate divided by 12.
Interest is rounded to the cent each month and the last payment covers any small remainder, so total interest matches a full schedule.
Property tax, insurance, HOA and PMI are added as the monthly amounts you type; the tool does not look up local tax or insurance costs.
The rate must be 0% to 30%, the term 1 to 50 whole years, and the down payment must be less than the home price.
Results are estimates for a fixed-rate loan and do not include closing costs or rate changes.
Everything runs in your browser. Your input is not uploaded or stored.
Questions and answers
How is a monthly mortgage payment calculated?
The loan amount is multiplied by the monthly rate and divided by 1 minus (1 + monthly rate) to the power of minus the number of payments. Tax, insurance, HOA and PMI are then added on top.
What is PMI?
Private mortgage insurance protects the lender. Lenders often require it on conventional loans with less than 20% down, so enter the monthly amount your lender quotes.
Does this include closing costs?
No. It covers the monthly payment and the interest over the term only.