Formula Explanation
M = P [r(1 + r)^n] / [(1 + r)^n - 1]
The calculator uses the standard amortization formula for principal and interest, then adds optional monthly tax and insurance estimates.
Financial
Mortgage Calculator
Use this mortgage calculator to estimate a monthly home loan payment from the purchase price, down payment, interest rate, loan term, taxes, and insurance.
mortgagehome loanmonthly paymentinterestprincipalhouse payment
Calculator
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Monthly Payment Breakdown
See how principal, interest, tax, and insurance contribute to the payment.
Principal & interest$2,022.62
Monthly tax$400.00
Insurance$140.00
Total monthly$2,562.62
Mortgage Amortization Snapshot
Year 1
$3,576.72 principal / $20,694.69 interest / $316,423.28 balance
Year 2
$3,816.26 principal / $20,455.15 interest / $312,607.02 balance
Year 3
$4,071.84 principal / $20,199.57 interest / $308,535.17 balance
Year 4
$4,344.54 principal / $19,926.87 interest / $304,190.63 balance
Year 5
$4,635.50 principal / $19,635.91 interest / $299,555.13 balance
Year 6
$4,945.95 principal / $19,325.46 interest / $294,609.18 balance
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Use Cases
- Buy a home
- Compare loan terms
- Estimate monthly payment
- Plan affordability
Step-by-Step Explanation
- Step 1Subtract the down payment from the home price to find the loan principal.
- Step 2Convert the annual interest rate into a monthly rate.
- Step 3Multiply the loan term by 12 to calculate the number of payments.
- Step 4Apply the amortization formula to estimate monthly principal and interest.
- Step 5Add monthly taxes and insurance when provided.
Example calculation
Example mortgage payment
Given
- Home price: $400,000
- Down payment: $80,000
- Interest rate: 6.5%
- Term: 30 years
Steps
- Loan principal is $320,000.
- Monthly rate is 0.065 / 12.
- Total payments are 360.
Result
Estimated principal and interest payment is about $2,023 per month.
Calculator guide
About this Mortgage Calculator
Estimate monthly mortgage payments, total interest, principal, and payoff cost. This page includes an interactive calculator, concise formula notes, worked examples, FAQs, related calculators, and practical guidance you can revisit whenever needed.
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Calculator usage
See how many people are using this calculator.
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Total saved calculations
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Most active date
2026-06-05
FAQ
Mortgage Calculator FAQs
Does this mortgage calculator include taxes and insurance?+
Yes. You can enter yearly property tax and monthly insurance to include them in the monthly estimate.
Why is my lender quote different?+
Lender quotes can include points, fees, PMI, escrow rules, local taxes, and underwriting assumptions.
Can I share my mortgage result?+
Yes. Use copy, print, or page sharing tools to reuse the result.
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