Financial
Use this mortgage calculator to estimate a monthly home loan payment from the purchase price, down payment, interest rate, loan term, taxes, and insurance.
Calculator
See how principal, interest, tax, and insurance contribute to the payment.
Sign in to save this calculation and access it later.
Trust note
This calculator is informational and should be verified before financial, health, legal, engineering, laboratory, or safety-critical decisions.
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.
Assumptions
Avoid mistakes
Follow the reasoning, not only the final number.
Subtract the down payment from the home price to find the loan principal.
Starting with clearly defined values and units prevents the most common calculation errors.
Convert the annual interest rate into a monthly rate.
This step transforms the known values into the form required by the formula.
Multiply the loan term by 12 to calculate the number of payments.
This step transforms the known values into the form required by the formula.
Apply the amortization formula to estimate monthly principal and interest.
This step transforms the known values into the form required by the formula.
Add monthly taxes and insurance when provided.
Compare the result with your real-world goal, such as buy a home.
Worked example
Estimated principal and interest payment is about $2,023 per month.
Calculator guide
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.
References
Last checked: 2026-06-25 | Next review: 2026-12-25
Last checked: 2026-06-25 | Next review: 2026-12-25
We work hard to keep every calculator accurate and useful. If you notice a calculation error, missing option, or unclear explanation, please let us know so we can review and correct it promptly.
Usage information loads after the calculator is ready.
FAQ
Yes. You can enter yearly property tax and monthly insurance to include them in the monthly estimate.
Lender quotes can include points, fees, PMI, escrow rules, local taxes, and underwriting assumptions.
Yes. Use copy, print, or page sharing tools to reuse the result.
The calculator includes principal, interest, and optional property tax and insurance values entered by the user.
Not directly. Add PMI as an additional monthly cost if it applies to your loan.
A larger down payment lowers the loan principal and can reduce monthly payment and total interest.
Yes. Change the term and compare monthly payment, total interest, and total cost.
Yes, if you want a fuller monthly housing estimate. Enter the annual property tax value.
Fixed-rate loans keep the rate steady, while adjustable-rate loans can change. This calculator models a fixed-rate scenario.
It estimates payments. For affordability, also consider income, debts, savings, maintenance, local taxes, and emergency reserves.
Related tools
Continue with closely related tools selected from the same subject and matching calculation needs.
Estimate home affordability from income, debt, down payment, interest rate, tax, and insurance.
Compare current and refinance loan payments, monthly savings, closing costs, and break-even time.
Calculate down payment amount, loan amount, and savings gap from property price and target percentage.
Estimate buyer closing costs from purchase price, lender fees, taxes, title fees, prepaid items, and down payment.
Compare renting cost with owning cost including payment, maintenance, taxes, insurance, and appreciation.
Estimate loan payments, total interest, payoff totals, and amortized monthly costs.
Estimate payment, total cost, financing charge, and comparison scenarios for personal loan.
Estimate payment, total cost, financing charge, and comparison scenarios for student loan.
