Calculator
Mortgage Calculator
Estimate your total monthly payment, including principal, interest, taxes and insurance.
How is my mortgage payment calculated?
Your monthly payment has two parts: principal & interest, calculated from the loan amount, rate and term with a standard amortization formula, plus 1/12 of your annual property tax and homeowners insurance folded in as an estimate of what many lenders collect monthly through an escrow account.
Frequently asked questions
How is principal & interest calculated?
It uses the standard mortgage amortization formula: a fixed monthly payment based on the loan amount, the monthly interest rate (annual rate ÷ 12), and the number of payments (term in years × 12). The payment stays level, but early payments are mostly interest and later ones are mostly principal.
Why do I need to enter property tax and insurance separately?
Together with principal and interest, they make up PITI — the four pieces most lenders bundle into a single monthly payment via an escrow account, paying the tax and insurance bills on your behalf when they come due. Entering them here gives a more realistic "what will I actually pay" number than principal and interest alone.
Does this include PMI (private mortgage insurance)?
No — this calculator only estimates principal, interest, tax and insurance. If your down payment is under 20% of the home price, expect an additional monthly PMI charge on a conventional loan until you reach 20% equity, which isn't modeled here.
Does this assume a fixed rate?
Yes — the rate you enter is treated as fixed for the full term. An adjustable-rate mortgage (ARM) can change after an initial fixed period, so if you're considering an ARM, treat this as only the payment during that initial period, not a lifetime estimate.