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Mortgage Calculator

Estimate a fixed-rate mortgage payment, then add the other costs that usually go into the monthly bill: property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues.

Result

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Show amortization schedule (by year)

For information only. Results are estimates based on the numbers you enter and the formula shown below. They are not financial, tax, legal or investment advice and do not replace a qualified professional or the official figures from your lender, employer or provider.

How to use this calculator

  1. Enter the purchase price and your down payment. The loan amount is the difference.
  2. Enter the interest rate from your quote (the note rate, not the APR) and the term in years.
  3. Add yearly property tax and insurance, and PMI or HOA if they apply. Leave them at 0 to see principal and interest only.
  4. Open the amortization schedule to see how much of each year's payments goes to interest and how much to principal.

The formula

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) P = loan amount (price − down payment) r = annual rate ÷ 12 (monthly rate) n = years × 12 (number of payments) Monthly total = M + tax/12 + insurance/12 + PMI% × P/12 + HOA

This is the standard formula for a fully amortizing fixed-rate loan. Each month, interest is charged on the remaining balance, and the rest of the payment reduces the principal. Early payments are mostly interest; later payments are mostly principal, as the CFPB explains.

Worked example

$300,000 loan at 6% for 30 years

  1. Home price $375,000 − down payment $75,000 = loan P = $300,000.
  2. Monthly rate r = 6% ÷ 12 = 0.5% = 0.005. Payments n = 30 × 12 = 360.
  3. (1 + r)^n = 1.005^360 ≈ 6.022575.
  4. M = 300,000 × 0.005 × 6.022575 ÷ (6.022575 − 1) ≈ 9,033.86 ÷ 5.022575 ≈ $1,798.65.
  5. Add tax $3,600 ÷ 12 = $300 and insurance $1,200 ÷ 12 = $100: total ≈ $2,198.65 per month.

Over 360 payments you would pay about $347,515 in interest. These are the default values in the calculator above.

Frequently asked questions

What is included in a mortgage payment?

Usually principal and interest, plus property tax and homeowners insurance collected into an escrow account. Some loans add mortgage insurance (PMI) and some homes have HOA dues, which are often paid separately.

Should I use the interest rate or the APR?

Use the interest (note) rate to calculate the payment. The APR also includes certain fees and is meant for comparing loan offers, not for computing the monthly payment.

When is PMI required?

On a conventional loan, PMI is commonly required when the down payment is under 20% of the price. It protects the lender, not you, and it adds to your monthly cost.

Why does so little of my early payment go to principal?

Interest is charged on the remaining balance. At the start the balance is largest, so the interest share is largest. As the balance falls, more of the same payment goes to principal.

How accurate is this estimate?

Principal and interest are exact for a fixed-rate loan. Taxes, insurance and PMI vary by location and lender, so your Loan Estimate is the figure to rely on.

Sources

Last reviewed November 6, 2026. Calculations run in your browser; nothing you type is sent to us. Spotted a mistake? Tell us.