Mortgage Calculator
Estimate your monthly mortgage payment with down payment, interest, property tax and insurance, and see the full cost of a home loan.
About the Mortgage Calculator
A home loan is the largest debt most people ever take on. This mortgage calculator works out your monthly payment including principal, interest, property tax and insurance, and shows how much interest you will pay over the life of the loan.
How to Use the Mortgage Calculator
- Enter the home price and your down payment as a percentage.
- Enter the interest rate and choose the loan term.
- Add yearly property tax and insurance, then press Calculate.
Formula and How It Works
Loan amount = home price − down payment. Principal and interest = L × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r as the monthly rate and n the number of months. Tax and insurance are divided by 12 and added to the monthly payment.
Frequently Asked Questions
How much down payment do I need?
A 20% down payment usually avoids private mortgage insurance (PMI) in the US, but many loans accept 3–10%.
15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but saves a large amount of interest. A 30-year loan is more affordable each month.
Results are estimates for planning purposes only and are not financial advice. Actual figures from your bank or lender may differ.