Mortgage Calculator

Estimate monthly principal and interest, plus optional tax, insurance, and HOA. For illustration only; not financial advice.

Loan amount
$318,400.00
Monthly P&I (Principal and Interest)
$1,861.33
Est. total monthly
$1,861.33

For estimates only. Taxes/insurance vary; confirm with your lender.

Informational only; verify critical results independently.

How to use

  1. Enter the home price (purchase price or the amount you’re financing from).
  2. Enter your down payment as a percentage of the home price (e.g. 20 for 20%). The loan amount is home price minus down payment.
  3. Enter the interest rate as an annual percentage rate (APR), e.g. 5 for 5%. The calculator converts this to a monthly rate.
  4. Enter the loan term in years (e.g. 25 or 30). This is the period over which principal and interest are repaid.
  5. Optionally add monthly property tax, insurance, and HOA. These are added to the principal-and-interest (P&I) to show total monthly payment.
  6. Results update as you type. You’ll see loan amount (principal), monthly P&I, and total monthly payment.
  7. Use the result as an estimate only. Actual offers depend on credit, location, and lender. Always get a formal quote.

Examples

  • $400k home, 20% down, 6% APR, 25 years
    Input: Price 398000, Down 20%, Rate 6%, Years 25
    Output: Loan ~$318,400, monthly P&I ~$2,052
  • $300k home, 10% down, 5.5% APR, 30 years
    Input: Price 300000, Down 10%, Rate 5.5%, Years 30
    Output: Loan $270,000, monthly P&I ~$1,533
  • With $200 tax, $100 insurance, $50 HOA
    Input: Same as above + Tax 200, Ins 100, HOA 50
    Output: Total monthly = P&I + 350
  • 15-year term, 5% down
    Input: Price 250000, Down 5%, Rate 5%, Years 15
    Output: Loan $237,500, higher monthly P&I, less interest over life
  • Zero down (100% financing)
    Input: Price 200000, Down 0%, Rate 6.5%, Years 30
    Output: Loan $200,000, monthly P&I ~$1,264
  • 50% down payment
    Input: Price 500000, Down 50%, Rate 5.25%, Years 20
    Output: Loan $250,000, monthly P&I ~$1,688

FAQ

What’s included in the monthly payment?
Principal and interest (P&I) are always included. You can add optional monthly amounts for property tax, insurance, and HOA to see a total. We don’t include PMI or other fees automatically.
Is the rate monthly or annual?
Enter the annual percentage rate (APR). We divide by 12 to get the monthly rate for the P&I formula.
What’s the formula for P&I?
We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly rate, n is number of payments. For 0% rate we use principal divided by number of payments.
Does this include PMI?
No. If your down payment is below your lender’s threshold (often 20%), add an estimate for PMI to the optional monthly fields if you want a fuller picture.
Why does my lender’s quote differ?
Lenders may use slightly different rates, include fees, or use a different term. This tool is for estimation; your actual payment comes from your loan documents.
Can I use it for refinancing?
Yes. Enter the new loan amount (after refinance), the new rate, and the new term. Use it to compare current vs. refinanced payment.
Is this financial advice?
No. This is an educational calculator. For decisions about mortgages, speak to a qualified lender or advisor.
What about bi-weekly or other payment frequencies?
The tool shows monthly payment. Bi-weekly plans can reduce total interest; we don’t model them here. Use a dedicated amortization tool for that.

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