About the Mortgage Calculator
Estimate your full monthly housing payment: principal and interest plus property tax, homeowners insurance and HOA fees. See the loan amount, total interest and a year-by-year amortization schedule.
Key features
- Monthly mortgage payment (principal and interest)
- Property tax, home insurance and HOA included in the total
- Down payment as an amount or a percentage
- Total interest over the life of the loan
- Year-by-year amortization schedule
- Multiple currencies
Estimate your monthly mortgage payment
Enter the home price, down payment, interest rate and term to see your monthly payment, including the costs that are easy to forget: property tax, insurance and HOA fees.
What makes up a mortgage payment
| Component | Description |
|---|---|
| Principal | Repays the amount borrowed |
| Interest | The lender's charge on the outstanding balance |
| Property tax | Usually 0.5–2.5% of home value per year (varies widely) |
| Home insurance | Protects the property; required by lenders |
| HOA fees | For condos and planned communities |
| PMI | Often required with less than 20% down (not included) |
Example
Home price 400,000, 20% down (80,000), 6.5% for 30 years:
| Item | Monthly |
|---|---|
| Principal & interest | 2,022.62 |
| Property tax (4,800/yr) | 400.00 |
| Insurance (1,500/yr) | 125.00 |
| Total | 2,547.62 |
Total interest over 30 years: about 408,000, more than the loan itself.
15 vs 30 years
320,000 loan:
| Term & rate | Monthly P&I | Total interest |
|---|---|---|
| 30 years at 6.5% | 2,022.62 | ~408,000 |
| 15 years at 5.75% | 2,657.31 | ~158,000 |
Ways to pay less interest
- A larger down payment.
- Improving your credit score before applying.
- Comparing several lenders' rates and fees.
- Making extra principal payments; try the Loan Calculator to see the effect.
Estimates only, not financial advice. Rates, taxes and insurance vary by lender and location.
Related calculators
Save for a down payment with the Savings Goal Calculator, or see growth with the Compound Interest Calculator.
How to use the Mortgage Calculator
- Enter your numbers in the fields above. Units and options can be changed at any time.
- The result updates instantly as you type; there's no calculate button to press.
- Check the breakdown under the main result for the details behind the number.
- Adjust the inputs to compare scenarios, for example a different rate or term.