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Mortgage Calculator

Estimate monthly mortgage payments with down payment, property taxes, home insurance and HOA costs. Explore your principal and interest repayment schedule.

Detailed optionsStep-by-step guideWorked examples
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USD

The purchase price used to determine the starting mortgage principal.

USD

Cash toward the purchase price. It must be less than the home price.

%

The nominal fixed mortgage rate, excluding fees and insurance.

years

The number of whole years in the projection. A longer term changes both the payment and total interest.

USD

Annual property tax, divided by 12 for the monthly cost estimate.

USD

Annual homeowners insurance, divided by 12.

Advanced options4 more ways to explore
USD

Monthly association dues, kept constant in this illustration.

USD

Your supplied monthly PMI estimate. It is held constant here; automatic cancellation and loan-specific rules are not modeled.

USD

Paid separately from the loan and added to cash due at closing. Excludes the down payment itself.

USD

An optional extra amount paid toward the balance every month. It can shorten payoff time; penalties and lender restrictions are excluded.

Private by design. Calculated in your browser.
Estimated monthly paymentLIVE RESULT
$2,161.46
Amount financed$280,000.00
Total interest$357,124.57
Total loan payments$637,124.57
Principal & interest / month$1,769.79
Taxes, insurance, HOA & PMI / month$391.67
Cash at closing (down + costs)$70,000.00
Estimated payoff: 30 yearsAdd an extra principal payment in advanced options to compare payoff time.Last loan payment: $1,769.79. Ongoing costs are excluded from that final loan payment.
Your balance on the way to payoffHover to explore each year
Start15 years30 years
Illustrative model. Check the assumptions below; real outcomes may differ.
YOUR ANIMATED GUIDE

Follow your numbers, step by step.

These steps use your current inputs. Choose a step or play the walkthrough.

STEP 1 / 4
$280,000.00
1234

Find the amount financed

Subtract the down payment from the home price. Closing costs are paid separately in this model.

Starting principal = $280,000.00
Explore at your own pace
ONE ASSUMPTION, A DIFFERENT PERSPECTIVE

Compare your options

These rows update with your inputs. Comparisons illustrate assumptions, not forecasts.

Scenario comparison · USD
Loan termScheduled P&I / monthInterest without extra payments
18 years$2,202.37$195,712.27
30 years$1,769.79$357,124.57
42 years$1,623.32$538,153.98

Term comparisons show scheduled principal and interest without extra payments, fees or housing carrying costs.

How to use this mortgage calculator

Estimate both your scheduled mortgage principal-and-interest payment and a broader monthly housing-cost illustration. The calculator includes property tax, home insurance, HOA and your supplied mortgage-insurance amount, plus optional extra principal payments. A separate cash-at-closing figure combines the down payment and upfront closing costs. Compare terms and inspect the repayment schedule to understand how the balance falls.

The loan payment and total monthly cost

A principal-and-interest payment repays the mortgage. Property tax, insurance, association dues and mortgage insurance add to the cash outflow but do not reduce principal. The headline estimate combines these items and any optional extra principal. Property tax and home insurance are entered annually and divided by twelve.

How amortization changes over time

Monthly interest is calculated from the remaining balance. Early payments therefore tend to contain more interest than later payments at the same fixed rate. As principal falls, the interest amount falls and more of the scheduled payment reduces principal. The monthly breakdown exposes that split and the annual view summarizes the remaining balance.

Mortgage insurance and closing costs

The mortgage-insurance input is a monthly estimate supplied by you. It stays constant in this model, even if a real loan may permit cancellation. Cancellation conditions, loan type and local rules need separate confirmation. Closing costs are treated as upfront cash and are not financed. The cash-at-closing illustration is down payment plus entered costs, not a complete lender closing disclosure.

Explore extra principal carefully

Extra monthly principal reduces the remaining balance more quickly and may reduce modeled interest and payoff time. The displayed regular P&I remains the original scheduled payment. Tax, insurance and association assumptions remain constant, and prepayment penalties, variable rates, refinancing and changes in property value are not modeled.

Mortgage formulas, explained

Mortgage principal

P = home price − down payment

This model does not finance the closing-cost input.

Monthly housing estimate

Monthly outflow = scheduled P&I + extra principal + tax/12 + insurance/12 + HOA + PMI

Loan interest excludes taxes, insurance, HOA and PMI.

Cash due at closing illustration

Cash at closing = down payment + upfront closing costs

Escrow funding, credits and other settlement adjustments may change an actual closing statement.

EVERY OPTION, EXPLAINED

Know what goes into your result.

Use this reference to check units, assumptions and advanced settings.

Mortgage calculator input reference
Input or optionWhat it means
Home priceThe purchase price used to determine the starting mortgage principal.
Down paymentCash toward the purchase price. It must be less than the home price.
Annual interest rateThe nominal fixed mortgage rate, excluding fees and insurance.
Loan termThe number of whole years in the projection. A longer term changes both the payment and total interest.
Annual property taxAnnual property tax, divided by 12 for the monthly cost estimate.
Annual home insuranceAnnual homeowners insurance, divided by 12.
Monthly HOA duesMonthly association dues, kept constant in this illustration.
Monthly mortgage insuranceYour supplied monthly PMI estimate. It is held constant here; automatic cancellation and loan-specific rules are not modeled.
Upfront closing costsPaid separately from the loan and added to cash due at closing. Excludes the down payment itself.
Extra principal / monthAn optional extra amount paid toward the balance every month. It can shorten payoff time; penalties and lender restrictions are excluded.
PUT THE FORMULA TO WORK

Worked examples you can try.

Load an example into the calculator, then change one value to explore.

EXAMPLE 01

Principal and interest only

A 250,000 home with 50,000 down leaves a 200,000 mortgage. At 6% for 30 years, scheduled P&I is about 1,199.10 per month.

EXAMPLE 02

Add the wider housing costs

Try a 350,000 home, 70,000 down, annual tax 3,500, annual insurance 1,200 and 100 monthly HOA. Then add 100 of extra principal to compare payoff time.

MAKE THE NUMBERS MAKE SENSE

Common mistakes to avoid

  • Entering an annual tax bill into a monthly field or a monthly bill into an annual field.
  • Assuming the PMI input automatically stops when a balance threshold is reached.
  • Confusing extra principal with taxes or insurance that do not reduce the loan balance.
A LITTLE MORE CLARITY

Frequently asked questions

What is included in the monthly estimate?

Scheduled principal and interest, property tax, home insurance, optional HOA, your entered PMI estimate and optional extra principal are included. Closing costs are shown separately as upfront cash.

Is this a mortgage quote?

No. This is a fixed-rate illustration. Your lender’s rate, fees, eligibility and actual payment schedule may differ.

Can I include PMI?

Yes. Enter a monthly mortgage-insurance estimate in advanced options. It remains constant in this illustration; automatic termination is not calculated.

Are the extra payments included in the headline amount?

Yes. The headline includes scheduled P&I, optional extra principal and the entered carrying costs. The scheduled P&I is also listed separately.

Does cash at closing include all settlement items?

It only adds the down payment and entered closing costs. Credits, prepaid items, escrow funding and lender-specific adjustments can differ.

Are the term comparisons all-in monthly payments?

No. The comparison rows show scheduled P&I and loan interest only, without extra principal or housing carrying costs, to keep the loan terms comparable.

Methodology & assumptions

Calculations run in your browser using the formulas and assumptions explained on this page. Intermediate values retain full floating-point precision; displayed amounts are rounded. Financial results are illustrations with constant assumptions, not quotes or guarantees. Sharing an input link places those inputs in the URL.

Further reading:CFPB mortgage amortizationCFPB private mortgage insurance overview
KEEP EXPLORING

A little more perspective.

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