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Mortgage Calculator

Estimate monthly payments with property tax and insurance — plus a full amortization schedule and a PMI warning under 20% down.

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About, how to use & limitations

About Mortgage Calculator

This mortgage calculator estimates your monthly house payment from the home price, down payment, annual interest rate, and a 10, 15, 20, 25, or 30-year loan term. It adds monthly property tax, based on an annual tax rate, and homeowners insurance to principal and interest, so you see the full monthly mortgage payment. It also shows the loan amount, LTV ratio, total interest paid, and a year-by-year amortization schedule, and flags when a down payment under 20% may require PMI. Home buyers use this mortgage payment calculator to see how rate, term, and down payment change their monthly cost.

How to use

  1. Set Home Price and Down Payment by typing or pasting a number (such as $500,000) or dragging the sliders, and check the Down and LTV badges.
  2. Enter the Interest Rate (Annual) and choose a Loan Term from 10 to 30 years.
  3. Add your Annual Property Tax Rate and Annual Home Insurance to include them in the monthly payment.
  4. Read the Monthly Payment, Monthly P&I, tax and insurance per month, Total Interest Paid and Total Cost of Loan.
  5. Click Amortization Schedule to open a year-by-year table of principal, interest and balance, and click Download CSV to save it as a spreadsheet file.
  6. Click Copy Results to copy a text summary of the mortgage.
  7. Click Reset to restore every input to its default.

Limitations & notes

  • PMI is not added to the monthly payment; the PMI Required badge only flags a down payment under 20%.
  • Property tax is based on the purchase price and, like insurance, stays fixed for the whole loan term.
  • Assumes a fixed rate for the full term; adjustable rates, extra payments and HOA fees are not modeled.
  • Total Cost of Loan counts principal and interest only, excluding the down payment, property tax and insurance.
  • Typed values apply on Enter or when leaving the field and are clamped to the slider range, such as a $5,000,000 home price maximum; dollar signs, commas and % signs are ignored.
  • The down payment can never exceed the home price; lowering the home price below it lowers the down payment to match.

FAQ

How is a monthly mortgage payment calculated?
Principal and interest use the formula M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. The calculator then adds one-twelfth of the annual property tax (home price × tax rate) and one-twelfth of the annual home insurance.
Does this mortgage calculator include PMI?
No. When your down payment is under 20% of the home price, it shows a PMI Required warning, but PMI premiums are not added to the monthly payment. HOA fees are also not included.
What is the difference between an interest rate and APR?
The interest rate is the annual cost of borrowing the loan amount, while APR also includes certain fees such as points and origination charges. This calculator uses the interest rate you enter to compute principal and interest.
What is an amortization schedule?
An amortization schedule shows how each year’s payments are split between principal and interest, along with the remaining loan balance. Early payments are mostly interest, and the principal share grows over time.
How accurate are the results?
They are estimates only, not financial advice. Your actual payment depends on your lender’s terms, PMI, HOA dues, and local property tax and insurance costs.