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Finance

Mortgage Calculator

Estimate your monthly mortgage payment including principal, interest, property tax, home insurance and HOA fees, with a yearly amortization table.

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Home and loan
Taxes and fees (optional)

How to use the mortgage calculator

Enter the home price and your down payment, either as a percentage of the price or as an amount. Add the annual interest rate and choose a loan term of 10, 15, 20 or 30 years, or pick Other to type any whole number of years up to 50.

The optional fields cover the other costs that usually come with a home: yearly property tax, yearly home insurance and a monthly HOA (homeowners association) fee. Leave any of them empty if they do not apply. Press Calculate to see the loan amount, the monthly principal and interest, the total monthly payment and the total interest over the life of the loan.

How the payment is calculated

The loan amount is the home price minus the down payment. The principal and interest part of the payment uses the annuity formula:

M = P × r / (1 − (1 + r)^−n)

Here P is the loan amount, r is the annual rate divided by 12 (as a decimal) and n is the number of monthly payments. The total monthly payment is M plus one twelfth of the yearly property tax and insurance, plus the monthly HOA fee.

Worked example

A 400,000 home with 20% down leaves a loan of 320,000. At 7% for 30 years, r is 0.07 / 12 and n is 360, giving principal and interest of 2,128.97 a month. With 4,800 a year in property tax (400 a month), 1,200 a year in insurance (100 a month) and a 50 HOA fee, the total monthly payment is 2,678.97. Over 30 years the interest alone adds up to about 446,428.47.

Reading the amortization table

Each row shows one year of the loan: how much interest you paid, how much went toward the principal and the balance left at the end of that year. In the early years most of the payment is interest; the balance falls faster toward the end.

Good to know

  • Results are estimates. Taxes, insurance premiums and HOA fees change over time, and the calculator does not include private mortgage insurance (PMI), closing costs or points.
  • The calculator assumes a fixed rate for the whole term. Adjustable-rate loans can change after the initial period.
  • A larger down payment lowers both the monthly payment and the total interest.
  • A 15-year term has a higher payment than a 30-year term but usually far less total interest.

Frequently asked questions

What does the monthly mortgage payment include?

This calculator adds principal and interest, one twelfth of the annual property tax, one twelfth of the annual home insurance and the monthly HOA fee. It does not include PMI, utilities or maintenance.

Can I enter the down payment as a percentage?

Yes. Use the selector next to the down payment field to switch between a percentage of the home price and a fixed amount. The down payment must be less than the home price.

Is a 15-year or a 30-year mortgage better?

A 15-year mortgage has higher monthly payments but builds equity faster and usually costs much less interest in total. A 30-year mortgage keeps the payment lower and more flexible. Try both terms in the calculator to compare.

Why is so much of my early payment interest?

Interest is charged on the remaining balance, which is highest at the start. As you pay the balance down, the interest part of each fixed payment gets smaller and the principal part gets larger.