Mortgage Calculator
Calculate your monthly mortgage payment — principal, interest, tax, insurance and HOA — with a full amortization schedule.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
This mortgage calculator turns a home price, down payment, interest rate and term into the number that actually leaves your account each month. It splits the payment into principal and interest using the standard amortization formula, then adds the escrow items lenders collect with the payment — property tax as a percentage of the home's value, a year of home insurance divided by twelve, and any monthly HOA dues. Below the headline figures it prints the complete month-by-month amortization schedule, so you can watch the balance fall and see exactly how much of each early payment is interest. Lenders quote principal and interest, but tax, insurance and HOA are real monthly costs of the same house, which is why this tool shows both views side by side.
How to use the Mortgage Calculator
- Enter the home price and your down payment — the difference is the loan amount.
- Enter the interest rate and term in years (30 and 15 are the most common).
- Enter your property tax rate as a percent of the home's value per year.
- Enter a yearly home insurance premium and any monthly HOA dues (0 if none).
- Read the monthly principal & interest first, then the total monthly payment including escrows.
- Scroll the amortization table to see principal, interest and balance for every month of the loan.
Formula
M = L · r(1+r)^N / ((1+r)^N − 1); Total monthly = M + (Price × Tax% ÷ 12) + Insurance ÷ 12 + HOA
- L
- Loan amount = home price − down payment
- r
- Monthly interest rate = annual rate ÷ 12
- N
- Number of payments = term in years × 12
- M
- Monthly principal & interest payment
Fixed-rate, fully amortizing loan with monthly payments. Property tax is estimated on the purchase price; your county assesses the actual value, and tax and insurance escrows are re-analyzed by your servicer each year.
Worked example
A $400,000 home with 20% down ($80,000), a $320,000 loan at 6.5% for 30 years, 1.1% property tax and $1,800 a year of insurance: principal & interest is $2,022.62 a month, tax adds $366.67 and insurance $150, for a total monthly payment of about $2,539.28 and $408,142 of interest over the life of the loan.
Inputs
- Home price$400000
- Down payment$80000
- Interest rate (%)6.5 %
- Loan term (years)30
- Property tax (% of home value / year)1.1 %
- Home insurance (per year)$1800
- HOA dues (per month, optional)$0
Result
- Monthly principal & interest$2,022.62
- Monthly property tax$366.67
- Monthly insurance$150.00
- Total monthly payment$2,539.28
- Total interest$408,142.36
- Total cost of loan$728,142.36
What a $320,000 loan costs at common terms (principal & interest only)
| Rate | 30-year monthly | 30-year total interest | 15-year monthly | 15-year total interest |
|---|---|---|---|---|
| 5.5% | $1,816.92 | $334,093 | $2,614.67 | $150,640 |
| 6.5% | $2,022.62 | $408,142 | $2,787.54 | $181,758 |
| 7.5% | $2,237.49 | $485,495 | $2,966.44 | $213,959 |
Results explained
- Monthly principal & interest
- The contractual loan payment from the amortization formula — the figure lenders quote.
- Monthly property tax
- Home price × tax rate ÷ 12; collected into escrow with your payment.
- Monthly insurance
- Your yearly homeowners premium divided by 12.
- Total monthly payment
- Principal & interest + tax + insurance + HOA — the full monthly cost of carrying the home.
- Total interest
- Every dollar of interest across the full term if you never pay extra or refinance.
- Total cost of loan
- Loan amount plus total interest.
Frequently asked questions
The loan amount is amortized with M = L·r(1+r)^N/((1+r)^N − 1), where r is the annual rate divided by 12 and N is the number of monthly payments. A $320,000 loan at 6.5% for 30 years gives $2,022.62 of principal and interest.
Usually property tax and homeowners insurance, collected monthly into an escrow account, plus HOA dues if the home has them and PMI if your down payment is under 20%. This calculator includes tax, insurance and HOA; see the PITI calculator for PMI.
At 6.5% on $320,000 you pay about $408,142 of interest — more than the loan itself. The same loan over 15 years costs about $181,758 of interest, which is why term choice matters more than small rate differences.
Interest is charged on the outstanding balance, which is largest at the start. In month 1 of the example, $1,733.33 of the $2,022.62 payment is interest and only $289.29 is principal; the split flips late in the term as the balance shrinks.
Yes, dollar for dollar on the loan amount: every extra $10,000 down at 6.5% for 30 years cuts the payment by about $63.21 a month, and reaching 20% down also removes PMI on a conventional loan.
It is an estimate based on the purchase price and the rate you enter. Actual taxes use the county's assessed value and local millage, and they usually rise over time — check the county tax record for the specific home before relying on the figure.