Mortgage Calculator
Estimate your total monthly mortgage payment, including property tax and home insurance.
How the payment is calculated
The principal and interest portion uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments. Annual property tax and home insurance are simply divided by 12 and added on top, since lenders typically collect these monthly alongside the loan payment.
What affects your mortgage payment
- A larger down payment reduces the loan amount and therefore the monthly principal and interest
- A longer term (e.g. 30 years vs 15 years) lowers the monthly payment but increases total interest paid
- Property tax and insurance rates vary significantly by location and are not included by default
Frequently asked questions
Does this include private mortgage insurance (PMI)?
No, PMI (typically required when the down payment is below 20% of the home price) is not included since it varies by lender and loan type. If it applies to you, add its estimated monthly cost separately to the result shown here.
Why is my property tax field separate from the loan amount?
Property tax and home insurance are ongoing annual costs based on the home's value and location, not part of the loan itself. This calculator adds their monthly share to the principal and interest payment to show your realistic total monthly cost.
How much should my down payment be?
There's no fixed rule, but 20% is a common benchmark that typically avoids private mortgage insurance. Smaller down payments are possible with many loan programs but usually mean a larger loan amount and higher total interest.