How do you calculate a mortgage payment?

Mortgage payment is usually based on loan amount, interest rate, and loan term. This calculator also allows estimates for taxes, insurance, and HOA.

What affects a monthly mortgage payment?

Monthly mortgage cost can be affected by the home price, down payment, interest rate, loan term, property taxes, homeowners insurance, and HOA fees.

Does this mortgage calculator include taxes and insurance?

Yes. This calculator can estimate total monthly housing cost by including property taxes, insurance, and optional HOA fees.

Free home loan estimate

Mortgage Calculator

Estimate monthly mortgage payment, total interest, and total housing cost using home price, down payment, term, interest rate, taxes, insurance, and HOA.

Calculator

Estimate monthly mortgage cost

Enter your home price, down payment, loan term, and annual rate to estimate mortgage payment. Optional fields can include taxes, insurance, and HOA.

Home price ($)

Down payment ($)

Interest rate (%)

Loan term (years)

Annual property tax ($)

Annual home insurance ($)

Monthly HOA ($)

Monthly PMI ($)

Estimated monthly housing cost

$2,792

principal, interest, taxes and extras

Principal + interest$2,022

Total interest$407,920

Total loan cost$727,920

Estimate includes optional taxes, insurance, HOA, and PMI if entered.

Why it matters

Understand the real monthly cost

Many buyers focus only on principal and interest, but real monthly housing cost may also include taxes, homeowners insurance, HOA fees, and PMI.

Estimate monthly payment

Include taxes and insurance

Compare loan scenarios

Simple mobile-friendly tool

How it works

About this calculator

This mortgage calculator uses a standard amortization formula to estimate monthly principal and interest. Optional cost fields allow a broader estimate of total housing expense.

FAQ

Frequently asked questions

How do you calculate mortgage payment?

Mortgage payment is usually calculated from the loan amount, interest rate, and loan term. This tool also adds optional taxes, insurance, HOA, and PMI if entered.

What increases monthly mortgage cost?

Higher home price, smaller down payment, higher interest rate, longer term, taxes, insurance, HOA fees, and PMI can all increase monthly cost.

Does this calculator include escrow items?

Yes. If you enter annual property tax and home insurance, the calculator spreads them into monthly amounts for an estimated total monthly payment.

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