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Mortgage Calculator

Estimate your monthly mortgage payment, including principal, interest, taxes and insurance.

Loan Inputs

Monthly Payment
$2,086.16
Loan amount $320,000.00 • 30-yr fixed
Loan Principal
$320,000.00
Total of Payments
$751,017.82
$2,086/ month
  • Principal & Interest100.0%
  • Property Tax0.0%
  • Insurance0.0%
  • HOA + Other0.0%

Loan balance over time

How your loan principal declines year-by-year. Over the 30-year term you'll pay approximately $431,017.82 in total payments, of which $431,017.82 is interest.

$320k$160k$0Yr 0Yr 6Yr 12Yr 18Yr 24Yr 30Balance ($)

Payment Breakdown

ComponentMonthlyTotal (360 mo)
Principal & Interest$2,086.16$751,017.82
Total$2,086.16$751,017.82

What is the Mortgage Calculator?

A mortgage calculator is a free online tool that estimates your monthly mortgage payment, including principal, interest, property taxes, and insurance. Use it to compare loan scenarios and see how down payment, interest rate, and loan term affect your total cost over the life of the loan.

Mortgage Calculator formula

The monthly payment formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (loan term in years × 12). Property taxes, homeowners insurance, and PMI (when the down payment is under 20%) are added on top of the principal-and-interest payment to get your full PITI payment.

How to use the Mortgage calculator

  1. 1Enter the home price and your down payment amount or percentage.
  2. 2Enter the annual interest rate (use a current 30-year fixed rate from a lender).
  3. 3Choose the loan term — 15, 20, or 30 years.
  4. 4Add annual property taxes, homeowners insurance, and HOA dues for a true monthly cost.
  5. 5Toggle PMI on if your down payment is under 20%.

Example calculation

For a $400,000 home with 20% down ($80,000) on a 30-year fixed mortgage at 6.5% interest, the loan principal is $320,000. The monthly principal-and-interest payment is $2,022.82, total interest over the life of the loan is about $408,215, and the total amount paid is $728,215.

Frequently asked questions

How is a mortgage payment calculated?
Mortgage payments are calculated using the amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Property taxes, insurance, and PMI are then added to the principal-and-interest payment.
What is the difference between APR and interest rate on a mortgage?
The interest rate is the cost of borrowing the principal, while the APR includes the interest rate plus lender fees, discount points, and other closing costs expressed as an annual rate. APR is the better number to use when comparing loan offers.
How much house can I afford with a $5,000 monthly payment?
If taxes, insurance, and PMI add roughly $400–$700 per month, a $5,000 total payment supports about $650,000–$720,000 of loan principal at 6.5% on a 30-year mortgage. Lenders typically cap your total housing payment at 28% of gross monthly income.
Is it better to put 20% down on a house?
Putting 20% down eliminates private mortgage insurance (PMI), lowers your monthly payment, and reduces total interest paid. However, it ties up more cash and may not be optimal if you could invest that money at a higher return than your mortgage rate.

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