Mortgage Calculator

Use this Mortgage Calculator to estimate your monthly mortgage payment and see a clearer “all-in” housing cost that includes property tax, homeowners insurance, HOA dues, and PMI (if applicable). It’s designed for budgeting and comparing offers: adjust your down payment, APR, and term to see how payment size, total interest, and payoff timing change. For deeper comparisons, you can also explore an Amortization Calculator or an APR Calculator, then come back and plug the numbers in here. If you’re browsing other tools, you’ll find more options under Finance Calculators.

Accuracy & Method: Calculations run locally in your browser
Privacy-first: Inputs never leave your device
Rounding: Currency to nearest cent; months to nearest whole month
Last Updated: January 14, 2026

Mortgage Calculator Tool

Enter your details, then calculate.

Check a few fields:
    USD
    Choose % or $
    10–40 typical
    0–20
    MM/YYYY
    USD
    USD
    USD
    USD
    For payoff acceleration

    Want to model paying it off sooner? Enter an extra payment above, or compare with a mortgage payoff calculator and an early mortgage payoff calculator.

    Results

    Monthly payment, totals, and visuals.

    Calculating…
    Results will appear after you calculate.

    Monthly Principal & Interest (P&I)

    $0

    Based on loan amount, APR, and term.

    Monthly All-In Payment

    $0

    Includes taxes, insurance, HOA, PMI (if entered).

    Total Interest (Base)

    $0

    Interest paid over the scheduled term.

    Payoff Estimate

    —

    Shown as a date when a start month/year is provided.

    All-In Payment Breakdown

    P&I: $0
    Tax: $0
    Ins: $0
    HOA: $0
    PMI: $0

    This visualization shows your monthly “all-in” payment parts. If you leave optional fields blank, they’re treated as $0.

    Interest Share Over Life of Loan (Base)

    A higher APR or longer term typically increases the interest share. Try adjusting term length to see the impact.

    Step-by-step breakdown (with substituted values)

    The calculator first computes the loan amount (L) from your home price and down payment, then applies the standard amortization formula to find the monthly principal & interest payment. Optional costs are added after that to estimate an “all-in” monthly payment.

    Enter values and press Calculate to see the substituted formula here.

    Note: Total cost can depend on escrow rules, changing taxes/insurance, and how PMI ends. This calculator keeps optional costs constant for a clean estimate.

    How it works

    A mortgage payment usually has two layers: the loan payment (principal & interest) and the housing costs that often ride along each month (taxes, insurance, HOA, and PMI). This Mortgage Calculator focuses on the common fixed-rate payment math, then adds monthly equivalents of your optional costs to show an “all-in” total. If you’re comparing offers with different APR structures, it can help to sanity-check the rate using an APR Calculator before you compare monthly payment totals.

    Looking for a payoff-focused view? Try the mortgage payoff calculator for payoff timelines and compare it with this page’s all-in budgeting view.

    The core variables used in the amortization formula are:

    • L = Loan amount = Home price − Down payment amount
    • APR = annual percentage rate (as a percent)
    • r = monthly interest rate = (APR / 100) / 12
    • n = total number of payments = termYears × 12

    Monthly principal & interest (P&I) is calculated as:

    If r > 0: P&I = L * ( r(1+r)^n ) / ( (1+r)^n − 1 )
    If r = 0: P&I = L / n

    Then “all-in” payment adds monthly cost equivalents: monthlyTax = annualTax / 12, monthlyInsurance = annualInsurance / 12, and all-in = P&I + monthlyTax + monthlyInsurance + HOA + PMI.

    Use cases

    • Compare two mortgage offers by changing APR and term to see how payment size and total interest differ.
    • Test different down payments (percent or dollars) to see how your loan amount and PMI risk might change.
    • Estimate an “all-in” monthly budget by adding taxes, homeowners insurance, HOA dues, and PMI.
    • Plan a payoff strategy by adding an extra monthly payment and reviewing time saved and interest saved metrics.
    • Evaluate a refinance idea by entering the new APR/term and comparing the monthly and lifetime cost.

    Examples (worked)

    These examples walk through the same steps the Mortgage Calculator performs: compute the loan amount (L), convert APR to a monthly rate (r), compute total payments (n), then plug values into the amortization formula to get monthly P&I. Optional costs are shown separately so you can see the difference between loan payment vs. all-in housing cost.

    Example 1: Typical 30-year fixed

    Inputs: Home price $400,000; Down payment 20%; APR 6.25%; Term 30 years.

    Steps: Down = $80,000 ⇒ L = $320,000. r = (0.0625)/12. n = 30×12 = 360.

    Result: Monthly P&I comes from the amortization formula using L, r, and n. Total interest = (P&I×360) − L.

    L = 400,000 − 80,000 = 320,000
    r = 0.0625 / 12
    n = 360
    P&I = L * ( r(1+r)^n ) / ( (1+r)^n − 1 )

    Example 2: Smaller down payment + PMI + taxes

    Inputs: Home price $325,000; Down $16,250 (5%); APR 6.9%; Term 30 years; Property tax $4,800/yr; PMI $110/mo.

    Steps: L = 325,000 − 16,250 = 308,750. r = (0.069)/12. n = 360. Compute P&I, then add monthly tax (4,800/12 = 400) and PMI.

    Result: All-in = P&I + 400 + PMI. You can see how non-loan costs can materially change affordability.

    L = 308,750
    monthlyTax = 4,800 / 12 = 400
    All-in = P&I + 400 + 110

    Example 3: Extra payments to finish sooner

    Inputs: Home price $510,000; Down 15%; APR 5.75%; Term 20 years; Insurance $2,160/yr; Extra payment $250/mo.

    Steps: Convert down payment to dollars, compute L, r, and n (20×12 = 240). Find base P&I, then simulate amortization month-by-month with the extra amount added toward principal.

    Result: You’ll get an estimated new payoff timeline and interest saved, plus an updated payoff date if a start month/year is provided.

    n = 240
    With extra: each month principalPaid += extraPayment
    New payoff months = amortization iteration result

    Common mistakes

    • Comparing only P&I and forgetting taxes, insurance, HOA, or PMI—your real monthly budget is usually the all-in number.
    • Entering down payment as dollars while the toggle is on percent (or the opposite), which changes the loan amount dramatically.
    • Using an APR that includes fees for one offer and a simple rate for another—compare like-for-like, and double-check with an APR tool if needed.
    • Assuming taxes and insurance are “fixed” forever; they can change, so treat this as an estimate rather than a guarantee.
    • Adding an extra payment but expecting it to reduce the scheduled monthly P&I—extra payments typically shorten time and reduce interest instead.

    Quick tips

    • Start by comparing the same home price across different down payments to see how much the loan amount (L) changes.
    • If your down payment is under 20%, try adding a realistic PMI estimate so your all-in payment doesn’t feel “too good to be true.”
    • Test shorter terms (15–20 years) to see how monthly payment rises while total interest often drops.
    • Use extra payments conservatively—try a smaller amount first and watch the time/interest saved metrics.
    • If you don’t know your exact start date, leave it blank; the calculator will report payoff time as years and months.

    Frequently Asked Questions

    What does this Mortgage Calculator include in the monthly payment?
    This calculator separates your monthly mortgage into the core loan payment (principal & interest) and optional housing costs. The principal & interest portion is computed using the amortization payment formula based on your loan amount, APR, and term. Then you can add estimated property tax (annual/12), homeowners insurance (annual/12), HOA dues (monthly), and PMI (monthly) to see an “all-in” monthly cost. If you leave optional fields blank, they’re treated as $0 so you can start with a clean baseline and layer costs in as you learn more.
    Is APR the same as the interest rate I see in a lender quote?
    Not always. Many people casually say “rate,” but APR can represent a broader cost picture depending on how it’s presented, and different quotes can be formatted differently. For this Mortgage Calculator, the APR field is used as the annual interest rate that drives the amortization math (converted to a monthly rate r). If you have both a stated rate and an APR, decide which one you want to model consistently across offers. If you’re unsure, try calculating or validating the figure using an APR Calculator and then compare monthly payments here using the same approach for each offer.
    Why does a longer term often lower the monthly payment but increase total interest?
    A longer term spreads repayment over more months (a larger n), so the scheduled monthly principal portion tends to be smaller, which can reduce the monthly P&I. However, interest accrues on the remaining balance each month, so keeping a balance outstanding longer usually increases the total interest paid over the life of the loan. That’s why you’ll often see a lower monthly payment with a 30-year term but a higher lifetime interest total compared with a 15- or 20-year term at the same rate. Use the interest-share gauge to visualize how much of the total payment stream is interest.
    When should I add property tax and homeowners insurance, and how accurate are those fields?
    Add property tax and homeowners insurance when you want a closer approximation of your real monthly housing budget. Many borrowers pay these through escrow, meaning they’re collected monthly and paid out when due, but the amounts can change over time. In this calculator, you enter annual tax and annual insurance, and it converts them into monthly equivalents for a steady estimate. It’s accurate for the math (annual/12), but your real bills can vary with local reassessments, insurance renewal pricing, or coverage changes. Treat these numbers as budget planning inputs rather than guaranteed fixed amounts.
    What is PMI, and why does the calculator mention it when down payment is under 20%?
    PMI (private mortgage insurance) is an added cost that may be required when your down payment is below certain thresholds, commonly under 20% for conventional loans. It protects the lender, not the borrower, and it increases your monthly “all-in” payment. This Mortgage Calculator doesn’t guess PMI for you (rates vary widely), but it gives a gentle suggestion when your down payment is under 20% so you remember to include a realistic monthly PMI estimate if you expect it. If you later plan to remove PMI, you can rerun the calculator with PMI set to $0 to see the difference.
    How do extra payments change the mortgage, and what does “interest saved” mean?
    Extra payments typically reduce the principal faster, which can shorten the payoff timeline and lower the total interest you pay. Interest is calculated each month on the remaining balance, so if the balance drops sooner, less interest accumulates over time. This Mortgage Calculator estimates the impact by iterating month-by-month through the amortization schedule: it calculates monthly interest, applies your scheduled P&I, then adds your extra amount toward principal until the balance reaches zero. “Interest saved” is the difference between base total interest (no extra) and the simulated total interest with your extra payment.
    What happens if my down payment equals the home price (or I pay cash)?
    If your down payment equals the home price, your loan amount (L) becomes $0, meaning there’s no mortgage principal to finance. In that case, the monthly principal & interest result is $0, and the calculator focuses on an “all-in” monthly cost based on any optional recurring items you enter (property taxes, homeowners insurance, HOA, and PMI—though PMI typically wouldn’t apply without a loan). This is a helpful sanity check for cash buyers who still want a monthly ownership budget. If you’re financing only a portion later, adjust the down payment to reflect your true loan amount.
    Does this calculator create a full amortization schedule I can export?
    This page is optimized for quick clarity—monthly payment, totals, and high-level visuals—rather than a full month-by-month export. It does, however, compute the same core amortization math, and when you use extra payments it runs a month-by-month payoff simulation to estimate time and interest savings. If you need a more granular view of how each payment changes over time, you may prefer an Amortization Calculator alongside this tool. For payoff-specific planning, the mortgage payoff calculator can also be useful.
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    More Helpful Calculators

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    Sources & References

    Consumer Financial Protection Bureau (CFPB) — Mortgage basics and homebuying education.
    Freddie Mac — Mortgage and budgeting education resources.
    IRS — General information related to property taxes and homeowner-related guidance.
    Federal Housing Administration (FHA) — Mortgage insurance and program overviews.
    Fannie Mae — Mortgage education and loan terminology references.

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