Free online tool
Mortgage Calculator
Estimate a monthly mortgage payment, total monthly housing cost, and interest over the loan term.
Use the home price, down payment, interest rate, and loan term to estimate principal and interest. Add taxes, insurance, and association fees for a broader monthly estimate.
How to use it
- Enter the purchase price and planned down payment.
- Enter the expected annual interest rate and loan term.
- Add estimated yearly property taxes, monthly homeowners insurance, and HOA fees if applicable.
Good to know
The principal-and-interest calculation uses the standard fixed-rate amortization formula and assumes equal monthly payments.
The broader monthly estimate excludes mortgage insurance, utilities, maintenance, closing costs, changing tax or insurance amounts, and lender-specific fees. Rates and eligibility depend on the borrower and lender.
Behind the answer
How this calculator works
The loan amount is the home price minus the down payment. Principal and interest use the standard fixed-rate amortization formula, with the annual rate divided into monthly periods across the selected term.
Estimated property tax is divided by 12 and added to monthly insurance and HOA amounts. These additions improve the planning estimate but are not part of principal-and-interest amortization.
Worked example
A $350,000 home with $70,000 down produces a $280,000 loan. At 6.5% for 30 years, principal and interest are about $1,770 per month. Taxes, insurance, HOA fees, and any mortgage insurance are added separately.
Assumptions and limitations
- This is not a loan quote or affordability decision.
- It excludes closing costs, points, mortgage insurance unless independently included, maintenance, utilities, and rate changes.
- Taxes and insurance can change, and actual lender calculations may use different dates, rounding, or escrow rules.
Common questions
Why is the lender's payment different?
A lender may include mortgage insurance, escrow adjustments, fees, points, or a rate different from the estimate.
Does a larger down payment always lower the payment?
It reduces the amount borrowed and may remove mortgage insurance, but the final payment also depends on rate, term, taxes, and insurance.
Helpful sources
Sources reviewed October 2026.