Mortgage Calculator
Estimate mortgage principal, interest, and monthly housing costs.
Inputs
Mortgage Calculator
Results update as you type.
Live result
Loan amount
$320,000.00
Principal and interest
$2,075.51
Estimated monthly total
$2,550.51
Total interest
$427,185.01
Scenario compare
Save scenario A, change a few inputs, then save scenario B.
Scenario A
Not saved yet
Scenario B
Not saved yet
Quick check
Change one or two inputs to compare a second scenario before using the number.
Need more detail?
Formula, examples, and FAQ stay tucked away until you need them.
FXFormula ExplanationThe core logic behind the numbers on this page.+
The mortgage payment is calculated using the fixed-rate amortization formula, which takes into account the loan amount, interest rate, and term. We also add optional monthly tax and insurance costs to provide a more comprehensive estimate. This formula is M = P[r(1+r)^n]/[(1+r)^n – 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments.
USEHow to UseA short path from input to result.+
- Enter the home price and down payment.
- Add the interest rate and term.
- Include monthly property tax and insurance estimates.
EXExamplesReference scenarios to sanity-check your inputs.+
Example: A $400,000 home with $80,000 down at 6.75% over 30 years has about $2,075 principal and interest.
FAQFAQCommon edge cases and quick clarifications.+
What is the formula used to calculate the mortgage payment?
The formula used is the fixed-rate amortization formula, which is M = P[r(1+r)^n]/[(1+r)^n – 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments.
Can I include property taxes and insurance in the calculation?
Yes, you can include estimated monthly property taxes and insurance costs to get a more accurate estimate of your monthly housing costs.
Does this calculator account for HOA fees or closing costs?
No, this calculator does not include HOA fees or closing costs in the estimate. These costs should be factored into your overall housing budget.
Can I use this calculator for investment properties?
No, this calculator is designed for owner-occupied primary residences. If you're looking to calculate mortgage payments for an investment property, please use our investment property calculator.