Mortgage Calculator

Estimate your monthly mortgage payment including taxes and insurance.

Home Price ($)

Down Payment ($)

Annual Interest Rate (%)

Loan Term (Years)

About the Mortgage Calculator

A mortgage payment is usually more than just principal and interest — most homeowners also pay property taxes and homeowners insurance as part of their monthly bill, often bundled through an escrow account.

This calculator estimates your full monthly mortgage payment by combining the loan repayment (principal and interest) with estimated taxes and insurance, giving you a realistic picture of what you'll actually pay each month rather than just the loan portion.

How to Use This Tool

1Enter the home price and your down payment amount (or percentage).
2Enter the interest rate and loan term, typically 15 or 30 years.
3Add estimated annual property tax and homeowners insurance, if known.
4The calculator returns your estimated total monthly payment, broken down by component.

How the payment is calculated

The loan portion uses the standard amortization formula: M = P × [R(1+R)^N] / [(1+R)^N − 1], where P is the loan amount after your down payment, R is the monthly interest rate, and N is the number of monthly payments.

Annual property tax and insurance are each divided by 12 and added to the loan payment to estimate the total monthly outlay, similar to how an escrow account is structured.

Frequently Asked Questions

Does this include PMI (private mortgage insurance)?

Not automatically — PMI typically applies when your down payment is under 20%. If your lender requires it, add the estimated monthly PMI cost to the result manually.

Why is my actual mortgage payment different from the estimate?

Differences usually come from HOA fees, a different tax assessment than estimated, or a lender-specific insurance quote — all of which vary by property and aren't part of the core loan formula.

Should I choose a 15-year or 30-year term?

A 15-year term has a higher monthly payment but far less total interest paid; a 30-year term lowers the monthly payment but costs more in interest over time. Try both terms here to compare the difference directly.