Finance calculator
Mortgage Payment Calculator
Use this mortgage payment calculator to estimate the major parts of a monthly housing payment. It separates principal and interest from property tax and insurance so the total is easier to understand.
Formula
- Loan amount = home price - down payment
- Monthly principal and interest = loan amount x monthly rate / (1 - (1 + monthly rate)^-payments)
- Monthly tax and insurance = (yearly property tax + yearly insurance) / 12
- Total monthly payment = principal and interest + monthly tax and insurance
Example calculation
For a $350,000 home with $70,000 down, a 30-year loan at 6.75%, $4,200 yearly tax, and $1,500 yearly insurance, principal and interest are about $1,816 per month and tax/insurance are about $475 per month.
FAQ
Does this mortgage calculator include PMI or HOA fees?
No. It includes principal, interest, property tax, and insurance. Private mortgage insurance, HOA fees, maintenance, and closing costs should be considered separately.
Why separate tax and insurance?
Separating them helps show which part comes from the loan itself and which part comes from ongoing ownership costs.
Is this a quote from a lender?
No. It is an educational estimate based on the numbers entered and does not represent a lender quote or approval.
Educational disclaimer
MoneyHackWise calculators are for educational purposes only and do not provide financial, investment, tax, legal, accounting, lending, or business advice. Results are estimates based on the inputs and assumptions shown.