Finance calculator
Mortgage Payment Calculator
Use this mortgage payment calculator to estimate principal and interest, then add property tax and insurance assumptions to see a broader monthly housing payment. This helps separate the loan payment from ownership costs, but it does not include every possible cost such as PMI, HOA fees, maintenance, repairs, utilities, or closing costs.
Payment by mortgage amount
See the full monthly-payment table (by rate & term) and the income needed for a specific loan amount:
How to use this calculator
- Enter the home price and down payment to estimate the loan amount.
- Add the interest rate, loan term, property tax, and insurance assumptions.
- Compare principal and interest separately from tax and insurance so the total payment is easier to interpret.
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.
How to interpret the results
- Read the principal and interest result separately from tax and insurance so you can see which part comes from the loan and which part comes from ownership costs.
- Remember that the total shown is not the full cost of owning a home. PMI, HOA fees, maintenance, repairs, utilities, and closing costs may need separate planning.
- Test small changes in interest rate, down payment, and loan term because long mortgage periods can make small input changes produce large total-cost differences.
Frequently asked questions
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 a planning estimate based on the numbers entered and does not represent a lender quote or approval.
Planning disclaimer
MoneyHackWise calculators are for general informational and planning 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.
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