Mortgage Calculator
About Mortgage Calculator
The mortgage calculator combines principal and interest with common monthly ownership costs so you can estimate a fuller housing payment.
How to Use
The mortgage calculator combines principal and interest with common monthly ownership costs so you can estimate a fuller housing payment. Fill in Home price, Down payment, Annual rate, Years, Property tax rate, Monthly insurance, and Monthly HOA, then review the calculated Amount financed, Principal and interest, Monthly taxes, Estimated monthly total, and Total interest.
- Open the calculator : Use Mortgage Calculator from the Finance category.
- Check the inputs : Review the required values and any optional settings.
- Read the formula : Use the formula and notes below to understand how the result is produced.
Common Questions
What does the Mortgage Calculator estimate?
Estimate a mortgage payment with taxes, insurance, and HOA costs.
What can change the estimate?
This is an estimate, so taxes, fees, payment timing, compounding, and changing returns can move the result.
How does a mortgage amortization schedule work?
An amortization schedule breaks down each monthly payment into principal and interest. In the early years of a 30-year mortgage, the vast majority of your payment goes toward paying off interest. Over time, the balance shifts, and your final years of payments are applied almost entirely to the principal balance.
What is the difference between an interest rate and an APR?
The interest rate is the base cost of borrowing the principal loan amount. The Annual Percentage Rate (APR) is a broader measure that includes the interest rate plus broker fees, discount points, and closing costs, revealing the true total annual cost of the mortgage.
Inputs
- Home price
- Down payment
- Annual rate
- Years
- Property tax rate
- Monthly insurance
- Monthly HOA
Outputs
- Amount financed
- Principal and interest
- Monthly taxes
- Estimated monthly total
- Total interest
Formula
Loan amount = home price - down payment. Monthly total = principal and interest + taxes + insurance + HOA.