Mortgage Calculator – Monthly Payment Breakdown

Your Mortgage Details

Enter your home price, down payment, interest rate, and loan term.

Home Price ($)

Down Payment ($)

Interest Rate (% per year)

Loan Term (years)

Property Tax ($ per year)

Home Insurance ($ per year)

How Mortgage Payments Work

Your mortgage payment includes principal, interest, property taxes, and insurance. This calculator estimates all four.

Formula

M = P × (r(1+r)ⁿ) / ((1+r)ⁿ − 1)

P = Loan amount
r = Monthly interest rate
n = Total number of payments

Example

For a $300,000 home with $60,000 down at 4% for 30 years:

Loan Amount = $240,000
Mortgage Payment ≈ $1,145/month
Taxes + Insurance ≈ $400/month
Total ≈ $1,545/month

FAQ

Does this include PMI?
No — PMI is not included in this version.

Can I enter decimals?
Yes, decimals work for all fields.

Is this accurate?
Yes — the mortgage formula is exact, but taxes and insurance are estimates.

Why Use a Mortgage Calculator?

A mortgage is one of the biggest financial commitments most people make. This calculator helps you understand your monthly payment before you commit, giving you clarity and confidence when budgeting or comparing homes.

What This Tool Helps You Do

Estimate your full monthly housing cost
Understand how interest affects long‑term payments
Compare different loan terms and interest rates
Plan your budget before buying a home

Who This Tool Is For

First‑time homebuyers
Homeowners refinancing their mortgage
Real‑estate investors
Anyone comparing mortgage options

Additional FAQ

Does this include HOA fees?
No — HOA fees vary widely and are not included.

Does this include closing costs?
No — this calculator focuses on monthly payments only.

Is this financial advice?
No — this is an educational tool for estimates only.