🏠 Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and see a preview of your amortization schedule.
Loan Details
Your Estimated Payment
| Month | Payment | Principal | Interest | Balance |
|---|
Preview shows the first 12 months of your amortization schedule. Estimates only — actual lender terms, fees, and escrow amounts may vary.
How the Mortgage Calculator Works
This calculator estimates your monthly mortgage payment using the standard fixed-rate amortization formula, then adds estimated property tax, home insurance, and HOA dues to give you a full picture of your monthly housing cost.
Formula
Monthly Rate (r) = Annual Rate / 12 / 100
Number of Payments (n) = Loan Term (years) × 12
Monthly P&I = L × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
(If r = 0: Monthly P&I = L / n)
What's Included
- Principal & Interest (P&I) — the core loan repayment
- Property Tax — annual amount divided by 12
- Home Insurance — annual premium divided by 12
- HOA Dues — fixed monthly homeowner association fee
Frequently Asked Questions
What down payment do I need for a mortgage?
Conventional loans often require as little as 3-5% down, while 20% down avoids private mortgage insurance (PMI). This calculator lets you enter either a dollar amount or percentage.
Does this include PMI?
No, this calculator does not automatically add private mortgage insurance. If your down payment is below 20%, budget for an additional PMI cost that isn't reflected here.
How is the amortization schedule calculated?
Each month, interest is charged on the remaining balance at your monthly rate, and the remainder of your fixed payment reduces the principal. Over time the interest portion shrinks and the principal portion grows.