Mortgage CalculatorFree online financial calculator — instant results, no sign-up
Estimate your monthly house payment including taxes, insurance and HOA.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
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How the result changes with home price
Each row below was calculated with this tool, keeping every other input at its default and changing only home price from half to one and a half times the default value. Use it to see how sensitive the answer is before you enter your own numbers.
| Home price ($) | Total monthly payment | Loan amount | Principal & interest |
|---|---|---|---|
| 200,000 | $1,536.31 | $160,000.00 | $1,011.31 |
| 300,000 | $2,041.96 | $240,000.00 | $1,516.96 |
| 400,000 (default) | $2,547.62 | $320,000.00 | $2,022.62 |
| 500,000 | $3,053.27 | $400,000.00 | $2,528.27 |
| 600,000 | $3,558.93 | $480,000.00 | $3,033.93 |
About the Mortgage Calculator
This calculator estimates your total monthly housing cost based on purchase price, down payment, loan terms, and recurring ownership expenses. It computes the amortized principal and interest payment alongside monthly shares of property taxes, homeowner insurance, and HOA dues. Homebuyers and refinancing homeowners use it to understand both ongoing cash flow requirements and long-term borrowing costs.
- Home price
- The total agreed purchase price of the property in dollars. Typically ranges from $50,000 to several million dollars.
- Down payment
- The percentage of the home purchase price paid upfront in cash. Common values range from 0% to 30%, with 20% being a typical benchmark to avoid private mortgage insurance.
- Interest rate
- The annual fixed mortgage interest rate as a percentage. Typical market rates range between 3% and 10%.
- Loan term
- The duration of the mortgage in years over which payments are spread. Standard options are usually 15, 20, or 30 years.
- Property tax / year
- Annual municipal or county real estate property taxes assessed on the property in dollars.
- Home insurance / year
- Annual premium for hazard and homeowner insurance coverage in dollars.
- HOA / month
- Monthly dues charged by a homeowner association, condo board, or co-op in dollars. Enter 0 if no association fees apply.
Formula and method
P = Price × (1 − Down / 100) n = Years × 12 r = (Rate / 100) / 12 M = P × [r(1 + r)^n] / [(1 + r)^n − 1] Extra = (Tax / 12) + (Insurance / 12) + HOA Total Monthly Payment = M + Extra Total Interest = (M × n) − P Payoff Total = M × n
- PLoan principal amount financed after the down payment
- nTotal number of monthly payments across the loan term
- rMonthly interest rate (annual rate converted to a decimal and divided by 12)
- MMonthly principal and interest payment
- ExtraCombined monthly escrow and association expenses (tax, insurance, HOA)
The loan principal is calculated by subtracting the down payment percentage from the home purchase price. The monthly principal and interest payment is derived using standard fixed-rate amortization based on monthly compounding. Annual property taxes and insurance are divided by 12, added to monthly HOA fees, and summed with principal and interest to yield the total monthly outlay.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Home price400000 $
- Down payment20 %
- Interest rate6.5 %
- Loan term30 years
- Property tax / year4800 $
- Home insurance / year1500 $
Results
- Total monthly payment$2,547.62
- Loan amount$320,000.00
- Principal & interest$2,022.62
- Total interest$408,142.36
- Payoff total (P&I)$728,142.36
How to use the Mortgage Calculator
- 1Deduct the down payment percentage from the purchase price to find the total loan amount.
- 2Convert the loan term into total months (years × 12) and the annual rate into a monthly decimal interest rate.
- 3Apply the fixed-rate loan amortization formula to compute the monthly principal and interest payment.
- 4Add the monthly equivalents of property tax, hazard insurance, and HOA dues to calculate the total monthly payment.
Reading your result
Review the 'Principal & interest' figure to see the base obligation owed directly to the mortgage lender. Compare this to the 'Total monthly payment' to gauge your true out-of-pocket housing budget, which includes taxes, insurance, and HOA fees. The 'Total interest' and 'Payoff total' values demonstrate the lifetime financing cost over the full term of the loan.
Limitations
The calculation assumes a constant fixed interest rate and does not account for adjustable-rate mortgage (ARM) adjustments. It excludes private mortgage insurance (PMI) for down payments below 20%, upfront closing costs, supplemental assessments, and future increases in property taxes or insurance rates.
Common questions
Does this calculation include private mortgage insurance (PMI)?+
No, this calculator does not include PMI. If you put down less than 20% on a conventional loan, your lender will generally add an extra monthly PMI charge until you reach sufficient home equity.
Why is the total interest amount so high on a 30-year mortgage?+
Because amortization spreads payments across 360 months, early payments consist mostly of interest charged against the high outstanding principal balance. Over several decades, this compounding leads to total interest that often equals or exceeds the original loan amount.
How does an extra payment affect these totals?+
This tool models the standard scheduled payments with zero prepayment. Applying additional principal reduces the outstanding balance faster, which shortens the payoff duration and lowers the cumulative interest paid.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
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Results are estimates for informational purposes and are not financial, medical or legal advice.