Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, property tax, home insurance, and HOA dues. Adjust any field to see your payment update instantly.
Amount, not percentage
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Estimated total monthly payment
$2,472.62
Total interest paid
$408,142.36
Loan amount
$320,000.00
What Your Result Means
Your total monthly payment is the amount you can expect to pay each month if you take out this loan under the terms you entered. It combines your principal and interest payment with the optional monthly costs of property tax, home insurance, and HOA dues. A lower down payment or shorter loan term generally increases the monthly payment, while a lower interest rate reduces it.
How It Is Calculated
Calqora uses the standard fixed-rate amortization formula to calculate principal and interest:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years multiplied by 12). Property tax, insurance, and HOA dues are added on top as simple monthly amounts.
Worked Example
Suppose you buy a $400,000 home with an $80,000 (20%) down payment, a 6.5% annual interest rate, and a 30-year term. Your loan amount is $320,000. Using the formula above, your estimated principal and interest payment is about $2,022 per month. Add $333/month in property tax ($4,000/year) and $117/month in insurance ($1,400/year), and your total estimated monthly payment comes to roughly $2,472.
Important Assumptions
- Assumes a fixed interest rate for the entire loan term (not adjustable-rate).
- Property tax and home insurance are entered as simple annual estimates divided by 12.
- Does not include private mortgage insurance (PMI), closing costs, or origination fees.
- Actual lender terms, rates, and required down payment amounts will vary.
Frequently Asked Questions
- Does this include property tax and insurance?
- Yes, if you enter annual property tax and home insurance amounts, they are added to your monthly principal and interest payment to estimate your total monthly cost.
- What down payment should I use?
- Many conventional loans require at least 20% down to avoid private mortgage insurance (PMI), but some loan programs allow less. Enter the actual amount you plan to put down.
- Why is my payment different from my lender's quote?
- Lenders factor in your credit profile, PMI, points, closing costs, and current market rates. This calculator provides a simplified estimate based only on the values you enter.
- Can I compare two different loan scenarios?
- Yes - open the calculator in two browser tabs and change the inputs in each to compare payments side by side, such as a 15-year versus 30-year term.
Related Calculators
Methodology
This calculator uses the standard fixed-rate mortgage amortization formula used throughout the mortgage lending industry. Results are rounded to the nearest cent. See our methodology page for more detail on how Calqora calculators are built and reviewed.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.