What is the Mortgage Calculator?
Estimate your full monthly mortgage payment including principal, interest, property tax and homeowners insurance. The full monthly mortgage payment includes tax and insurance as well as principal and interest, and this calculator shows all of it.
How to use the Mortgage Calculator
- Enter your home price, your down payment, your interest rate, your loan term and the remaining fields.
- Results update automatically as you type; you can also press Calculate.
- Read the output: total monthly payment, principal & interest, loan amount, total interest over the loan.
- Use the 📊 chart to see the result visually, then copy or share it.
Formula and method
Worked example
With home price = $350,000, down payment = 20 %, interest rate = 6.5 %, loan term = 30 years, property tax per year = $4,200, the Mortgage Calculator returns total monthly payment: $2,244.79; principal & interest: $1,769.79; loan amount: $280,000.00.
Where the Mortgage Calculator helps in real life
You found a $380,000 home and plan to put 10% down. Entering your rate, local property tax and insurance shows the real monthly cost, not just the loan payment.
You are deciding between a 15- and 30-year loan. Comparing both shows the trade-off between a higher monthly payment and much less total interest.
Common mistakes to avoid
- Leaving out property tax, insurance and HOA dues.
- Forgetting PMI when the down payment is under 20%.
- Assuming today’s quoted rate is locked.
- Ignoring that property tax and insurance usually rise over time.
💡 Practical tip: Keep the total housing payment comfortable at a rate a little higher than your quote in case it moves before you lock.
Tips for better results
- Look up the actual property tax rate for the home’s county.
- Get an insurance quote before making an offer.
- Compare points versus no points if you plan to stay long-term.
⚠️ These results are for educational purposes and are not financial advice. Confirm figures with your lender or a licensed financial professional before making decisions.
Frequently asked questions
What does the Mortgage Calculator do?
Estimate your full monthly mortgage payment including principal, interest, property tax and homeowners insurance.
How is it calculated?
The Mortgage Calculator uses this method: Loan = Price × (1 − Down%); P&I = Loan × r ÷ (1 − (1 + r)^−n); Monthly total = P&I + Tax/12 + Insurance/12.
Can you show an example?
With home price = $350,000, down payment = 20 %, interest rate = 6.5 %, loan term = 30 years, property tax per year = $4,200, the Mortgage Calculator returns total monthly payment: $2,244.79; principal & interest: $1,769.79; loan amount: $280,000.00.
Is the Mortgage Calculator accurate?
It uses standard published formulas and is tested against known values, but results are estimates for guidance. These results are for educational purposes and are not financial advice. Confirm figures with your lender or a licensed financial professional before making decisions.
Is this tool free and private?
Yes — the Mortgage Calculator is completely free with no sign-up, and it runs entirely in your browser, so the values you enter are never uploaded to our servers.
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