Mortgage Calculator
Estimate your monthly mortgage payment and long-term interest cost.
Estimate your payment
Estimated payment
Total per month
- Principal and interest
- $2,023
- Property tax
- $400
- Home insurance
- $150
- HOA fee
- $0
- Loan amount
- $320,000
- Total interest
- $408,142
Educational estimate only. Actual loan and ownership costs may differ.
Your entries and results stay in this browser. This tool does not send, save, or add them to the page address.
How to use this mortgage calculator
Enter the home price, down payment percentage, annual interest rate, loan term, and recurring ownership costs. The result separates principal and interest from estimated taxes, insurance, and HOA fees so you can see what drives the monthly total.
Use figures from current lender quotes, property listings, insurance estimates, and local tax records when available. Small differences in the interest rate or recurring costs can materially change the result.
What the estimate means
The principal and interest amount assumes a fully amortizing, fixed-rate loan with equal monthly payments. Total interest is the sum of those scheduled payments minus the original loan amount. Property tax and insurance are divided into monthly estimates; their real billing schedules and escrow adjustments may differ.
This calculation does not include closing costs, mortgage insurance, discount points, maintenance, utilities, changes in taxes or insurance, late fees, or loan-specific adjustments. Treat the result as a planning estimate rather than a quote or approval.
Comparing mortgage scenarios
Change one assumption at a time when comparing options. For example, compare different down payments while keeping the rate and term unchanged, then compare loan terms using the same borrowed amount. This makes the effect of each choice easier to understand.
A lower monthly payment does not always mean a lower overall cost. Longer terms commonly reduce the scheduled payment while increasing the time over which interest accrues.
Frequently asked questions
What costs are included in this mortgage estimate?
The estimate includes monthly principal and interest, property tax, home insurance, and any HOA fee you enter. It does not include mortgage insurance, closing costs, utilities, maintenance, or lender-specific charges.
How is the principal and interest payment calculated?
The calculator uses the standard fixed-rate amortization formula with equal monthly payments over the selected loan term. A zero-interest loan is calculated by dividing principal evenly across all payments.
Does this calculator include private mortgage insurance?
No. Mortgage insurance rules and pricing vary by loan program, lender, down payment, credit profile, and location, so you should add any lender-provided mortgage insurance estimate separately.
Is the result a loan offer or financial advice?
No. The result is an educational estimate based only on the values you enter. Actual payments and qualification terms can differ, so verify costs with lenders, insurers, and local tax authorities.