How to use it
- Enter the home price and the down payment you expect to make.
- Choose the loan term and enter the annual interest rate.
- Optionally add yearly property tax and home insurance, then calculate.
Mortgage Calculator
Estimate a fixed-rate mortgage payment with optional property tax and home insurance.
About the Mortgage Calculator
This mortgage calculator estimates the recurring cost of a fixed-rate home loan. Property tax and insurance can be included to produce a broader monthly estimate.
Mortgage payment formula
Principal and interest use M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the financed amount, r is the monthly rate and n is the number of monthly payments. A zero-interest loan is divided evenly across the term.
What the estimate includes
Estimated monthly payment adds one-twelfth of the entered annual property tax and insurance to principal and interest. Total payment and total interest cover the loan only; closing costs, fees, changing taxes and private mortgage insurance are not included.
Example
For a $350,000 home with a $70,000 down payment, compare 15- and 30-year terms at the same rate to see how term length changes monthly cost and total interest.