Mortgage Calculator
Estimate your monthly mortgage payment from home price, down payment, interest rate and term — with taxes and insurance included.
How it works
M = P × r ÷ (1 − (1 + r)^−n)
M is the monthly principal-and-interest payment, P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). Property tax and insurance are divided by 12 and added on top, since most lenders collect them monthly in escrow.
Worked example
For a $350,000 home with $70,000 down at 6.5% for 30 years: P = $280,000, r = 0.065 ÷ 12 = 0.005417, n = 360. M = 280,000 × 0.005417 ÷ (1 − 1.005417⁻³⁶⁰) ≈ $1,769.79 per month before taxes and insurance.
Frequently asked questions
Does this include PMI?
No. If your down payment is under 20%, lenders usually add private mortgage insurance, typically 0.3%–1.5% of the loan per year. Add it to the yearly insurance field for a closer estimate.
Why is so much of the cost interest?
Long terms at compound-style amortization mean early payments are mostly interest. On a 30-year loan at 6.5%, total interest can approach the amount borrowed.
How can I lower the monthly payment?
A bigger down payment, a lower rate, or a longer term all lower the monthly amount — but a longer term raises the total interest paid.
Related calculators
This is an educational estimate, not financial advice. Lenders use their own rounding, fees and credit terms — confirm exact figures with your lender or a licensed advisor.