Mortgage Calculator
Estimate monthly mortgage payments: principal & interest (P&I) plus optional property tax and homeowners insurance.
| Month | P&I | Tax | Insurance | Total | Principal | Interest | Balance |
|---|
Informational estimate only. Actual escrow, PMI/HOA, fees, and rounding may change lender results.
How it works
This tool calculates a standard fixed-rate mortgage payment (principal & interest) using amortization. Optional annual property tax and insurance are divided by 12 and added to the monthly total.
Monthly P&I payment formula:
M = P × (r(1+r)^n) ÷ ((1+r)^n − 1)
Where P is loan amount (home price − down payment),
r is monthly rate (APR/12), and n is number of months.
The amortization schedule shows how interest typically declines over time as the balance decreases, while the principal portion increases.
Examples
- $300,000 home, $60,000 down, 6% for 30 years → view P&I + tax/insurance breakdown
- Set tax/insurance to 0 to see pure principal & interest payment
- Compare different down payments to see how loan amount affects interest cost
When to use this tool
This tool is designed for quick, practical tasks such as everyday calculations, data formatting, or simple conversions. It is best used when you need fast results without installing software or using complex tools.
When to use
- Quick checks or one-time calculations
- Validating or converting data before using it elsewhere
- Simple tasks that do not require advanced software
When not to use
- Critical financial, legal, or medical decisions
- Large-scale or automated processing
- Situations requiring guaranteed precision beyond basic validation
Always review results before using them in important contexts.
About this tool
This tool helps you perform quick utility operations directly in your browser. It runs entirely in your browser without sending data to a server.
You can use this tool when handling simple tasks without installing additional software. The results should be interpreted as a processed output based on your input data.
FAQ
- Does this mortgage calculator include taxes and insurance?
Yes—optionally. Property tax and homeowners insurance are entered as annual amounts, converted to monthly, and added to the total payment. Principal & interest (P&I) are calculated separately.
- Is this the same as a lender’s monthly payment?
It’s a planning estimate. Lenders may include escrow rules, PMI/HOA, fees, rounding conventions, and day-count methods that can change the final payment.
- What is the difference between P&I and total payment?
P&I is the loan payment based on amortization. Total payment adds monthly tax and insurance estimates (and would also include items like HOA/PMI if you add them separately).
- What if my down payment is larger than the home price?
Then the loan amount becomes $0, and the schedule is effectively empty. This tool expects down payment to be between 0 and home price.
- Does this include PMI or HOA?
No. If you want a rough total payment, you can manually add those monthly costs to tax/insurance fields (or add separate inputs later).