Mortgage Calculator
Estimate monthly mortgage payments: principal & interest (P&I) plus optional property tax and homeowners insurance.
Mortgage Calculator tool
| Month | P&I | Tax | Insurance | Total | Principal | Interest | Balance |
|---|
Informational estimate only. Actual escrow, PMI/HOA, fees, and rounding may change lender results.
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
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).