Mortgage Calculator
Monthly mortgage payment from the home price, down payment, rate and term, with property tax, insurance and a yearly schedule.
Your mortgage
Filled in with example values. Replace them with your own.
Costs of owning (optional)
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Results update as you type.
Result
Mortgage on $400,000.00 with $80,000.00 down at 6.5% over 30 years: $2,022.62 a month, $408,140.64 interest in total
Monthly payment
$2,022.62a month
- Principal and interest
- $2,022.62
- Loan amount20% down ($80,000.00)
- $320,000.00
- Loan-to-value
- 80%
- Total interestOver 30 years
- $408,140.64
- Total of loan paymentsLoan + interest
- $728,140.64
What you repay on the loan
- Amount borrowed
- $320,000.00
- Interest
- $408,140.64
- Total repaid
- $728,140.64
Year by year
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $20,694.68 | $3,576.76 | $316,423.24 |
| 2 | $20,455.16 | $3,816.28 | $312,606.96 |
| 3 | $20,199.56 | $4,071.88 | $308,535.08 |
| 4 | $19,926.87 | $4,344.57 | $304,190.51 |
| 5 | $19,635.90 | $4,635.54 | $299,554.97 |
| 6 | $19,325.44 | $4,946.00 | $294,608.97 |
| 30 | $833.21 | $23,435.67 | $0.00 |
How it’s calculated
Loan amount
$400,000.00 − $80,000.00 = $320,000.00
Principal and interest
P × i ÷ (1 − (1 + i)^−360), i = 6.5% ÷ 12 = $2,022.62
How the mortgage calculator works
The amount you borrow is the home price minus your down payment. For a fixed-rate repayment mortgage, the monthly principal and interest payment is set so the loan is fully repaid by the end of the term.
Property tax, home insurance and other monthly costs such as HOA fees or mortgage insurance are added on top, so you can see the full monthly cost of the home. The calculator works through the loan month by month in whole cents, so the total interest and the year-by-year table add up exactly.
The formula
P = Home price − Down payment
Principal + interest = P × i ÷ (1 − (1 + i)^−n)
Monthly total = Principal + interest + Tax ÷ 12 + Insurance ÷ 12 + Other
i is the yearly rate ÷ 12 and n the number of monthly payments (years × 12). At 0% the payment is simply P ÷ n.
Worked example
A home costing 400,000 with 20% down, a rate of 6.5% and a 30-year term:
- Down payment: 400,000 × 20% = 80,000, so the loan is 320,000 (80% loan-to-value)
- Principal and interest: 320,000 × 0.065/12 ÷ (1 − (1 + 0.065/12)^−360) = 2,022.62 a month
- Total interest over 30 years: 408,140.64
With a property tax bill of 4,800 a year (400 a month) and insurance of 1,200 a year (100 a month), the monthly total is 2,522.62.
Assumptions and limitations
- The rate is fixed for the whole term and interest is charged monthly on the balance.
- Property tax, insurance and other costs are the amounts you enter, kept the same every year.
- Closing costs, points and lender fees are not included.
- Monthly interest is rounded to the cent, half up. Your lender’s figures may differ by a few cents.
Frequently asked questions
What is included in the monthly payment?
Principal and interest on the loan, plus any property tax, home insurance and other monthly costs you enter. Taxes and insurance are spread evenly over 12 months. Leave them empty to see the loan payment alone.
Why does the calculator not fill in property tax or insurance for me?
They depend on where the home is, its value and your insurer, and they change from year to year. Rather than guess, the calculator asks for the amounts from your tax bill, listing or quote.
What does loan-to-value mean?
It is the loan as a share of the home price. With 20% down, the loan-to-value is 80%. Lenders often use it to set rates and to decide whether mortgage insurance is required.
Does it work for adjustable-rate mortgages?
Only for the period while the rate stays the same. When the rate changes, the payment changes too, so run the calculator again with the new rate and the remaining balance and term.
How is this different from the Loan Calculator?
The loan maths is the same. The Mortgage Calculator starts from the home price and down payment and adds the regular costs of owning the home, so the monthly figure is closer to what leaves your account.