Estimate your monthly payment, including principal, interest, taxes and insurance — based on a transparent, standard amortization formula.
Your principal and interest payment is calculated using the standard fixed-rate amortization formula, the same one lenders use:
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
Property tax and home insurance are added on top as estimated monthly costs, based on the annual figures you enter divided by 12. This calculator does not include private mortgage insurance (PMI), HOA fees, or closing costs — all of which can affect your actual monthly payment.
No. If your down payment is under 20% of the home price, most lenders require private mortgage insurance, which typically adds 0.5%–1.5% of the loan amount annually. This calculator doesn't include it, so your actual payment may be higher if you're putting down less than 20%.
Lenders factor in your specific credit profile, loan type, points purchased, and local tax/insurance rates, none of which a general calculator can know. Use this as a planning estimate, not a final quote.
A 15-year term means higher monthly payments but significantly less interest paid over the life of the loan. A 30-year term lowers your monthly payment but costs more in total interest. Try both terms above to compare the difference directly.
Property tax rates vary significantly by state and county. Check your local assessor's office or a recent listing for the property to get an accurate annual figure rather than relying on a national average.
This calculator provides estimates for educational purposes only and does not constitute financial advice or a loan offer. Actual mortgage terms depend on your lender, credit profile, and local market conditions.