🏠 Mortgage Calculator

Calculate monthly mortgage payments, total interest, and loan details

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Home Price ($)

Down Payment

Unit

Loan Term (years) Interest Rate (%)

Taxes & Costs

Property Tax

Unit

Home Insurance ($/year)

PMI

Unit

HOA ($/year)

Other Costs ($/year)

How to Use the Mortgage Calculator

Our free Mortgage Calculator helps you estimate your monthly home payments. By entering the home price, down payment, loan term, and interest rate, you can instantly see a breakdown of your expected monthly costs.

Understanding Mortgage Terms

Down Payment: The upfront cash you pay toward the purchase of the home.
Interest Rate: The annual cost of borrowing money, expressed as a percentage.
PMI (Private Mortgage Insurance): If your down payment is less than 20%, lenders usually require PMI.
HOA (Homeowners Association) Fees: Monthly or annual fees paid to your local community association.

The Mortgage Formula

The core mathematical formula used to calculate your monthly principal and interest payment is the amortization formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]

Where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of months.