Mortgage Payment Calculator

Estimate your monthly mortgage payment, including property tax and homeowners insurance, plus the total interest you will pay over the loan.

Home price ($)Down payment ($)Annual interest rate (%)Loan termAnnual property tax rate (% of home price)Annual homeowners insurance ($)

Loan amount: —

Monthly principal & interest: —

Total monthly payment (with tax & insurance): —

Total interest paid over the loan: —

Down payment as percent of price: —

FAQ

How is a monthly mortgage payment calculated?

Payment = L * r / (1 - (1 + r)^-n), where L is the loan amount, r is the monthly interest rate (annual rate / 12) and n is the number of monthly payments.

What is included in the total monthly payment?

This calculator adds monthly property tax (home price x tax rate / 12) and homeowners insurance (annual cost / 12) to the principal and interest payment.

How can I lower my monthly payment?

A larger down payment, a lower interest rate, or a longer loan term will reduce the monthly payment, though a longer term usually increases total interest paid.

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