Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax and insurance.
What to calculate next?
Suggested next step Budget Calculator →See how this decision fits into your monthly finances.
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How the mortgage calculator works
The principal and interest payment uses the standard fixed-rate mortgage amortization formula. Property tax and insurance are converted to monthly amounts and added to the payment estimate.
This is an estimate for planning purposes. Actual mortgage costs can also include items such as mortgage insurance, HOA fees, closing costs and lender-specific charges.
Why is the total mortgage payment higher than principal and interest?
A mortgage's principal-and-interest payment covers the loan itself, but your total monthly housing payment may also include property taxes and homeowners insurance. For example, $3,600 in annual property taxes adds $300 per month and $1,200 in annual insurance adds $100 per month. Mortgage insurance and HOA dues may increase costs further and are not included in this estimate.