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Mortgage Calculator Online

Estimate your monthly mortgage payment, principal and interest, property taxes, home insurance, PMI, HOA costs and total housing expenses with our free online mortgage calculator.

Enter your home price, down payment, interest rate and loan term to estimate your monthly home payment and understand the total cost of your mortgage over time.

Monthly Payment Principal & Interest Property Tax Home Insurance PMI & HOA

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Fast

Instant Estimates

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Calculate Your Mortgage

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Estimate your monthly home payment and total costs.

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Annual percentage of home price

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Annual insurance cost

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Annual private mortgage insurance

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Monthly HOA fee

Quick Examples:

What Is a Mortgage Calculator?

A mortgage calculator is an online financial planning tool that estimates the cost of borrowing money to purchase a home. By entering the home price, down payment, interest rate and loan term, you can estimate the principal and interest portion of your monthly payment.

This calculator goes beyond principal and interest by allowing you to include estimated property tax, home insurance, PMI and HOA fees. This can provide a broader estimate of your monthly housing cost.

You can also review total interest, total housing costs and an amortization schedule to understand how payments may be distributed over the life of the loan.

What Can This Mortgage Calculator Calculate?

Estimate the major components that can affect your monthly mortgage and overall housing costs.

Monthly Mortgage Payment

Estimate your monthly principal and interest payment based on your loan amount, interest rate and loan term.

Principal & Interest

See how much of the estimated monthly payment is allocated to principal and interest.

Property Tax

Add an estimated annual property tax percentage to include an estimated monthly tax amount.

Home Insurance

Include an estimated annual home insurance cost in your monthly housing payment estimate.

PMI

Include private mortgage insurance when it applies to your mortgage estimate.

HOA Fees

Add a monthly HOA fee to estimate a broader monthly housing expense.

Total Interest

Review the estimated total interest paid over the selected mortgage term.

Loan-to-Value Ratio

See the estimated loan-to-value ratio based on the home price and down payment entered.

Amortization Schedule

Review payment, principal, interest and remaining balance information across the mortgage schedule.

How to Use the Mortgage Calculator

Enter a few loan details to get an estimated mortgage payment.

1

Enter Home & Loan Details

Enter the home price, down payment, interest rate and mortgage term.

2

Add Housing Costs

Add estimated property tax, home insurance, PMI and HOA costs when applicable.

3

View Your Estimate

Click Calculate Mortgage to see your estimated monthly payment, total costs and amortization details.

Common Uses for a Mortgage Calculator

A mortgage payment calculator can help you explore different home prices, down payments, interest rates and loan terms before discussing a mortgage with a lender.

You can compare different down payment amounts to see how the estimated loan amount and monthly principal and interest payment change.

The calculator can also help you include recurring housing expenses such as property taxes, insurance, PMI and HOA fees when creating a preliminary home-buying budget.

Mortgage Payment Formula

The standard mortgage payment calculation uses the loan principal, monthly interest rate and total number of monthly payments.

Monthly Principal & Interest:

M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]

Where M is the monthly principal and interest payment, P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.

Other Monthly Housing Costs

The total estimated housing payment can also include monthly portions of property tax and home insurance, along with PMI and HOA fees when applicable.

Estimated Total Monthly Housing Cost = Principal & Interest + Property Tax + Insurance + PMI + HOA

Important Information About Mortgage Estimates

Mortgage calculator results are estimates based on the values you enter. Actual mortgage payments can vary depending on the lender, interest rate, loan program, property taxes, insurance, mortgage insurance, HOA fees, closing costs and other charges.

Property tax, insurance, PMI and HOA costs can vary significantly by property and location. The estimates shown by this calculator should not be treated as a lender quote, loan approval or exact future payment.

This calculator is provided for general informational and educational purposes and is not financial, lending, tax or investment advice. Consult a qualified lender or financial professional for advice based on your individual circumstances.

Frequently Asked Questions About Mortgage Calculators

What does a mortgage calculator calculate?

A mortgage calculator can estimate monthly principal and interest payments based on the loan amount, interest rate and loan term. This calculator can also include estimated property tax, insurance, PMI and HOA costs.

How is a monthly mortgage payment calculated?

The principal and interest portion is calculated using the loan principal, monthly interest rate and number of monthly payments. Additional housing costs can then be added to estimate the broader monthly payment.

Does the calculator include property tax and insurance?

Yes. You can enter an estimated annual property tax rate and annual home insurance amount. The calculator converts these values into estimated monthly costs.

Can I include PMI and HOA fees?

Yes. You can enter annual PMI and monthly HOA costs when applicable to your home loan and property.

What is an amortization schedule?

An amortization schedule shows how mortgage payments are distributed between principal and interest and how the remaining loan balance changes over time.

Does a larger down payment reduce the mortgage payment?

A larger down payment generally results in a smaller loan amount. A smaller loan amount can reduce the principal and interest portion of the monthly mortgage payment, although the overall effect depends on the other loan terms and costs.

Is this mortgage calculator free?

Yes. This online mortgage calculator is free to use and does not require you to install software.

Are mortgage calculator results exact?

The results are estimates based on the information entered. Actual lender payments may differ because of loan terms, taxes, insurance, fees, rates and other costs.

Can I compare different mortgage scenarios?

Yes. You can change the home price, down payment, interest rate, loan term and other costs to explore different mortgage scenarios.

Estimate Your Mortgage Payment

Use the free mortgage calculator to estimate your monthly payment, principal and interest, taxes, insurance, PMI, HOA costs and total housing expenses.

Calculate My Mortgage