Mortgage Calculator
Monthly payment with tax, insurance and total interest.
- Loan amount
- $320,000.00
- Down payment
- $80,000.00
- Principal & interest
- $2,022.62
- Property tax
- $400.00
- Home insurance
- $125.00
- Total interest paid
- $408,142.36
- Total of all payments
- $728,142.36
How this calculator works
Enter the home price, down payment and loan terms. The calculator finds the monthly principal and interest with the standard amortization formula, then adds one twelfth of your yearly property tax and insurance.
Formula
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate and n the number of payments.
Example
A $400,000 home with 20% down leaves a $320,000 loan. At 6.5% for 30 years, principal and interest come to about $2,023 a month.
When to use it
- Compare 15-year and 30-year terms side by side
- See how a larger down payment lowers the payment
- Budget the full monthly cost, not just the loan
Frequently asked questions
How much down payment do I need?
Many conventional loans accept 3–5% down, and some government-backed loans accept less. Putting down 20% or more usually avoids private mortgage insurance and lowers the monthly payment.
Does this include PMI or HOA fees?
No. Add private mortgage insurance and homeowners association dues to the monthly total if they apply to you. Your lender's loan estimate lists every cost.
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