Mortgage calculator
Calculator
The calculator needs JavaScript. The tables below give the same numbers for common cases.
How it is worked out
- Loan = price − down payment = $320,000.00.
- Principal and interest = P × i ÷ (1 − (1 + i)^−n) with i = 0.00541667 and n = 360: $2,022.62.
- Add tax (1.1% × price ÷ 12), insurance ÷ 12 and HOA: $2,514.28.
- Typed values only: your lender may also add mortgage insurance and other costs.
| Inputs | Answer |
|---|---|
| Home price: 400000; Down payment: 80000; Interest rate: 6.5; Loan term: 30; Property tax: 1.1; Home insurance: 1500; HOA fees: 0 | The monthly payment is $2,514.28: $2,022.62 principal and interest plus $491.67 taxes, insurance and fees. |
| Home price: 250000; Down payment: 50000; Interest rate: 7; Loan term: 15; Property tax: 0.9; Home insurance: 1200; HOA fees: 120 | The monthly payment is $2,205.16: $1,797.66 principal and interest plus $407.50 taxes, insurance and fees. |
| Home price: 600000; Down payment: 120000; Interest rate: 6; Loan term: 30; Property tax: 1.5; Home insurance: 2200; HOA fees: 0 | The monthly payment is $3,811.18: $2,877.84 principal and interest plus $933.33 taxes, insurance and fees. |
How to use it
Principal and interest come from the loan formula on the amount you borrow (price minus down payment). The calculator then adds one twelfth of the yearly property tax (a percent of the price that you enter) and of the home insurance, plus any monthly HOA fee.
A $400,000 home with $80,000 down at 6.5% for 30 years has a principal-and-interest payment of about $2,022.62; with 1.1% tax and $1,500 insurance the total is about $2,514 a month. Mortgage insurance and other lender costs are not included. These are estimates from the numbers you type, not financial advice or an offer; real products add fees and change rates.
Frequently asked questions
How is a mortgage payment calculated?
Principal and interest use the loan payment formula; tax, insurance and HOA are added per month.
Does a bigger down payment lower the payment?
Yes, it reduces the amount borrowed and the interest paid.
Is the tax rate the same everywhere?
No; property tax rates differ by place, so enter your own.
Method: standard arithmetic shown step by step; no outside data is used. Checked 2026-11-12.
About · How we verify this · Editorial policy · Corrections
General information only. Results are plain arithmetic on the numbers you enter; check anything important (money, health, school work) against your own records or the official source.