Mortgage Calculator

Modify the values and click the Calculate button.

Primary Loan Inputs

Live Calculated

Home Price$400,000

Down Payment$80,000

Loan Term

Interest Rate

Start Date

Include Taxes & Extra Costs

Annual Taxes & Extra Costs

Property Taxes

Home Insurance

HOA Fee

Other Annual Costs

Estimated Annual Increases

Property Tax Increase

Home Insurance Increase

HOA Fee Increase

Other Costs Increase

Extra Payments (Amortization)

Extra Monthly Payment

from

Extra Yearly Payment

from

Extra One-Time Payment

Show Biweekly Payback Results

MONTHLY MORTGAGE PAYMENT (P&I)

$2,081.26/mo

Principal & Interest (71%)

Property Taxes (14%)

Home Insurance (4%)

Other Costs (11%)

ITEMMONTHLYTOTAL

Principal & Interest$2,081.26$749,254.02

Property Taxes$400.00$144,000.00

Home Insurance$125.00$45,000.00

Other Costs$333.33$120,000.00

Total Out-of-Pocket$2,939.59$1,058,254.02

Loan Summary Overview

House Price$400,000.00

Loan Amount$320,000.00

Down Payment (20%)$80,000.00

Total Mortgage Payments$749,254.02

Total Interest$429,254.02

Mortgage Payoff DateAug. 2056

Amortization Schedule

Schedule showing yearly or monthly breakdown of interest, principal, and ending balance.

Year	Date	Interest	Principal	Ending Balance
1	8/26-8/27	$21,582	$3,393	$316,607
2	8/27-8/28	$21,345	$3,630	$312,977
3	8/28-8/29	$21,091	$3,884	$309,093
4	8/29-8/30	$20,820	$4,155	$304,938
5	8/30-8/31	$20,529	$4,446	$300,492
6	8/31-8/32	$20,218	$4,757	$295,735
7	8/32-8/33	$19,886	$5,089	$290,646
8	8/33-8/34	$19,530	$5,445	$285,201
9	8/34-8/35	$19,149	$5,826	$279,375
10	8/35-8/36	$18,742	$6,233	$273,142

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How to Calculate Monthly Mortgage Payments?

Understanding the mathematical components of a mortgage loan helps you manage your personal finances more effectively.

Mortgage Calculation Formula

The fixed monthly payment for principal and interest is calculated using the standard formula below:

M = P \frac{r(1 + r)^n}{(1 + r)^n - 1}

M: Total monthly payment (Principal and Interest)
P: Principal loan amount (Home price minus down payment)
r: Monthly interest rate (Annual interest rate divided by 12)
n: Total number of monthly payments (Loan term in years × 12)

Frequently Asked Questions About Mortgages