Full mortgage payment incl. taxes. The Mortgage Calculator takes home price, down payment, interest rate, term, property tax per year, home insurance per year, hoa or maintenance per month and returns total monthly payment plus principal and interest, loan amount, total interest over the term, taxes, insurance and fees per month. Results update as you type, and the formula is shown under the result so you can repeat it in your own spreadsheet.
The headline interest rate is only part of what a loan costs: fees, the structure of repayments and how the rate is quoted (flat or reducing) all change the true cost. Compare offers on total interest and effective rate, not on EMI alone. Use the worked example below to check the maths against your own figures.
How the Mortgage Calculator works
A mortgage payment is more than principal and interest: lenders typically collect property tax and insurance monthly too. The total is what your budget must carry; the P&I figure is what the rate and term determine.
Worked example
With the example values (home price of $400,000, down payment of 20%, interest rate of 6.5%, term of 30 years, property tax per year of $4,800, home insurance per year of $1,500, hoa or maintenance per month of $0), the total monthly payment is $2,547.62; principal and interest $2,022.62, loan amount $320,000.00, total interest over the term $408,142.36, taxes, insurance and fees per month $525.00. Change any figure above and the result updates immediately; use Copy results to paste the summary into a note or email.
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Frequently Asked Questions
How is total monthly payment calculated?
payment = P&I on the loan (price − down payment) + property tax ÷ 12 + insurance ÷ 12 + HOA.
Which figures do I need?
Home price, down payment, interest rate, term, property tax per year, home insurance per year, hoa or maintenance per month. Take them from the same period and the same set of accounts or reports so the ratio is consistent, and check the example values as a guide to the units expected.
Does the result include fees and charges?
Only where there is a fee input. Processing fees, insurance and prepayment charges add to the true cost; the APR and loan comparison calculators include them.
