What is a mortgage calculator?
A mortgage calculator estimates the monthly cost of buying a home based on the property price, down payment, mortgage term, and interest rate. A more complete mortgage calculator can also include property tax and homeowners insurance.
This provides a better view of what a monthly housing payment may actually look like.
How this mortgage calculator works
This calculator first determines the loan amount by subtracting the down payment from the home price. It then estimates the monthly principal and interest payment using a standard amortizing loan formula. Property tax and insurance are divided into monthly amounts and added to the result.
How to use this calculator
- Enter the home price.
- Choose whether your down payment is entered as an amount or a percentage.
- Enter the loan term and interest rate.
- Optionally add annual property tax and annual home insurance.
- Review the loan amount and total estimated monthly payment.
This tool is designed to be fast, simple, and easy to use on desktop or mobile devices.
What is included in a monthly mortgage payment?
A monthly mortgage payment can include several parts: principal, interest, property taxes, and homeowners insurance. Some borrowers may also pay private mortgage insurance or HOA fees, but those are not included in this version of the calculator.
Frequently asked questions
What is the difference between home price and loan amount?
The home price is the total purchase price of the property. The loan amount is the amount borrowed after subtracting the down payment.
Does this calculator include PMI or HOA fees?
No. This version includes principal, interest, property tax, and homeowners insurance only.
Can I use this for any currency?
Yes. The calculator uses plain numbers, so it can work with dollars, euros, pounds, pesos, or other currencies.
Does this calculator store my data?
No. The values you enter are processed directly in your browser and are not stored on a server.