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Financial Planning

Mortgage Payment Calculator

Estimate your monthly mortgage payment including principal, interest, property tax, insurance, HOA fees and mortgage insurance.

Your inputs

Applied only when the down payment is below 20 %.

Results

Estimated total monthly payment

$2,547.62

Principal & interest
$2,022.62
Property tax + insurance (monthly)
$525.00
Mortgage insurance (monthly)
$0.00
Loan amount
$320,000.00
Total interest over the term
$408,140.64
Total principal & interest paid
$728,140.64

✓Exact calculation — rounded only for display

Inputs are never added to links for financial, salary or health calculators.

What this calculator does

Your housing payment usually includes more than principal and interest. This tool combines the loan payment with the recurring costs you enter so you can see a realistic monthly figure before you buy.

Formula and method

Principal & interest: M = L × i / (1 − (1 + i)^−n) Total = M + tax/12 + insurance/12 + HOA + PMI PMI is estimated as loan × PMI rate / 12 when the down payment is below 20 %.
L
loan amount (price − down payment)
i
monthly rate = annual rate ÷ 12
n
number of monthly payments

Worked example

Calculated by this tool with its default inputs:

Inputs

  • Home price: 400000 (any currency)
  • Down payment: 20 %
  • Interest rate (annual): 6.5 %
  • Loan term: 30 years
  • Property tax per year: 4800 (any currency)
  • Home insurance per year: 1500 (any currency)
  • HOA / service fees per month: 0 (any currency)
  • Mortgage insurance (PMI) rate per year: 0.5 %

Results

  • Estimated total monthly payment: 2,547.62
  • Principal & interest: 2,022.62
  • Property tax + insurance (monthly): 525
  • Mortgage insurance (monthly): 0
  • Loan amount: 320,000
  • Total interest over the term: 408,140.64

How to read the results

Principal & interest stays fixed for a fixed-rate loan; taxes, insurance and fees can change from year to year. Total interest shows the cost of borrowing over the full term if you never prepay.

Assumptions and limitations

  • Property tax, insurance and HOA amounts are your inputs — the tool never assumes local rates.
  • Adjustable-rate mortgages, closing costs and escrow cushions are not modelled.
  • Results are estimates for planning and education, not individual financial advice.

Financial results are estimates based on the inputs and assumptions shown. They are not financial advice; confirm figures with your lender, provider or a qualified adviser before making decisions.

Questions

Why is so much of the early payment interest?

Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, more of each fixed payment goes to principal.

Is PMI permanent?

Often not. Many lenders allow removal once you reach about 20 % equity; this tool keeps it for the whole term, so it slightly overstates long-run cost in that case.

Methodology and verification

Result type
Exact mathematical calculation (rounded only for display)
Formula version
1.0
Automated verification
5 reference and validation test cases, checked against independently computed values. The site cannot be built if any of them fail.
Editorial review
Awaiting human editorial review. The explanation was drafted with AI assistance; the formula and examples are verified by the automated tests above.

Privacy

Everything you enter is calculated in this browser and is not sent to Numerith or anyone else. Because this calculator can involve personal financial or health details, your inputs are never added to share links or saved to history. Privacy policy