Finance · Popular

Mortgage Calculator

A mortgage calculator with property tax, insurance, and PMI estimates. See monthly payment breakdown, total cost over the loan life, and how extra payments accelerate payoff.

Home price

Down payment (%)

Annual interest rate (%)

Loan tenure (years)

Monthly payment

$1,860

Loan amount

$240,000

Total interest

$206,389

Method

How this calculator works

Mortgage payment uses the standard amortization formula applied to the loan amount (home price minus down payment). Total monthly cost adds property tax and insurance.

Loan = Home Price × (1 − Down Payment%)
Monthly P&I = Loan × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
Monthly Tax = Annual Property Tax / 12
Monthly Insurance = Annual Insurance / 12
Total Monthly = P&I + Tax + Insurance

Enter the home price.
Set down payment percentage.
Enter the annual interest rate.
Set loan tenure in years.
See monthly payment, loan amount, and total interest.

Examples

Worked examples

Real numbers, end-to-end results.

$300K home · 20% down · 7% · 30 years

Monthly $1,596 · Interest $334,484

Standard US mortgage scenario.

$500K home · 10% down · 6.5% · 15 years

Monthly $3,926 · Interest $256,666

Shorter tenure = much less interest.

Use cases

When to use it

Home buying affordability check.
Comparing 15-year vs 30-year mortgage.
Impact of down payment size on monthly cost.
Total cost of homeownership over loan life.

FAQ

Frequently asked questions

How is a mortgage payment calculated?

Mortgage uses the same EMI formula: P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount (home price minus down payment), r is monthly rate, and n is months.

What is included in a mortgage payment?

Principal + Interest (P&I) is the base. Total monthly cost may also include property tax, homeowners insurance, and PMI (if down payment < 20%). This is called PITI.

How much down payment do I need?

Conventional loans require 5-20%. FHA loans accept 3.5%. VA loans allow 0%. Higher down payment means lower monthly payment and no PMI requirement.

What is the difference between mortgage and EMI calculator?

They use the same formula. A mortgage calculator additionally factors in down payment percentage, property tax, and insurance to show the full monthly housing cost.

How much house can I afford?

General rule: your total housing cost (PITI) should not exceed 28% of gross monthly income. A $6,000/month income supports ~$1,680/month housing cost.