Mortgage Calculator
Calculate monthly mortgage payments including principal, interest, property tax, and insurance based on home price and down payment.
Monthly payment
$1,860
Loan amount
$240,000
Total interest
$206,389
Total cost
$446,389
Down payment
$60,000
Payment breakdown
Outstanding balance
Remaining principal balance per year
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.
Enter values in your preferred currency. Results are returned in the same currency.
Disclaimer: This calculator provides estimates for informational and educational purposes only. It is not a substitute for professional financial advice, tax planning, or investment guidance. Always consult a qualified financial advisor or accountant for decisions affecting your finances.
Sources: Uses standard reducing-balance amortization formula. Monthly payment computed via P×r×(1+r)^n / ((1+r)^n−1).
FAQ
Frequently asked questions
How is a mortgage payment calculated?
What is included in a mortgage payment?
How much down payment do I need?
What is the difference between mortgage and EMI calculator?
How much house can I afford?
Methodology, assumptions & limitations
How we calculate: This calculator uses standard, peer-reviewed mathematical formulas implemented in TypeScript. All calculations run entirely in your browser — no data is sent to any server.
Assumptions: Unless stated otherwise, calculations assume constant rates over the specified period, no taxes or fees beyond those explicitly input, and standard compounding conventions for the formula type.
Limitations: Results are estimates for planning purposes. Real-world outcomes may differ due to variable rates, regulatory changes, taxes, fees, inflation, or other factors not modeled. This tool does not constitute financial, tax, or investment advice.
When NOT to use this: Do not rely solely on this calculator for major financial decisions such as mortgages, retirement planning, or tax filing without consulting a qualified financial advisor or accountant.
Feedback: Found an error or have a suggestion? Contact us — we review and correct reported issues within 48 hours.
Deep Dive Guide
How Much House Can You Afford? The 28/36 Rule Explained
Use the 28/36 rule to calculate how much house you can afford. Understand DTI ratios, what lenders look at, and see examples at different incomes.
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