Mortgage calculator (US)
ReadyMonthly principal and interest for a fixed-rate mortgage, plus your own estimates for property tax, homeowners insurance, PMI and HOA dues, with a yearly amortization table.
How to use
- Enter the home price, your down payment, the interest rate and the loan term in years.
- Add yearly property tax and homeowners insurance, a PMI rate if your down payment is under 20%, and monthly HOA dues if any – these are your own estimates.
- Read the monthly payment and the yearly balance table.
Formula
- Loan = price − down payment
- Monthly P&I = L × r ÷ (1 − (1 + r)^−n), r = annual rate ÷ 12, n = years × 12
- Monthly total = P&I + property tax ÷ 12 + insurance ÷ 12 + loan × PMI% ÷ 12 + HOA
Worked example
$400,000.00 home, $80,000.00 down, 6.5% for 30 years → P&I $2,022.62 a month; with $4,800.00 property tax and $1,500.00 insurance a year, about $2,547.62 a month. Total interest over 30 years $408,140.64.
FAQ
Where do the property tax and insurance figures come from?
From you. Property tax depends on your county’s assessment and rate, and insurance on your home and insurer, so we don’t guess them. Your lender’s Loan Estimate shows the figures they expect.
Is the interest rate the APR?
Use the note rate (the interest rate) for the payment. The APR also includes fees and is meant for comparing offers, so it gives a slightly higher payment if you enter it here.
Does this handle adjustable-rate mortgages?
No. It assumes a fixed rate for the whole term.
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