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Mortgage Calculator

Calculate monthly payment, interest, and amortization

$
$ 20%
yrs
%
$
$
Total Monthly Payment
$0
principal + interest + taxes + insurance
$0
Principal & Interest
$0
Taxes (monthly)
$0
Insurance (monthly)
$0
Total Interest Paid
$0
Total Loan Cost
$0
Loan Amount
PAYMENT BREAKDOWN

How the Mortgage Calculator Works

This calculator uses the standard mortgage amortization formula to calculate your monthly principal and interest payment based on your loan amount, interest rate, and term.

Mortgage Payment Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

P = Loan Amount, r = Monthly Rate, n = Total Payments

What's Included in Your Payment

  • Principal & Interest: The core mortgage payment that goes toward paying off your loan.
  • Property Tax: Most lenders collect this monthly and pay it on your behalf (escrow).
  • Home Insurance: Required by lenders to protect the property.

Tips to Lower Your Mortgage Payment

  • Put down a larger down payment (20%+ avoids PMI)
  • Choose a longer loan term (though you pay more interest)
  • Shop for better interest rates — even 0.5% difference saves thousands
  • Improve your credit score before applying