Mortgage Calculator

Calculate your monthly mortgage payment including principal, interest, taxes, and insurance. Free, fast, and accurate.

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20.0% of home price

Monthly Payment Breakdown

$2,523
Principal & Interest$2,023
Property Tax$400
Home Insurance$100
Total Monthly Payment$2,523

Loan amount: $320,000

Total interest over 30 years: $408,142

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How This Mortgage Calculator Works

This free mortgage calculator uses the standard loan amortization formula to compute your monthly principal and interest payment. It then adds your estimated property taxes, homeowners insurance, and HOA fees to give you a complete picture of your monthly housing costs.

The Mortgage Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]

Where M is your monthly payment, P is the loan principal,r is the monthly interest rate, and n is the total number of payments (loan term in years × 12).

Why Use a Mortgage Calculator?

  • Estimate affordability before house hunting
  • Compare 15-year vs 30-year loan scenarios
  • Understand the impact of down payment size
  • Budget for taxes and insurance, not just P&I

Frequently Asked Questions

A mortgage payment is calculated using the loan amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments. This calculator also includes property taxes, insurance, and HOA fees for a complete monthly estimate.

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