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Mortgage Calculator

Use this mortgage calculator to compare payment, payoff, or borrowing scenarios for mortgage.

Primary answer
Estimated total monthly payment
Inputs to verify
Home price, Down payment, and Annual interest rate
Use type
Use as an estimate that depends on assumptions.
Keyword intent
mortgage calculator

Calculator

Mortgage Calculator

Calculates estimated total monthly payment from home price, down payment, annual interest rate. Defaults are filled in so you can review a working example before changing inputs.

USD

Purchase price or home value before down payment.

USD

Cash paid upfront that reduces the loan amount.

%

Use 6.5 for 6.5%. The calculator divides this by 12 for the monthly periodic rate.

years

Whole number of years in the mortgage term.

More inputs4 additional assumptions
USD/year

User-entered estimate only; no local tax data is looked up.

USD/year

User-entered estimate only; premiums can change by property and insurer.

USD/month

Optional monthly association dues entered by the user.

USD/month

Optional mortgage insurance estimate entered by the user.

Result

Result reflects the current submitted inputs.

  • Risk B
  • Reviewed 2026-05-26
  • 4 sources
Estimated total monthly payment2,572.62 USD
Monthly principal and interest2,022.62 USD
Loan amount320,000 USD
Total principal and interest728,142.36 USD
Total interest408,142.36 USD
Monthly property tax estimate400 USD
Monthly homeowners insurance estimate150 USD
Down payment20%
Loan-to-value ratio80%
Monthly periodic rate0.541667%

Breakdown

Loan amount
320,000 USD
Monthly principal and interest
2,022.62 USD
Monthly taxes and insurance
550 USD
Number of payments
360
  • The mortgage is fixed-rate, fully amortizing, and paid monthly at the end of each period.
  • Annual interest rate input is treated as a nominal annual rate divided by 12.
  • Property tax, homeowners insurance, HOA dues, and mortgage insurance are user-entered estimates and may change over time.
  • Closing costs, points, lender fees, prepaid interest, escrow changes, rate locks, variable rates, balloon payments, and prepayment penalties are excluded.
  • This is an educational estimate, not financial advice, a lender quote, underwriting approval, or a legal mortgage disclosure.

Accuracy notes

Risk level
B
Reviewed
2026-05-26
Sources
4
Primary result
Estimated total monthly payment

Formula logic is kept in a pure calculator module with fixtures, source notes, and page-visible assumptions.

Categories

What the result means

Estimated total monthly payment answers the page's main mortgage question. Principal and interest plus user-entered tax, insurance, HOA, and mortgage insurance estimates. Read the payment or payoff number first, then compare interest, balance, and timing outputs before changing a loan decision. Use monthly principal and interest, loan amount, and total principal and interest to explain why estimated total monthly payment moved when an input changed.

Estimated total monthly paymentPrincipal and interest plus user-entered tax, insurance, HOA, and mortgage insurance estimates.
Monthly principal and interestFixed monthly principal-and-interest payment for the amortizing mortgage.
Loan amountHome price minus down payment.
Total principal and interestUnrounded monthly principal-and-interest payment multiplied by payment count.

Use the result this way

  1. Start with Estimated total monthly payment, then use supporting outputs only to explain the primary answer.
  2. Verify home price, down payment, and annual interest rate before copying the result.
  3. Keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise.
  4. Run at least one conservative and one optimistic scenario before comparing with a real quote or statement.

User job

How to use this calculator

Use Mortgage Calculator when you need estimated total monthly payment, then use monthly principal and interest and loan amount to check the context for planning conversations, quote comparisons, payment checks, and scenario review.

Best for

  • Comparing one financial scenario with another
  • Preparing questions for a lender, advisor, or statement review
  • Reviewing a default example before entering your own home price and down payment.

Check before relying

  • Verify rates, fees, timing, taxes, and local rules against official documents before acting.
  • The mortgage is fixed-rate, fully amortizing, and paid monthly at the end of each period.
  • Annual interest rate input is treated as a nominal annual rate divided by 12.
  • Source context: Consumer Financial Protection Bureau, reviewed 2026-05-26.

Next useful step

  • House Affordability CalculatorUse next when you need estimated affordable home price from annual gross income and monthly debt payments after checking estimated total monthly payment.
  • UK Mortgage CalculatorUse next when the borrowing comparison needs UK mortgage inputs such as mortgage type and property price.
  • Auto Loan CalculatorUse next when the borrowing task needs monthly payment instead of estimated total monthly payment.

Formula

Loan amount equals home price minus down payment. Monthly principal and interest use the standard fixed-rate amortized mortgage payment formula; total monthly payment adds user-entered tax, insurance, HOA, and mortgage insurance estimates. Key assumptions: The mortgage is fixed-rate, fully amortizing, and paid monthly at the end of each period. Annual interest rate input is treated as a nominal annual rate divided by 12. Property tax, homeowners insurance, HOA dues, and mortgage insurance are user-entered estimates and may change over time.

  • Loan amount equals home price minus down payment. Monthly principal and interest use the standard fixed-rate amortized mortgage payment formula; total monthly payment adds user-entered tax, insurance, HOA, and mortgage.
  • The mortgage is fixed-rate, fully amortizing, and paid monthly at the end of each period.
  • Annual interest rate input is treated as a nominal annual rate divided by 12.
  • Primary source context: Consumer Financial Protection Bureau.

Inputs

Enter home price, down payment, annual interest rate, and loan term for planning conversations, scenario checks, and lender or statement comparison. Before calculating, keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise. Home price: Purchase price or home value before down payment. Down payment: Cash paid upfront that reduces the loan amount. Annual interest rate: Use 6.5 for 6.5%. The calculator divides this by 12 for the monthly periodic rate. Loan term: Whole number of years in the mortgage term.

Home pricePurchase price or home value before down payment.
Down paymentCash paid upfront that reduces the loan amount.
Annual interest rateUse 6.5 for 6.5%. The calculator divides this by 12 for the monthly periodic rate.
Loan termWhole number of years in the mortgage term.
Annual property taxUser-entered estimate only; no local tax data is looked up.
Annual homeowners insuranceUser-entered estimate only; premiums can change by property and insurer.
Monthly HOA duesOptional monthly association dues entered by the user.
Monthly mortgage insuranceOptional mortgage insurance estimate entered by the user.

Example

Using the default inputs, Mortgage Calculator returns estimated total monthly payment of 2,572.62 USD. Adjust home price, down payment, annual interest rate, and loan term to match your own scenario.

FAQ

How is estimated total monthly payment calculated here?

Loan amount equals home price minus down payment. Monthly principal and interest use the standard fixed-rate amortized mortgage payment formula; total monthly payment adds user-entered tax, insurance, HOA, and mortgage insurance estimates. The first assumption to check is: The mortgage is fixed-rate, fully amortizing, and paid monthly at the end of each period.

What does Estimated total monthly payment mean for mortgage?

Read the payment or payoff number first, then compare interest, balance, and timing outputs before changing a loan decision. Secondary values such as monthly principal and interest, loan amount, and total principal and interest are there to explain the primary answer, not to replace it.

What should I enter for Home price?

Purchase price or home value before down payment. Use USD for this field. Keep units consistent with the labels shown in the form, stay within the documented minimum and maximum ranges, and enter percentages as whole percents, such as 6.5 for 6.5%, unless a field says otherwise.

How does Down payment change estimated total monthly payment?

Cash paid upfront that reduces the loan amount. Changing it can alter estimated total monthly payment because the formula uses the submitted inputs together. Also compare APR period, compounding, fees, payment timing, taxes, insurance, and extra-payment assumptions.

Why does the mortgage example show 2,572.62 USD for estimated total monthly payment?

The default inputs produce 2,572.62 USD for estimated total monthly payment. Treat that as a format and scale check, then replace every default value with your own inputs.

What should I compare before using the mortgage payment result?

Compare the rate period, payment timing, fees, taxes, escrow items, payoff assumptions, and the actual quote or statement that governs the decision.

Sources

Last reviewed: 2026-05-26

  • Reviewed 2026-05-26
    How do mortgage lenders calculate monthly payments?Consumer Financial Protection Bureau. Mortgage user-job framing, fixed-rate mortgage assumptions, and CFPB example for a $100,000 30-year mortgage at 4%.
    Scope
    U.S. consumer guidance for fixed-rate mortgage principal-and-interest payments and monthly payment dependencies.
    Supports
    Mortgage user-job framing, fixed-rate mortgage assumptions, and CFPB example for a $100,000 30-year mortgage at 4%.
  • Reviewed 2026-05-26
    On a mortgage, what's the difference between my principal and interest payment and my total monthly payment?Consumer Financial Protection Bureau. Total monthly payment composition and the inclusion of user-entered taxes, homeowners insurance, mortgage insurance, and association fees.
    Scope
    U.S. consumer guidance distinguishing principal and interest from total monthly mortgage payments.
    Supports
    Total monthly payment composition and the inclusion of user-entered taxes, homeowners insurance, mortgage insurance, and association fees.
  • Reviewed 2026-05-26
    PMT functionMicrosoft Support. Fixed monthly principal-and-interest formula, monthly rate consistency, end-of-period payment timing, and exclusion of taxes, reserve payments, and fees from the payment function.
    Scope
    Financial function documentation for constant-payment, constant-interest loans.
    Supports
    Fixed monthly principal-and-interest formula, monthly rate consistency, end-of-period payment timing, and exclusion of taxes, reserve payments, and fees from the payment function.
  • Reviewed 2026-05-26
    What is a loan-to-value ratio and how does it relate to my costs?Consumer Financial Protection Bureau. Loan-to-value output definition and down-payment assumptions.
    Scope
    U.S. consumer guidance defining loan-to-value ratio and the role of down payment.
    Supports
    Loan-to-value output definition and down-payment assumptions.

Disclaimer

This borrowing calculator is for educational payment and payoff estimates only. It is not a lender quote, credit approval, legal disclosure, tax advice, or a substitute for reviewing contracts, fees, escrow items, and local rules.