Back to Finance toolsFinance

Mortgage Calculator

Calculate your full monthly mortgage payment — principal, interest, property tax, home insurance, and HOA fees in one number. Plus total interest paid over the life of the loan.

Optional
Monthly payment
$2,548
Total (P&I + tax + insurance + HOA)
Principal & interest
$2,023
Property tax
$400
Home insurance
$125
Loan amount
$320,000
Total interest
$408,142
Total cost
$728,142
How it works

The mortgage formula

Your monthly principal & interest comes from the amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where P = loan amount, r = monthly rate (annual rate ÷ 12), and n = total monthly payments (years × 12).

The full monthly payment adds property tax, home insurance, and HOA — these aren't lender-required math but they're money out of your account every month, so the real cost includes them.

FAQ

Frequently asked questions

This calculator shows two numbers: monthly principal & interest (P&I), and total monthly payment which adds property tax, home insurance, and HOA fees. Lenders quote you P&I; the bigger number is what you'll actually pay each month.

Planning to build savings alongside your mortgage? See how compound interest grows your savings over time.

More finance tools coming.

Loan repayment, retirement, and tax calculators are next.

Browse Finance tools