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Financial Calculators

Mortgage Calculator

Estimate the full monthly cost of a home: the loan payment plus property tax, homeowner’s insurance and any association or mortgage-insurance fees. Adjust the down payment to see how it changes the loan and the interest.

$
%
% p.a.
years
$
$
$
Total monthly payment$2,547.62
Principal & interest
$2,022.62
Property tax
$400.00
Insurance
$125.00
HOA / PMI
$0.00
Loan amount
$320,000.00
Down payment
$80,000.00
Total interest over term
$408,142.36
  • Principal & interest 79.4%
  • Tax 15.7%
  • Insurance 4.9%
  • HOA / PMI 0%
Step-by-step working
  1. Loan = $400,000.00 × (1 − 20%) = $320,000.00
  2. Monthly principal & interest = L × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) with r = 0.00541667, n = 360 → $2,022.62
  3. Add tax $400.00 + insurance $125.00 + HOA/PMI $0.00 = $2,547.62

Amortisation schedule (by year)

YearPrincipal paidInterest paidLoan balance
Year 1$3,576.72$20,694.69$316,423.28
Year 2$3,816.26$20,455.15$312,607.02
Year 3$4,071.84$20,199.57$308,535.17
Year 4$4,344.54$19,926.87$304,190.63
Year 5$4,635.50$19,635.91$299,555.13
Year 6$4,945.95$19,325.46$294,609.18
Year 7$5,277.19$18,994.22$289,331.98
Year 8$5,630.62$18,640.80$283,701.37
Year 9$6,007.71$18,263.70$277,693.66
Year 10$6,410.06$17,861.36$271,283.60
Year 11$6,839.35$17,432.06$264,444.26
Year 12$7,297.39$16,974.02$257,146.86
Year 13$7,786.11$16,485.30$249,360.75
Year 14$8,307.56$15,963.85$241,053.19
Year 15$8,863.94$15,407.48$232,189.25
Year 16$9,457.57$14,813.84$222,731.68
Year 17$10,090.96$14,180.45$212,640.72
Year 18$10,766.77$13,504.64$201,873.95
Year 19$11,487.84$12,783.57$190,386.11
Year 20$12,257.20$12,014.21$178,128.90
Year 21$13,078.09$11,193.32$165,050.81
Year 22$13,953.96$10,317.46$151,096.86
Year 23$14,888.48$9,382.93$136,208.38
Year 24$15,885.59$8,385.83$120,322.79
Year 25$16,949.47$7,321.94$103,373.32
Year 26$18,084.61$6,186.80$85,288.71
Year 27$19,295.77$4,975.64$65,992.94
Year 28$20,588.05$3,683.37$45,404.89
Year 29$21,966.86$2,304.55$23,438.03
Year 30$23,438.03$833.39$0.00

How to use the Mortgage Calculator

  1. Enter the home price and your down payment as a percentage.
  2. Enter the interest rate and term.
  3. Add annual property tax, insurance and any monthly fees for a complete figure.
  4. Press Calculate.

Formula

Monthly P&I = L × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

Total monthly = P&I + property tax ÷ 12 + insurance ÷ 12 + HOA/PMI

L = price − down payment, r = annual rate ÷ 1200, n = years × 12.

Examples

  • 400,000 home, 20% down, 6.5%, 30 years: loan 320,000, P&I ≈ 2,022.62, about 2,547.62 a month with 4,800 tax and 1,500 insurance.

Frequently asked questions

What is PITI?

Principal, Interest, Taxes and Insurance: the four parts of a typical monthly mortgage payment.

15 or 30 years?

A 15-year loan has higher payments but usually a lower rate and far less total interest. A 30-year loan keeps payments affordable and leaves room to prepay.

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