Mortgage Payment Calculator

Principal and interest, total interest, and what the term costs you.

Assumptions · Loan

Purchase price

Down payment

Interest rate

Loan term (years)

Assumptions · Carrying costs

Property taxes (annual)

Insurance (annual)

HOA / condo dues (monthly)

Enter 0 if the property has no association

Analysis

Monthly payment

$2,205

Loan amount: $340,000
Principal and interest: $2,205
Taxes and insurance: $692
Total monthly: $2,897
Total interest over the term: $453,884
Payment at 15 years: $3,009

Your analysis is complete.

These are assumptions, not verified facts about a property.

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What it is: A mortgage payment calculator that turns a price, a down payment, a rate and a term into the monthly payment and the lifetime interest behind it.
Who it is for: Buyers and owners comparing loan terms, rates or down payments before committing to one.
The problem it solves: Lender quotes show a payment without showing what it costs over time. The same house at the same price can differ by six figures in total interest depending on the term.

The formula

M = P × [ i(1 + i)^n ] ÷ [ (1 + i)^n − 1 ]

P is the loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. That formula produces principal and interest only. Taxes, insurance, HOA dues and mortgage insurance are added on top to reach the payment you actually make.

How to use it

01
Set the loan amount
Subtract the down payment from the purchase price.
02
Convert the rate
Divide the annual interest rate by 12 to get the monthly rate, and multiply the term in years by 12 to get the number of payments.
03
Solve for principal and interest
Apply the amortization formula to get the fixed monthly principal and interest payment.
04
Add carrying costs
Add monthly property taxes, insurance, HOA dues and mortgage insurance to reach the true monthly obligation.
05
Check the lifetime cost
Multiply the payment by the number of payments and subtract the loan amount to see total interest, then compare against a shorter term.

When to use it

Comparing a 30-year term against a 15-year term on the same loan.
Deciding how much of your cash to put down.
Testing what a half-point change in rate does to the payment.
Checking whether a payment fits your budget before making an offer.

Common mistakes

Treating principal and interest as the payment

Taxes and insurance often add 20% to 40% on top. A payment quoted without them understates what leaves your account each month.

Ignoring mortgage insurance

Below 20% down, most conventional loans carry mortgage insurance until the balance falls far enough. It is a real monthly cost with an end date, not a rounding error.

Using a listed tax figure

Assessments frequently reset on sale. The seller's tax bill is not always the one you inherit.

Optimizing the payment instead of the cost

A longer term always lowers the payment and always raises total interest. Decide which of the two you are actually solving for.

Questions people ask

What is included in a monthly mortgage payment?

Principal, interest, property taxes, homeowners insurance, and — where they apply — mortgage insurance and HOA dues. Principal and interest are fixed on a fixed-rate loan; the rest change over time.

How much does a 1% higher rate change the payment?

On a 30-year loan, roughly 10% to 12% more per month for each additional percentage point of rate, and far more than that over the full term.

Should I choose a 15-year or 30-year mortgage?

A 15-year term costs substantially less in total interest and builds equity faster, but the payment is roughly 40% to 50% higher. Choose 15 only if the higher payment still leaves room for reserves.

Does a bigger down payment always help?

It lowers the payment and can remove mortgage insurance at 20%, but cash spent on the down payment is cash unavailable for repairs and reserves. Compare both before committing.

What Property Intelligence™ adds

Property Intelligence replaces the estimated tax and insurance lines with the actual assessment, the real tax bill and documented HOA dues for one address, so the monthly total is the one you would truly pay.

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