Finance
Mortgage Calculator
Estimate monthly mortgage payments, including principal, interest, optional tax, and insurance.
Mortgage calculator
Monthly payment
$2,522.62
- Principal & interest
- $2,022.62
- Taxes
- $400.00
- Insurance
- $100.00
- Loan amount
- $320,000.00
- Total interest
- $408,142.36
- Total paid
- $988,142.36
| Year | Remaining | Principal paid | Interest paid |
|---|---|---|---|
| 1 | $316,423.28 | $3,576.72 | $20,694.69 |
| 5 | $299,555.13 | $20,444.87 | $100,912.19 |
| 10 | $271,283.60 | $48,716.40 | $193,997.73 |
| 15 | $232,189.25 | $87,810.75 | $276,260.43 |
| 20 | $178,128.90 | $141,871.10 | $343,557.15 |
| 25 | $103,373.32 | $216,626.68 | $390,158.62 |
| 30 | $0.00 | $320,000.00 | $408,142.36 |
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How it works
Enter the home price, down payment, interest rate, and term. Optional property tax and insurance are divided across 12 months and added to the principal-and-interest payment.
Formula
M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly rate, and n is the number of months. If the rate is 0%, M = P ÷ n.
Example
A $400,000 home with a $80,000 down payment, 6.5% interest, and a 30-year term has a principal-and-interest payment of about $2,023 per month.