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Mortgage Calculator: Monthly Payment, Tax and Interest

This free mortgage calculator works out your monthly payment from the home price, down payment, interest rate and loan term. You can add property tax, insurance and HOA fees to see the full monthly cost and the total interest.

By Debmedia Technologies LLP · Kolkata, India · Updated

What Is It and When Do You Need It?

A mortgage payment is more than the loan repayment. Property tax, insurance and fees often add several hundred a month. Knowing the full figure helps you decide what you can afford.

Enter the price, the down payment, the rate and the term, and add the extras you know.

How to Use This Tool

  1. Enter the home price and the down payment.
  2. Enter the rate and the term.
  3. Add property tax, insurance and fees if you know them.
  4. Press Calculate.

How the Calculation Works

Loan = price − down payment. The monthly principal and interest follow the amortization formula with r = rate ÷ 12. Monthly tax is price × tax rate ÷ 12, insurance is the yearly figure ÷ 12, and HOA is added as given. Total interest is monthly payment × months − loan.

Worked Example

A 400,000 home with 80,000 down is a 320,000 loan. At 6.5% for 30 years the principal and interest is 2,022.62 a month, and total interest is about 408,144.

Common Uses

  • Home buying budgets.
  • Comparing rates and terms.
  • Understanding total cost.
  • Planning a down payment.

Tips and Common Mistakes

  • A shorter term costs much less interest.
  • Extra payments cut interest and time.
  • Ask your lender for the exact figures.

Next, you may need the loan EMI calculator, compound interest calculator, savings goal calculator, electricity cost calculator.

Everything runs in your browser. Nothing you type is uploaded, stored or sent to any outside service.

Frequently Asked Questions

With the standard formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate and n the number of months.
For a fixed-rate loan, the principal and interest part is fixed. Tax, insurance and fees can change.
Principal, interest, taxes and insurance, the four parts of a typical monthly housing payment.
No. If your down payment is under 20 percent, your lender may add private mortgage insurance, which is extra.

Disclaimer: results are calculated in your browser from the numbers you enter. Check important results before you rely on them for money, health, safety or legal decisions.