🏠 Mortgage Calculator
Estimate your monthly mortgage payment, including principal and interest, plus optional property tax and homeowners insurance.
What This Calculator Does
This mortgage calculator estimates your total monthly housing payment, combining the principal and interest portion of a fixed-rate mortgage with estimated monthly property tax and homeowners insurance costs, often referred to together as PITI.
The Formula
The principal and interest payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the total number of monthly payments. Annual property tax and insurance are simply divided by 12 and added to that base payment to approximate your total monthly outlay.
Important Notes
Real mortgage payments can also include private mortgage insurance (PMI), HOA dues, or escrow adjustments not captured here, and actual rates depend on your lender, credit profile, and loan type. This calculator is intended for general planning and educational purposes and does not replace a formal loan estimate from a mortgage lender.