Free Mortgage Calculator
Calculate your monthly mortgage payment — home price, down payment, rate, taxes and insurance included. Free. No signup required.
- Principal & Interest$2,022.62 · 83%
- Taxes, Insurance & HOA$425.00 · 17%
Taxes, insurance and HOA add $425.00 on top of the loan payment itself — 17% of what you'll actually pay each month.
- Taxes, Insurance & HOA$425.00
- Total Monthly Payment$2,447.62
- Loan Amount$320,000.00
- Total Interest Paid$408,142.36
- Total Paid Over Loan$808,142.36
ƒShow your work
M = P × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly rate and n the number of payments
- 1Loan amount P = $400,000.00 − $80,000.00 down = $320,000.00
- 2Monthly rate r = 6.5% ÷ 12 = 0.5417%
- 3Number of payments n = 30 years × 12 = 360
- 4M = $320,000.00 × [r(1+r)^360] / [(1+r)^360 − 1] = $2,022.62
- 5Add taxes/insurance/HOA of $425.00/mo → total monthly payment $2,447.62
About the Free Mortgage Calculator
A mortgage payment is almost never just the loan itself. Lenders quote you an interest rate, but the number that actually leaves your bank account every month is principal and interest plus a slice of your property tax bill, your homeowner's insurance, and — if you're buying a condo or in a planned community — an HOA fee on top. This calculator adds up all four so the number you see here is the number you'd actually budget for, not just the loan math.
It's built for the two moments people actually use a mortgage calculator: sizing up how much house a given monthly budget can support before you go house-hunting, and sanity-checking a real quote a lender just sent you against your own numbers.
Every field stays on your device. Your home price, your income situation, the address you're eyeing — none of it is sent anywhere or logged, so you can run the real numbers for a house you haven't told anyone you're looking at yet.
How it’s calculated
Principal and interest use 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 your annual rate divided by 12, and n is the total number of monthly payments over the loan term.
Property tax and homeowner's insurance are usually billed annually or semi-annually, but most lenders collect a monthly slice of both into an escrow account so there's no surprise bill — this calculator divides your annual figures by 12 and adds them to principal and interest to match what actually shows up on a real mortgage statement.
Frequently asked questions
How much of my mortgage payment is actually interest?
Early in the loan, most of it. On a 30-year loan the first payments are overwhelmingly interest, and the split only tips toward principal as the balance shrinks — the breakdown chart above the results shows exactly what split applies to your numbers.
Does this include PMI (private mortgage insurance)?
Not automatically. PMI typically applies when your down payment is under 20% of the home price; if it applies to you, add your monthly PMI estimate to the HOA fee field so it's included in the total — it uses the same flat monthly-add math.
Why is my total monthly payment higher than the loan calculator down the hall says?
A plain loan calculator usually shows principal and interest only. This one adds property tax, insurance, and HOA on top, because that's what actually gets withdrawn from your account each month on a real mortgage.
What's a realistic property tax number to use if I don't know the exact one?
Property tax rates vary enormously by county — anywhere from well under 1% to over 2% of a home's value per year is normal in the US. If you don't have a real number yet, search the county assessor's site for the specific address; it's public record and far more accurate than a national average.
Should I put more down to lower this payment, or invest the difference?
That depends on your mortgage rate versus what you'd realistically earn investing the cash instead — there's no universal answer. What this calculator can do is show you the exact payment difference at a few down-payment amounts so you're comparing real numbers instead of a rule of thumb.
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