Financial
Mortgage Calculator
Calculate your monthly mortgage payment from home price, down payment, interest rate and term, with property tax, insurance and HOA included.
Currency for this calculator
Principal & Interest
$2,022.62
- 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
Show your work
M = P × [r(1+r)^n] / [(1+r)^n − 1], where r is the monthly rate and n the number of payments
- Loan amount P = $400,000.00 − $80,000.00 down = $320,000.00
- Monthly rate r = 6.5% ÷ 12 = 0.5417%
- Number of payments n = 30 years × 12 = 360
- M = $320,000.00 × [r(1+r)^360] / [(1+r)^360 − 1] = $2,022.62
- Add taxes/insurance/HOA of $425.00/mo → total monthly payment $2,447.62
Related calculators
Powered by GetCalculator.online