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Mortgage Calculator

%
years

Total Monthly Payment

$2,443

Principal & Interest

$2,023

Loan Amount

$320,000

Total monthly payment includes principal + interest plus taxes and insurance. Changing rate/term mainly affects principal + interest.

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How it works

A mortgage payment often has two layers:

  • Principal + interest (the loan itself)
  • Taxes + insurance (monthly escrow-style costs in many cases)

This calculator estimates your monthly payment by computing principal & interest from the loan terms, then adding monthly property tax and insurance estimates.

  1. Enter home price, down payment, rate, and term.
  2. Add monthly property tax and insurance estimates.
  3. The calculator estimates total monthly payment.

Formula

Total = Principal & Interest + Taxes + Insurance

Principal & interest uses the same amortization math as other fixed-rate loans. Taxes and insurance are treated as monthly add-ons to estimate cash flow.

Example

$400k home, $80k down, 6.5% for 30 years + $300 tax + $120 insurance → total monthly estimate

How to interpret your result

Use the total monthly payment as a budgeting number. Then look at principal & interest separately to understand what rate/term changes will actually affect.

  • If taxes + insurance are a large share of the total, shopping the rate won’t move the total as much as you’d expect.
  • If principal & interest is the majority, rate and term changes can materially change monthly cost.

Common mistakes

  • Forgetting HOA fees, PMI, or maintenance when budgeting monthly cost.
  • Underestimating property taxes (they vary dramatically by location).
  • Assuming the lowest monthly payment is the cheapest option (total interest matters).
  • Using a down payment larger than home price (which would imply no loan).

Comparison table

OptionMonthly paymentTotal interest
30-year termLowerHigher
15-year termHigherLower

FAQ

Many payments include principal and interest (P&I), plus property taxes and insurance (PITI).

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