Mortgage Calculator

Estimate your monthly mortgage payment including principal, interest, property tax and home insurance.

%
years
Monthly payment
1,516.96
Principal and interest
1,516.96
Tax and insurance per month
0.00
Loan amount
240,000.00
Down payment
20.0%
Total interest
306,106.77
Total of all payments
546,106.77

Formula

Monthly principal and interest = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the home price minus the down payment, i the monthly rate and n the number of monthly payments. Tax and insurance are added as one-twelfth of the yearly amount.

About this calculator

The calculator assumes a fixed interest rate and equal monthly payments for the whole term. It does not include mortgage insurance, association fees or closing costs.

Amounts are shown without a currency symbol, so the calculator works for any currency: enter all values in the same one.

Frequently asked questions

How much should my down payment be?

A larger down payment lowers the loan, the interest and often the rate. In many markets 20% avoids mortgage insurance, but requirements differ by country and lender.

Does it work for variable-rate mortgages?

It shows the payment at the rate you enter. For a variable rate, run it again with higher rates to see how your payment could change.

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