WiseCalcs

Mortgage calculator

Enter the home price and your down payment, the annual interest rate and term, and your annual property tax and home insurance. The calculator shows the total monthly payment, broken into principal & interest, tax, and insurance, as you type.

Use it to find the total monthly mortgage payment — principal, interest, property tax, and insurance — plus the loan amount and the total interest over the term.

USD
USD
%
yr
USD
USD

Total monthly payment

$1,788.92

Principal & interest Tax Insurance
Principal & interest
$1,438.92
Property tax
$250.00
Home insurance
$100.00
Loan amount
$240,000.00
Total interest
$278,011.65

The result updates as you type. The bar splits the total monthly payment into principal & interest, property tax, and home insurance.

How does it work?

Principal and interest use the standard amortizing formula. Property tax and insurance are spread evenly over the year. Leave tax and insurance at 0 to see principal and interest only. PMI and HOA fees are not included.

Mortgage payment formula

Total=P⋅r (1+r)n(1+r)n−1+tax12+ins12\text{Total} = P\cdot\frac{r\,(1+r)^{n}}{(1+r)^{n}-1} + \frac{\text{tax}}{12} + \frac{\text{ins}}{12}
P
Loan amount (home price − down payment).
r
Monthly interest rate (annual rate ÷ 100 ÷ 12).
n
Total number of monthly payments (years × 12).
tax
Annual property tax.
ins
Annual home insurance.

A 300,000 home with 60,000 down at 6% over 30 years plus 3,000 tax and 1,200 insurance gives a total payment of about 1,788.92 per month.

Expert tips

  • This is an illustrative payment estimate. Actual rates, fees, and mortgage terms from a lender can change the result.

Method & sources

Monthly payment uses standard amortizing-loan math from the principal, rate, and term you enter. Market-specific links below point to consumer housing guidance in your country — the calculator does not fetch live bank rates.

Sources

Where this method comes from — use these references to understand the formula, assumptions, and limits.

How we calculate

  • The loan amount is the home price minus the down payment, never below zero.
  • Principal and interest are fully amortizing with a fixed rate and equal monthly payments.
  • Property tax and insurance are spread evenly across the year and added to the monthly payment.
  • The rate is fixed for the whole term and you supply it; the calculator does not look up market rates.
  • PMI, HOA or condo fees, and any changes to tax, insurance, or the rate over time are not included.

Limitations

  • This is an illustrative payment estimate. Actual rates, fees, and mortgage terms from a lender can change the result.

Rounding

Payments and totals are rounded to two decimals for display. The calculation uses full precision.

What this calculator does

A mortgage payment usually covers more than the loan. This calculator finds the principal-and-interest payment on the amount you borrow (the home price minus your down payment), then adds monthly property tax and home insurance to give the total you pay each month. It also shows the loan amount and the total interest over the term.

How to use it

  1. Enter the home price and your cash down payment.
  2. Enter the annual interest rate and the term in years.
  3. Enter your annual property tax and home insurance (leave at 0 to skip).
  4. Read the total monthly payment and its breakdown below.

A worked example

A 300,000 home with 60,000 down borrows 240,000. At 6% over 30 years the principal and interest are about 1,438.92 a month. Adding 3,000 a year in property tax (250) and 1,200 in insurance (100) gives a total of about 1,788.92 a month. Over the term you pay about 278,012 in interest.

What's included and what isn't

The total covers principal, interest, property tax, and home insurance. It does not include private mortgage insurance (PMI), HOA or condo fees, or maintenance. Leave the tax and insurance fields at 0 to see principal and interest only.

Common mistakes

  • Entering tax or insurance as a monthly figure. Both fields expect the annual amount; the calculator divides by 12.
  • Forgetting the down payment. The payment is based on what you borrow, not the full price.
  • Treating this as a rate lookup. You supply the interest rate yourself.

When it's useful

Budgeting for a home purchase, comparing a 15-year term against a 30-year one, or seeing how a bigger down payment lowers both the payment and the total interest.

FAQ

What's included in the total monthly payment?
Principal and interest on the loan, plus one-twelfth of your annual property tax and one-twelfth of your annual home insurance. PMI and HOA fees are not included.
How is the loan amount worked out?
It is the home price minus your down payment, and it never goes below zero. Principal and interest are based on that amount.
Can I see principal and interest only?
Yes. Set the property tax and home insurance fields to 0 and the total will be the principal-and-interest payment.
What happens at a 0% rate?
With no interest, principal and interest is simply the loan amount divided by the number of months, and the total interest is zero. Tax and insurance are still added.
Which currency does it use?
The currency follows the site language. The payment math is identical in every market.
Can I share a calculation?
Yes. Use Share to copy a link that reopens the calculator with the same price, down payment, rate, term, tax, and insurance.

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Add this calculator to your own site. The snippet includes the calculator iframe and a small attribution link:

<iframe src="https://wisecalcs.com/embed/en/mortgage-calculator" width="100%" height="520" style="border:0" loading="lazy"></iframe> <p>Calculator from <a href="https://wisecalcs.com/en/loans-mortgages/mortgage-calculator">WiseCalcs</a></p>