About the Mortgage Calculator
A mortgage payment is usually more than just principal and interest — property tax, home insurance, and HOA dues (if any) typically get bundled into the same monthly bill. This calculator estimates all four together from your home price, down payment, interest rate, and loan term, so the number you see is closer to what you'd actually pay each month.
Principal & interest use the same fixed-rate amortization math as any installment loan: each payment is split between interest and principal, with the interest portion shrinking and the principal portion growing over the term. Property tax and home insurance are entered as annual figures and divided by twelve; HOA dues are entered directly as a monthly amount. All three are optional and default to zero if you leave them blank.
This is an estimate, not a loan offer or financial advice. It doesn't include private mortgage insurance (PMI), closing costs, or other lender fees, and it assumes a fixed rate for the entire term. Your actual rate and terms depend on factors like credit score, loan type, and lender policy — use this as a starting point for comparing scenarios, not a guaranteed figure.
Principal & interest calculated using the standard loan amortization formula for a fixed-rate, fully-amortizing mortgage: monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan principal (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments.