Mortgage Payment Calculator
Estimate the full monthly cost of a fixed-rate mortgage: principal and interest plus property tax and insurance.
Enter your numbers
Results
| Loan amount | $280,000.00 |
|---|---|
| Down payment | 20.0% of price |
| Principal and interest | $1,769.79 |
| Property tax | $291.67 per month |
| Homeowners insurance | $100.00 per month |
| Estimated monthly payment | $2,161.46 |
| Total interest over the loan | $357,124.57 |
Estimates only. They are based on the numbers you enter and do not account for fees, taxes or changes in rates unless stated.
How this calculator works
Your monthly mortgage payment has up to four parts: principal, interest, property taxes and homeowners insurance, often abbreviated PITI. Principal and interest follow the standard loan formula; tax and insurance are your yearly amounts divided by 12.
Formula
Principal and interest = L × r ÷ (1 − (1 + r)−n), where L = price − down payment, r = rate ÷ 12 and n = years × 12. Monthly total = principal and interest + yearly tax ÷ 12 + yearly insurance ÷ 12.
Things to keep in mind
- This estimate leaves out private mortgage insurance, HOA dues, closing costs and any change in taxes or insurance over time.
- Rates shown are example inputs, not current offers. Get a loan estimate from a lender for real numbers.
This tool is for general information and is not financial advice. Looking for a card to go with your plan? Start here: