Mortgage Calculator
Home Price
Down Payment
Loan Term
years
Interest Rate
%
Start Date
Annual Tax & Cost
Property Taxes
Home Insurance
PMI Insurance
HOA Fee
Other Costs
+ More Options
| Monthly | Total | |
|---|---|---|
| Mortgage Payment | $0.00 | $0.00 |
| Property Tax | $0.00 | $0.00 |
| Home Insurance | $0.00 | $0.00 |
| Other Costs | $0.00 | $0.00 |
| Total Out-of-Pocket | $0.00 | $0.00 |
| House Price | $0.00 |
|---|---|
| Loan Amount | $0.00 |
| Down Payment | $0.00 |
| Total Mortgage Payments | $0.00 |
| Total Interest | $0.00 |
| Payoff Date | -- |
Principal & Interest
Property Taxes
Home Insurance
Other Cost
Amortization schedule
Annual Schedule
Monthly Schedule
| Month | Date | Interest | Principal | Ending Balance |
|---|---|---|---|---|
| Click Calculate to generate schedule | ||||
How to Use This Mortgage Calculator & Formula Explanation
1. Calculator Input Field Definitions
- Home Price: Total purchase price of the residential property before down payment deduction.
- Down Payment: Upfront cash deposit, can be entered as percentage of home value or fixed dollar amount. Values below 20% LTV require PMI insurance.
- Loan Term: Total repayment period in years, standard 15/20/30 year fixed-rate mortgages supported.
- Interest Rate: Fixed annual percentage rate (APR) applied to outstanding loan balance monthly.
- Start Date: Month and year of first mortgage payment, used to generate amortization date ranges and final payoff date.
- Include Taxes & Costs: Toggle to add recurring annual ownership expenses into total monthly out-of-pocket cost.
- Property Taxes: Annual municipal tax, input as percentage of home value or flat dollar amount, split equally across 12 monthly escrow payments.
- Home Insurance: Annual hazard & liability insurance premium converted to monthly cost.
- PMI Insurance: Private mortgage insurance required for LTV >80%, auto-calculated until loan balance drops below 80% of original home price.
- HOA Fee: Yearly homeowner association maintenance fees for condos, townhomes, and planned communities.
- Other Costs: Annual recurring expenses including utilities, home maintenance, repairs, and general upkeep.
2. Core Fixed-Rate Mortgage Formula
M = P × [ r(1+r)n ] / [ (1+r)n − 1 ]
- M = Monthly principal + interest payment
- P = Original loan principal (Home Price − Down Payment)
- r = Monthly interest rate = Annual Rate / 12 / 100
- n = Total number of monthly payments = Loan Term × 12
Each monthly payment splits into interest (calculated on remaining balance) and principal (reduces outstanding loan balance). Early payments allocate most funds to interest; later payments prioritize principal reduction.
3. Amortization Schedule Column Guide
- Month: Sequential payment month index (1 through full loan term)
- Date: Exact month/year of individual payment (Format: M/YYYY)
- Interest: Interest portion of this single month's payment
- Principal: Principal portion of this single month's payment
- Ending Balance: Unpaid loan balance after this month's payment is fully applied
- Year Divider Row: "End of year X" separator after every 12 monthly payments to mark annual completion