Mortgage Calculator
Calculate estimated monthly mortgage payments including principal, loan interest, property taxes, and insurance.
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Estimate your monthly housing payment by evaluating principal, loan interest, annual property taxes, and homeowners insurance. Enter your purchase price, upfront down payment, expected interest rate, and repayment term in years to see a breakdown of your financing costs. If you leave the purchase price blank or enter zero, the calculator applies a baseline home price of 300,000 dollars. Negative interest rates automatically adjust to zero percent. Repayment terms convert to whole years with a minimum threshold of one year. When you enter annual property tax and insurance figures, the calculator divides each item by twelve to display estimated monthly escrow obligations alongside your core principal and interest payment. The summary shows your net loan amount, monthly principal and interest, monthly tax, monthly insurance, total monthly payment, lifetime interest charges, and total payments across the entire term rounded to two decimal places.
Instructions
- Enter the total purchase price for the property.
- Enter your upfront down payment amount.
- Provide the annual interest rate percentage and repayment duration in years.
- Add estimated annual property taxes and homeowners insurance if you want to include escrow costs.
- Click Calculate to see your loan amount, monthly principal and interest, monthly tax and insurance, total monthly payment, and lifetime interest.
Examples
- A $400,000 home purchase with an $80,000 down payment, 6.5% interest rate, and a 30-year term calculates a loan balance of $320,000 and an estimated monthly principal and interest payment of $2,022.62.
- A $350,000 purchase with a $70,000 down payment, 6.0% interest rate over 30 years, $3,600 annual property taxes, and $1,200 annual insurance results in a $280,000 loan balance, $1,678.73 monthly principal and interest, $300.00 monthly tax, $100.00 monthly insurance, and a total monthly payment of $2,078.73.
FAQ
What happens if the down payment equals or exceeds the home price?
When the down payment is equal to or greater than the home purchase price, no loan balance remains, so the calculator shows an error message instead of standard payment figures.
How are property taxes and insurance added to the monthly payment?
Annual figures entered for property taxes and homeowners insurance are divided by 12 and added directly to the monthly principal and interest calculation.
What default values are used when fields are omitted?
If fields are left blank, the calculator applies a home price of 300,000, zero down payment, zero taxes, zero insurance, a 6.5 percent interest rate, and a 30-year loan duration.
Can I calculate payments with a zero percent interest rate?
Yes. When the interest rate is zero percent, the monthly principal payment is calculated by dividing the loan amount by the total number of repayment months.