Finance calculator
Mortgage Calculator
Estimate your monthly mortgage payment and APR with principal, interest, property tax, home insurance, HOA, PMI, escrow shortage payments, and loan fees.
Mortgage estimate
Mortgage Calculator
Estimate monthly mortgage payments with principal, interest, property tax, insurance, HOA, PMI, and APR.
Optional Monthly Costs
Estimated monthly payment
$2,547.62
Based on a $320,000.00 loan at 6.5% for 30 years. Estimated APR: 6.5%.
Principal & interest
$2,022.62
Estimated APR
6.5%
Loan amount
$320,000.00
Monthly property tax
$400.00
Monthly insurance
$125.00
Monthly HOA
$0.00
Monthly PMI
$0.00
Escrow shortage
$0.00
| Loan Summary | Amount |
|---|---|
| Number of payments | 360 |
| Total principal and interest | $728,142.36 |
| Total interest paid | $408,142.36 |
| Loan fees used for APR | $0.00 |
| Estimated total cost with down payment and extras | $997,142.36 |
Formula
Monthly principal and interest = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Estimated APR is calculated by finding the annual rate where the payment stream equals the loan amount minus loan fees.
About This Mortgage Calculator
This calculator estimates monthly housing costs from common mortgage inputs. The principal and interest estimate uses a standard fixed-rate amortization formula, while taxes, insurance, HOA, and PMI are added as monthly extras. Escrow shortage payments can also be included when a lender spreads a shortage over future monthly payments. The APR estimate uses loan fees to approximate the annual cost of borrowing.
The statement-style example uses anonymized servicing-statement values. It is useful for testing the page, but APR is still an estimate unless all lender finance charges are known.
FAQ
What does a mortgage payment include?
A mortgage payment often includes principal and interest. Many homeowners also budget for property taxes, home insurance, HOA dues, and PMI.
How is the monthly mortgage payment calculated?
The principal and interest payment uses the standard amortizing loan formula based on loan amount, monthly interest rate, and number of payments.
Does this calculator include taxes and insurance?
Yes. Property tax and home insurance are optional yearly inputs that are divided by 12 and added to the estimated monthly payment.
Is this an official loan quote?
No. This is an estimate for planning. Actual mortgage payments can vary by lender, escrow setup, taxes, insurance, PMI, and closing terms.