DIY Cost Tools
Mortgage Calculator
FINANCIAL CALCULATOR
Estimate a fixed-rate mortgage payment, housing costs, and total interest with taxes, insurance, and HOA dues shown separately.
How it works
Enter the purchase price, cash down payment, fixed annual interest rate, term, and recurring ownership costs. The calculator separates principal and interest from other monthly housing costs.
Formula
For a monthly rate r and n payments: payment = principal × r × (1 + r)n ÷ ((1 + r)n − 1).
Worked example
A $350,000 home with $70,000 down, a 6.5% 30-year loan, $4,200 annual tax, and $1,500 annual insurance produces about $1,769.79 in principal and interest and $2,244.79 in estimated total monthly cost.
Important limits
- Private mortgage insurance, closing costs, utilities, maintenance, and changing escrow amounts are not included.
- The formula assumes a fully amortizing fixed-rate loan with equal monthly payments.
- This is an educational estimate, not a loan offer or financial advice.
Frequently asked questions
Does this include property tax and insurance?
Yes, when entered. They appear separately from principal and interest.
What if the interest rate is zero?
The calculator divides the loan evenly across the number of monthly payments.
Sources and review notes
The payment structure follows the Consumer Financial Protection Bureau’s explanation that a total mortgage payment can include principal, interest, taxes, and insurance. Confirm actual terms with your lender. Last reviewed September 29, 2026.