Mortgage Calculator
Enter the home price, down payment, interest rate and loan term to see your monthly principal & interest, plus property tax and insurance for a realistic total payment.
Calculator
Loan amount
$320,000.00
Principal & interest
$2,022.62
Total monthly payment
$2,547.62
Total interest
$408,142.36
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Formula
M = P × r(1+r)^n / ((1+r)^n − 1) — Excel: =PMT(rate/12, years*12, -loan)Frequently Asked Questions
How is a mortgage payment calculated?
The monthly principal and interest uses the amortization formula M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly rate and n the number of payments.
How much down payment do I need?
Conventional loans often require 3–20%. Putting down less than 20% usually adds private mortgage insurance (PMI).
Does this include property tax and insurance?
Yes. Annual property tax and homeowners insurance are divided by 12 and added to the monthly payment.