Mortgage Payment Calculator

Use this calculator to estimate a mortgage payment from home price, down payment, interest rate, term, property tax, and insurance. It separates principal and interest from the broader estimated monthly payment.

What this calculator does

The mortgage payment calculator estimates housing loan payments.

It uses:

• home price
• down payment
• interest rate and term
• monthly tax and insurance

The result shows loan amount, principal and interest payment, and estimated monthly payment.

How to use the mortgage payment calculator

Enter the home price, down payment, annual interest rate, and loan term. Add estimated monthly property tax and insurance if you want a broader monthly housing cost.

For property investment loans, compare this with the Mortgage Repayment Calculator or Loan-to-Value Calculator.

Mortgage Payment Formula

Loan amount = home price - down payment

Principal and interest = P x [r(1+r)^n] / [(1+r)^n - 1]

Example calculation

If:

• Home price = 400,000
• Down payment = 80,000
• Loan amount = 320,000
• Interest rate = 6%

Then:

Loan amount = 400,000 - 80,000 = 320,000

The loan amount is then amortized over the selected mortgage term.

What is a mortgage payment?

A mortgage payment is the regular payment made on a home loan. The principal and interest portion repays the loan, while tax and insurance may be included separately in monthly housing costs.

Some payments may also include mortgage insurance or association fees.

Interpreting your result

Focus on total monthly affordability, not only principal and interest. Taxes, insurance, repairs, and other housing costs can materially affect the budget.

When to use this calculator

Use this calculator when you want to:

• estimate mortgage payment
• test down payments
• compare loan terms
• plan housing budget

Common mistakes

Common mistakes include:

• ignoring tax and insurance
• underestimating maintenance
• comparing payment only
• assuming approval is guaranteed

FAQs

Does this include property tax?

Yes, if you enter a monthly property tax amount.

Does this include insurance?

Yes, if you enter a monthly insurance amount.

What if down payment equals home price?

The loan amount becomes zero, so no mortgage is needed.

Is this financial advice?

No. It is a planning estimate only.