Loans
Loan Calculator
Calculate monthly payments and total interest for any fixed-rate loan.
Use CalculatorMortgage Calculator
Estimate your full monthly housing payment — principal and interest plus property tax, homeowners insurance and HOA dues — and see how your loan balance falls over time.
How it works
Enter the home price and your down payment as a dollar amount or a percentage. The difference is the amount you borrow.
The calculator works out a fixed monthly principal-and-interest payment for the loan term, then adds one-twelfth of your annual property tax and insurance and your monthly HOA fee to show the total monthly cost.
The amortization schedule shows how each payment is split between interest and principal. Early payments are mostly interest; later payments mostly reduce the balance.
Formula & methodology
M = P × r(1 + r)^n / ((1 + r)^n − 1)
- M
- Monthly principal & interest payment
- P
- Loan amount (home price − down payment)
- r
- Monthly interest rate (annual rate ÷ 12)
- n
- Number of monthly payments (years × 12)
When the interest rate is 0%, the payment is simply P ÷ n.
Total monthly payment = M + annual property tax ÷ 12 + annual insurance ÷ 12 + monthly HOA. Private mortgage insurance (PMI) is not included.
Illustrative example
A $400,000 home with 20% down
With $80,000 down, the loan is $320,000. At a 6.5% rate over 30 years, the principal and interest payment is about $2,022.62 per month.
Adding $4,800 a year of property tax ($400/month), $1,500 a year of insurance ($125/month) and $50 HOA gives a total of roughly $2,597.62 per month.
Hypothetical figures for illustration only.
Frequently asked questions
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