Home Finance
Mortgage Payment Calculator
Estimate your total monthly mortgage payment. Enter your home price, down payment, loan term, and interest rate to see a complete breakdown of principal, interest, taxes, insurance, PMI, and HOA fees.
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How This Calculator Works
This calculator uses the standard amortization formula to determine your monthly principal and interest payment, then adds property taxes, homeowner's insurance, PMI (if applicable), and HOA fees for the total monthly cost.
Formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P = loan amount, r = monthly interest rate, n = total number of payments.
Assumptions & Limitations
- • Interest rate is fixed for the entire loan term.
- • Property taxes and insurance remain constant (they typically increase annually).
- • PMI is removed once equity reaches 20%.
- • Does not include maintenance, utilities, or other homeownership costs.