Finance calculator
Mortgage Calculator
Estimate monthly home payments with price, down payment, interest, taxes, and insurance.
Quick answer
How is a monthly mortgage payment calculated?
Use M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the yearly rate ÷ 12, and n is the number of monthly payments. Add property tax and insurance to get the full monthly cost.
M = P × r(1+r)^n / ((1+r)^n − 1), where r = annual rate / 12 and n = months
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The Mortgage Calculator estimates a monthly home payment using price, down payment, term, interest, taxes, and insurance.
Disclaimer: This tool provides estimates for informational purposes only and is not financial advice. Please do your own due diligence and consult a qualified professional before making real-world financial decisions.
About this Mortgage Calculator
A mortgage calculator estimates the monthly payment on a home loan based on price, down payment, term, and interest rate. It also breaks down how much of each payment goes to interest vs. principal.
What you'll need
- • Home price
- • Down payment
- • Loan term (years)
- • Interest rate (APR)
- • Optional: property tax, insurance, HOA
How it works
- 1. Subtract the down payment from the home price to get the loan amount.
- 2. Convert APR to a monthly rate by dividing by 12.
- 3. Plug values into the amortization formula.
- 4. Add taxes and insurance if you want full PITI.
Worked example
A $300,000 home with 20% down ($60,000), a 30-year term and a 6.5% rate produces a principal & interest payment of about $1,517 per month.
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Mortgage Calculator FAQ
What is the Mortgage Calculator?
The Mortgage Calculator is a free online tool that helps you estimate monthly home payments with price, down payment, interest, taxes, and insurance.
How do I use the Mortgage Calculator?
Open the Mortgage Calculator, enter the requested values, and review the instant estimate on the page.
Is the Mortgage Calculator free?
Yes. The Mortgage Calculator is free to use on Fast Online Calculator and does not require an account.
Does this mortgage calculator include taxes and insurance?
You can add property tax and homeowners insurance for a full monthly payment estimate (PITI). Without them, the result is just principal and interest.
How does the down payment affect the monthly mortgage?
A larger down payment lowers both the loan amount and the monthly payment, and can also help you avoid PMI when you put 20% or more down.
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