Mortgage Calculator (Monthly Payment with Taxes, Insurance and HOA)
Monthly mortgage payment — principal and interest, plus property tax, homeowners insurance and HOA — with total interest, the schedule and what extra payments save.
Inputs
- Principal$350,000(44%)
- Interest$446,406(56%)
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,912 | $22,635 | $346,088 |
| 2 | $4,174 | $22,373 | $341,914 |
| 3 | $4,454 | $22,093 | $337,460 |
| 4 | $4,752 | $21,795 | $332,709 |
| 5 | $5,070 | $21,477 | $327,638 |
- Total interest payable
- $446,406
- Total payment
- $796,406
- Loan amount
- $350,000
- Term
- 30 years (360 payments)
- Monthly rate (r)
- 6.5% ÷ 12 = 0.54167%
- Working
- (1 + r)^360 = 6.9918; payment = loan × r × 6.9918 ÷ 5.9918 = loan × 0.006321
- Interest as a share of all payments
- 56%
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Free embed
- Two lines of HTML, unlimited views
- Shows a small CalculateEveryday bar, with a credit link under the calculator
What each Mortgage input means
- Loan amount (price minus down payment)
- The amount you borrow: purchase price minus down payment (plus any financed closing costs). On a $400,000 home with 20% down, that is $320,000.
- Interest rate (annual)
- The note rate on the mortgage, not the APR. The APR also spreads fees and points over the loan, so it is a little higher and is for comparing offers, not for working out the payment.
- Term (360 = 30 years)
- Number of monthly payments: 360 for a 30-year mortgage, 240 for 20 years, 180 for 15.
- Property tax per year (optional)
- Annual property tax on the home, from the listing, the county assessor or last year's bill. Lenders usually collect it monthly through escrow.
- Homeowners insurance per year (optional)
- Annual homeowners insurance premium. Mortgage insurance (PMI) is a separate charge on loans with less than 20% down; if you have it, add its yearly cost here too.
- HOA dues per month (optional)
- Homeowners association dues, if any. They are paid to the association rather than the lender, but they belong in what the home costs you each month.
- Extra principal each month (optional)
- An amount paid on top of every payment, applied to principal. Check that your lender has no prepayment penalty and applies extra payments to principal.
Mortgage formula
Principal & interest = P × r × (1 + r)^n / ((1 + r)^n − 1) · Monthly total = P&I + property tax ÷ 12 + insurance ÷ 12 + HOA
A fixed-rate mortgage is repaid in equal monthly payments, and the principal-and-interest part comes from the standard level-payment formula: P is the loan amount (the price minus your down payment), r is the annual rate divided by 12, and n is the number of monthly payments — 360 for 30 years, 180 for 15. Interest each month is charged on the balance still owed, so early payments are mostly interest and the share going to principal grows every month. What you actually pay the lender each month is usually more than that. The Consumer Financial Protection Bureau's Loan Estimate shows the full 'projected payment': principal and interest, plus mortgage insurance if your down payment is small, plus an escrow amount that collects property taxes and homeowners insurance for the lender to pay on your behalf. Enter your yearly tax and insurance and any HOA dues, and the page adds a twelfth of each to the payment. An optional extra monthly principal payment shows how much sooner the loan is cleared and how much interest that saves.
Mortgage worked example
A $350,000 mortgage at 6.5% over 30 years (360 months): the monthly rate is 6.5 ÷ 12 = 0.5417%, (1 + r)^360 = 6.99, and the principal-and-interest payment comes to about $2,212. Over the full term that is roughly $796,406 in payments, of which $446,406 — 56% — is interest. That interest exceeds the amount borrowed, which is why the term and extra principal payments matter as much as the rate.
More Mortgage examples
A $320,000 loan at 6.25% for 30 years is $1,970 a month in principal and interest. Add $4,800 a year of property tax ($400 a month), $1,800 of insurance ($150) and $150 of HOA dues, and the monthly total is $2,670. Paying $200 extra toward principal each month clears the loan in 23 years 6 months and saves about $99,018 in interest.
The same $320,000 on a 15-year mortgage at 5.75% costs $2,657 a month — about $687 more than the 30-year — but total interest drops to about $158,316, less than half the 30-year figure.
Where the Mortgage calculator can give the wrong answer
- A 0% rate is accepted and falls back to principal ÷ term, the straight-line split — useful for 0% promotional financing, not a division-by-zero bug.
- Mortgage insurance is not calculated. Conventional loans with less than 20% down usually carry PMI until the balance falls to about 78–80% of the home's original value, and FHA loans carry their own premium; enter its yearly cost in the insurance box to include it.
- Property tax and insurance change every year, so the escrow part of a real payment moves even on a fixed-rate loan. The principal-and-interest part does not.
- The schedule assumes a fixed rate for the full term. Adjustable-rate mortgages reset when their index (usually SOFR) moves; re-run with the new rate after each reset.
- Lenders round to the cent and adjust the final payment, so a statement can differ by a few cents from these figures.
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Mortgage reference table
| Rate | 15 years | 20 years | 30 years |
|---|---|---|---|
| 5.0% | 791 | 660 | 537 |
| 6.0% | 844 | 716 | 600 |
| 6.5% | 871 | 746 | 632 |
| 7.0% | 899 | 775 | 665 |
| 8.0% | 956 | 836 | 734 |
Mortgage FAQ
- Principal and interest = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the monthly rate and n the number of payments. For $300,000 at 6% over 30 years: r = 0.005, (1.005)^360 = 6.0226, payment = 300,000 × 0.005 × 6.0226 ÷ 5.0226 = $1,798.65. Taxes, insurance and HOA are added on top.
- Principal, interest, taxes and insurance — the four parts of a typical monthly mortgage payment. Principal and interest repay the loan; taxes and insurance are collected into an escrow account that the lender uses to pay those bills. Enter the yearly tax and insurance above to see the full PITI.
- A 15-year loan has a higher payment but usually a lower rate and far less total interest; a 30-year loan keeps the payment low and leaves room in the budget. On $320,000, the 15-year at 5.75% costs about $687 more a month than the 30-year at 6.25% but saves over $230,000 in interest.
- Interest is charged on the outstanding balance, which is still near the full loan amount early on. On a 30-year loan at 6%, principal doesn't overtake interest in the yearly totals until about year 19 — the schedule under the result shows it.
- Usually tens of thousands. Every extra dollar removes principal that would otherwise have charged interest for the rest of the term. In the example above, $200 a month extra on a $320,000 loan at 6.25% saves about $99,000 and six and a half years.
- The principal-and-interest maths is identical. This page adds the parts of a US mortgage payment that aren't interest — property tax, homeowners insurance and HOA dues — and the effect of extra principal payments.
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