Free Mortgage Calculator: Calculate Your Monthly Payment
Calculate your monthly mortgage payment including principal, interest, taxes, HOA, and insurance. Zero-click, instant calculations.
Core Loan Details
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Taxes & Insurance
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Estimated Monthly Payment
Your Total Monthly Payment$2,220
Principal & Interest
$1,770Property Taxes
$350Homeowners Insurance
$100HOA Fees
$0Loan Amount$280,000
Down Payment$70,000
How does our Mortgage Calculator work?
Our calculator uses the standard amortization formula to determine your exact monthly Principal and Interest (P&I) payment. The formula is M = P[r(1+r)^n/((1+r)^n-1)]. We also divide your annual property taxes and homeowners insurance by 12, adding them to your monthly P&I, along with any HOA fees, to give you a realistic picture of your total monthly housing cost.
What goes into my monthly payment?
- Principal: The portion of your payment that goes toward paying down the actual loan amount.
- Interest: The cost of borrowing the money from the lender.
- Property Taxes: Taxes charged by your local government, typically collected in an escrow account.
- Homeowners Insurance: Required by lenders to protect the property against damage.
- HOA Fees: Homeowners Association dues if you buy in a managed community.