WorldCalcs

Mortgage Calculator

Monthly mortgage payment including principal, interest, property tax and home insurance.

Reviewed by the WorldCalcs team · Methodology · Last reviewed: June 2026

Monthly payment (P&I)

2 022.62

Total monthly (incl. tax + ins.)

2 422.62

Loan amount

320 000.00

Total interest

408 142.36

Works for any currency — results are in whatever currency you enter.

This is a general estimate, not financial advice. Actual mortgage costs vary by lender and location. See our Disclaimer.

What is a mortgage calculator?

A mortgage calculator estimates the monthly cost of a home loan. It takes the home price minus your down payment to find the loan amount, calculates the principal-and-interest payment, and adds property tax and home insurance for a fuller monthly figure. It also shows an amortization schedule so you can watch the balance fall over time.

How it's calculated

The principal and interest (P&I) use the amortization formula: M = P x i x (1 + i)^n divided by ((1 + i)^n - 1), where P is the loan (home price minus down payment), i is the monthly rate, and n is the number of months. Annual property tax and insurance are divided by 12 and added on top to give the total monthly housing cost.

Example

On a 400,000 home with an 80,000 down payment, the loan is 320,000. At 6% over 30 years the principal and interest is 1,918.56 a month. Adding 4,000 a year property tax and 1,200 insurance (433.33 a month) gives a total of 2,351.90 a month.

All calculations happen in your browser. Nothing is sent, stored, or tracked.

Results are estimates and may contain errors — for general information only, not professional advice. Always verify before relying on them. Disclaimer

How to use

Enter your home price, down payment, interest rate and term. Optionally add annual property tax and home insurance to see your full monthly cost.

Monthly payment (P&I) is principal and interest only. Total monthly payment adds 1/12 of your annual tax and insurance on top.

Results are estimates and don't include PMI, HOA dues or closing costs.

Frequently asked questions

How is a mortgage payment calculated?+

Principal and interest use the amortization formula; property tax and insurance are added on top.

What is included in the monthly payment?+

Here, principal and interest plus optional property tax and home insurance (often called PITI).

How does the down payment affect it?+

A larger down payment means a smaller loan, so a lower monthly payment and less total interest.

What is amortization?+

Paying the loan in equal instalments, with interest making up most of the early payments and principal more later.

How much interest will I pay over 30 years?+

A lot; in the example above, total interest is 370,682.20, more than the loan itself.

Does a shorter term save money?+

Yes, a 15-year term pays far less total interest, but the monthly payment is higher.

What is not included here?+

Mortgage insurance (PMI), HOA fees and closing costs are not included in this estimate.

How is this different from a basic loan?+

It adds tax and insurance; for principal and interest only, see our Loan Calculator.

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