Estimate your monthly payments including taxes and insurance.
30 Years Fixed
20 Years Fixed
15 Years Fixed
10 Years Fixed
Payment Breakdown
$0.00 / month
Principal & Interest:
$0.00
Property Taxes:
$0.00
Homeowners Insurance:
$0.00
Total Loan Amount:
$0.00
How to Use the Mortgage Payment Calculator
Buying a home is one of the most significant financial decisions you will ever make. Our professional mortgage calculator helps you break down your monthly obligations into manageable components. By understanding the "PITI" (Principal, Interest, Taxes, and Insurance), you can accurately determine your home-buying budget.
Key Components of a Mortgage Payment
Principal: The actual amount of money borrowed from the lender that goes toward the balance of the home.
Interest: The cost of borrowing the money, calculated as a percentage of the loan balance.
Property Taxes: Fees collected by your local government to fund public services like schools and infrastructure.
Insurance: Homeowners insurance protects your property against damage and is usually required by lenders.
The Calculation Formula
To calculate the monthly principal and interest payment (M), we use the standard amortization formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where: P = Principal loan amount, i = monthly interest rate, n = number of months.
Example Scenario
If you purchase a home for $400,000 with a 20% down payment ($80,000), your loan amount is $320,000. At a 6.5% interest rate on a 30-year fixed term, your Principal & Interest payment would be $2,022.62. Adding an estimated $350/month for taxes and insurance brings your total monthly commitment to approximately $2,372.62.
Term Length
Interest Rate
Monthly P&I
30 Years
7.0%
$2,128.97
15 Years
6.5%
$2,786.58
function calculateMortgage() {
// Get Input Values
var price = parseFloat(document.getElementById('homePrice').value);
var down = parseFloat(document.getElementById('downPayment').value);
var termYears = parseFloat(document.getElementById('loanTerm').value);
var ratePercent = parseFloat(document.getElementById('interestRate').value);
var annualTax = parseFloat(document.getElementById('propertyTax').value);
var annualIns = parseFloat(document.getElementById('homeInsurance').value);
// Validation
if (isNaN(price) || isNaN(down) || isNaN(ratePercent)) {
alert("Please enter valid numeric values for price, down payment, and interest rate.");
return;
}
var principal = price – down;
if (principal 0) {
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPI = (principal * x * monthlyRate) / (x – 1);
} else {
monthlyPI = principal / numberOfPayments;
}
var monthlyTax = annualTax / 12;
var monthlyIns = annualIns / 12;
var totalMonthly = monthlyPI + monthlyTax + monthlyIns;
// Display Results
document.getElementById('piResult').innerText = monthlyPI.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('taxResult').innerText = monthlyTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('insResult').innerText = monthlyIns.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('totalMonthly').innerText = totalMonthly.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('loanAmountResult').innerText = principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('mortgageResult').style.display = 'block';
}