Mortgage Payment Calculator

The loan is the price minus the down payment: $400,000 - $80,000 = $320,000.

Principal and interest = loan x r / (1 - (1 + r)^-n), with r = 6.5% / 12 and n = 360 months. That is the part of your payment that stays level on a fixed-rate loan.

Taxes and insurance are the yearly amounts you enter divided by 12; HOA and mortgage insurance are monthly amounts. They are added to give the total monthly housing payment.

The detailed answer shows the monthly breakdown, the full amortization schedule, the payoff month, extra-payment savings, other down payments and the 15-year against 30-year comparison, all from the same schedule engine as the Loan Calculator.

• A fixed rate. An adjustable-rate mortgage changes.
• Closing costs, points, moving costs, repairs and utilities are not included.
• Mortgage insurance is only what you enter; whether you need it depends on your lender and down payment (often when under 20% down).
• Property taxes and insurance can change from year to year; the figures you enter are used as if they stayed the same.
• Everything you enter is worked out in your browser and is never sent anywhere.

• Budgeting on principal and interest alone. Most lenders also collect property taxes and homeowners insurance with each payment; add them, and any HOA dues or mortgage insurance, under More costs and options to see the whole monthly payment.
• Leaving out mortgage insurance on a small down payment. Lenders often require it with less than 20% down, and the page includes only the amount you enter.
• Reading the estimate as a quote. Closing costs, points, moving costs and repairs are not included, and taxes and insurance can change from year to year.
• Using it for an adjustable-rate loan. The page assumes the rate stays fixed for the whole term; an adjustable rate can change the payment later.