Mortgage Calculator

FAQ

How is a mortgage payment calculated?

Monthly principal and interest uses the standard amortization formula from loan amount, annual rate, and term in months. Optional property tax and insurance are divided by 12 and added to estimate a full monthly housing cost.

What is included in the estimated monthly total?

Principal, interest, and the optional tax and insurance you enter. PMI, HOA dues, and other escrow items are not included unless you add them into tax or insurance.

How much interest do I pay on a 30-year mortgage?

Total interest is the sum of all monthly PI payments minus the original loan amount. At typical rates, interest over 30 years can rival or exceed the amount you borrowed.