How the mortgage calculator works
This mortgage calculator estimates the monthly principal and interest payment for a fixed rate loan. You can also enter monthly property tax, homeowners insurance, and an extra payment amount to see a more practical monthly budget.
Mortgage payment formula
M = P × r(1 + r)n ÷ ((1 + r)n − 1)
M is the monthly principal and interest payment, P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Example
A $250,000 loan at 6.5% for 30 years has an estimated principal and interest payment of about $1,580.17 per month, before taxes and insurance.
Use this page when you need to calculate mortgage payment or want a monthly mortgage calculator for a fixed rate loan. Optional tax, insurance, and extra payment fields make the estimate more useful for monthly budgeting.
Frequently asked questions
Does the payment include taxes and insurance?
The main result is principal and interest. Optional tax and insurance fields are added separately so you can see a more complete monthly estimate.
What if the interest rate is zero?
The calculator handles a zero rate by dividing the loan amount across the number of monthly payments.
Does an extra payment reduce total interest?
An extra payment can reduce the balance faster and may reduce interest over the life of the loan. The exact payoff schedule depends on the lender and loan terms.