Financial
Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.
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Formula
M = P[r(1+r)^n]/[(1+r)^n-1] where M = monthly payment, P = principal, r = monthly interest rate, n = number of payments
How It Works
This calculator uses the standard mortgage amortization formula to calculate your monthly payment.
1. Enter the home price and your down payment
2. Set the loan term (typically 15 or 30 years)
3. Enter the current interest rate
4. Add annual property tax and insurance estimates
5. PMI is automatically calculated if down payment is less than 20%
The result shows your total monthly payment broken down by principal & interest, taxes, insurance, and PMI.
Frequently Asked Questions
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan.
How much house can I afford?
A general rule is that your monthly housing costs should not exceed 28% of your gross monthly income.
Should I choose a 15 or 30 year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest. A 30-year mortgage has lower payments but you'll pay more interest over time.
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