Mortgage Calculator
Subtract the down payment from the home price to get the loan principal. The principal and interest payment uses a fixed-rate amortization formula. Add one-twelfth of annual property tax and insurance for an estimated monthly housing payment.
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How it works
Subtract the down payment from the home price to get the loan principal. The principal and interest payment uses a fixed-rate amortization formula. Add one-twelfth of annual property tax and insurance for an estimated monthly housing payment.
Worked example
For a $400,000 home with $80,000 down, a 30-year term, and 6.5% interest, principal and interest are about $2,023 per month before tax and insurance.
Keep in mind
Actual payments may also include HOA dues, mortgage insurance, lender fees, and changing taxes or insurance.