Mortgage calculator
Estimate your monthly payment including property tax and insurance.
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How it's calculated
The principal-and-interest payment comes from the standard amortization formula: the loan amount times the monthly rate, divided by one minus (1 + monthly rate) to the power of minus the number of payments. Property tax and insurance are yearly figures divided by twelve, added on top with any HOA dues. Total interest is the payment times the number of payments, less the amount borrowed. PMI is not included; lenders usually require it below 20% down.
What does a $320,000 mortgage cost per month?
At 6.5% over 30 years the principal and interest is about $2,023 a month. Add roughly $400 for tax and $125 for insurance on a typical home and the full payment is about $2,550.
How much does the rate matter?
A lot. On $320,000 over 30 years, each half a percent changes the payment by about $100 a month and the lifetime interest by about $37,000.
Is PMI included?
No. Private mortgage insurance applies when the down payment is under 20% and typically costs 0.5–1.5% of the loan per year. Add it to the insurance figure if it applies to you.
Results are estimates for informational purposes only and are not financial, medical or legal advice.