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Formula & explanation
Mortgage Calculator uses the following calculation:
This is a simplified model intended for planning and education. Real-world offers from lenders, institutions, or tax authorities may include additional fees, rules, or adjustments not reflected here.
Frequently asked questions
How is my monthly mortgage payment calculated?
Your payment is derived from the loan amount (home price minus down payment), the monthly interest rate, and the number of monthly payments in the loan term, using the standard amortization formula.
Does this include taxes and insurance?
No — this estimate covers principal and interest only. Property tax, homeowners insurance, HOA dues, and PMI are not included and can add substantially to your true monthly cost.
How much can extra payments save me?
Even a modest extra monthly payment reduces your principal faster, which lowers the interest charged in every subsequent month — often saving years off your term and thousands in interest.
What's a typical down payment?
Conventional loans often ask for 5–20% down, FHA loans as little as 3.5%, and VA/USDA loans can go to 0% down for eligible borrowers.