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Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and loan costs. Plan your home purchase with confidence.
Loan Details
Monthly Payment Breakdown
$1769.79
Principal & Interest
$292
Property Tax
$100
Insurance
$200
PMI
$2361.46
Total Monthly Payment
Loan Summary
$280000.00
Loan Amount
$357124.57
Total Interest
$637124.57
Total of Payments
Mortgage Calculation Formulas
Monthly Payment Formula:
M = P × [r(1 + r)^n] / [(1 + r)^n - 1]- • M = Monthly payment
- • P = Principal loan amount
- • r = Monthly interest rate (annual rate ÷ 12)
- • n = Total number of payments (years × 12)
Total Payment Components:
Total Monthly = Principal + Interest + Tax + Insurance + PMI- • Property Tax: Annual tax ÷ 12
- • Insurance: Annual premium ÷ 12
- • PMI: Required if down payment < 20%
Example: $300,000 loan, 6% rate, 30 years = $1,799/month (P&I only)