EXAMPLE
A $350,000 home with 20% down at 6.5% comes to about $2,269/month with tax and insurance.
Enter a home price and term to see results.
Ad — 728×90
How this calculator works
A mortgage payment is more than just paying back the loan — property tax and homeowner's insurance usually get bundled into the same monthly bill. This calculator adds all three together so the number you see matches what you would actually pay each month.
THE MATH BEHIND IT
Loan amount: Home price × (1 − Down payment %)
Principal & interest: standard loan payment formula on the loan amount
Total monthly payment: Principal & interest + (Property tax ÷ 12) + (Insurance ÷ 12)
A real example
A $350,000 home with a 20% down payment, a 6.5% interest rate, a 30-year term, $4,200/year property tax, and $1,800/year insurance:
Loan amount
$350,000 × 0.80 =$280,000
Principal & interest
≈ $1,769/mo
Tax + insurance
$4,200 ÷ 12 + $1,800 ÷ 12 =≈ $500/mo
Total monthly payment
$1,769 + $500 =≈ $2,269
Common questions
A larger down payment reduces the loan amount, which reduces both the monthly principal-and-interest payment and the total interest paid over the loan term. Loans with a down payment below 20% often include an additional monthly private mortgage insurance (PMI) cost, which this calculator does not include.
Lenders may include PMI, HOA fees, or different tax and insurance assumptions than the ones entered here. This calculator covers the core costs — principal, interest, property tax, and insurance — but not every possible add-on.
A 15-year term pays off the same loan amount in fewer months, so more of each payment goes to principal and less total interest accrues over the life of the loan — higher monthly cost, lower total cost.