How this calculator works
Your mortgage principal is the home price minus the down payment. The calculator amortizes that principal and adds your estimated ongoing housing costs, giving a broader view of the monthly payment than principal and interest alone.
Monthly total = loan payment + (annual tax + annual insurance) / 12 + HOA + mortgage insuranceP = starting amount; C = monthly contribution; G = target; r = monthly rate; n = months; y = years, where applicable.
Example you can check
A $120,000 home bought with $20,000 down at 0% over 10 years has an $833.33 monthly loan payment before housing extras.
Assumptions & limitations
Fixed rate and level monthly payments. Taxes, insurance, HOA fees and mortgage insurance remain constant. Closing costs, utilities, maintenance and changes to escrow are excluded. Enter mortgage insurance yourself; this tool does not determine lender requirements.
Common questions
Are taxes and insurance part of my loan?
They are separate ownership costs, although a lender may collect them through escrow.
Does this calculate mortgage insurance automatically?
No. Enter the monthly amount quoted by your lender, or zero if it does not apply.
Further reading: consumerfinance.gov educational guide. Our formula conventions and examples are described above.