Mortgage Calculator
Estimate the monthly payment on a home loan — principal, interest, and optional tax and insurance — plus what it costs over the whole term.
Reviewed by the OmniCalc teamMethod verified 2026-07-01
Optional
Optional
1,838.92/mo
Monthly payment 1,838.92- Principal & interest
- 1,438.92
- Property tax
- 300.00
- Home insurance
- 100.00
- Monthly payment
- 1,838.92
Loan amount 240,000.00 · total interest over 30 years 278,011.65 · total of payments 518,011.65.
Show steps
- Loan amount = price − down payment = 300,000.00 − 60,000.00 = 240,000.00.
- Monthly rate = 6% ÷ 12 = 0.5000%, over 360 payments.
- Principal & interest = 1,438.92/mo; total interest over the term = 278,011.65.
- Adding tax (300.00) + insurance (100.00) → 1,838.92/mo.
How to use the mortgage calculator
- 1Enter the home price and your down payment — the difference is the loan.
- 2Set the interest rate and term in years.
- 3Optionally add yearly property tax and home insurance to see the full monthly figure.
- 4Read the monthly payment, and the total interest over the term below it.
A shorter term flips the math
Cutting a 30-year term to 15 raises the monthly payment but can more than halve the total interest, because you’re borrowing the money for far less time. Try both and compare the total-interest line.
Frequently asked questions
How is the monthly payment worked out?
The loan amount (price minus down payment) is amortized over the term using the standard formula M = P·r·(1+r)ⁿ ⁄ ((1+r)ⁿ − 1), where r is the monthly rate and n the number of payments. Any property tax and insurance you enter are added on top.
What's included in the payment?
Principal and interest always; property tax and home insurance only if you enter yearly figures for them (the 'PITI' payment). It does not include HOA dues or mortgage insurance (PMI).
Why is the total interest so high?
Early payments are mostly interest because interest is charged on the whole outstanding balance. Over a 30-year term the interest can rival the amount borrowed — a bigger down payment or shorter term cuts it sharply.