ToolForage.
LOANS CALCULATOR

Mortgage Calculator

Estimate a home loan’s monthly principal and interest, then add property taxes, homeowners insurance, and association fees for a fuller payment picture.

Calculator

%
years
Advanced options
YOUR RESULTS
Estimated monthly total2,622.62
Loan amount
320,000.00
Principal & interest
2,022.62
Taxes & insurance
500.00
HOA fee
100.00
Interest over term
408,142.36

The monthly total combines modeled principal and interest with your monthly tax, insurance, and association estimates.

Remaining mortgage balance

Amounts use the same currency as your inputs.

Balance
0158.2K316.4K14711141720242730Year

Year 30

Principal paid in year
23,438.03
Interest paid in year
833.39
Remaining balance
0.00

Each point shows the remaining balance after payments for that year. The final year may contain fewer than 12 payments.

Monthly housing costs

  • Principal & interest2,022.62
  • Taxes & insurance500.00
  • HOA fee100.00
Annual mortgage amortization
Annual mortgage amortization
YearPrincipal paid in yearInterest paid in yearRemaining balance
13,576.7220,694.69316,423.28
23,816.2620,455.15312,607.02
34,071.8420,199.57308,535.17
44,344.5419,926.87304,190.63
54,635.5019,635.91299,555.13
64,945.9519,325.46294,609.18
75,277.1918,994.22289,331.98
85,630.6218,640.80283,701.37
96,007.7118,263.70277,693.66
106,410.0617,861.36271,283.60
116,839.3517,432.06264,444.26
127,297.3916,974.02257,146.86
137,786.1116,485.30249,360.75
148,307.5615,963.85241,053.19
158,863.9415,407.48232,189.25
169,457.5714,813.84222,731.68
1710,090.9614,180.45212,640.72
1810,766.7713,504.64201,873.95
1911,487.8412,783.57190,386.11
2012,257.2012,014.21178,128.90
2113,078.0911,193.32165,050.81
2213,953.9610,317.46151,096.86
2314,888.489,382.93136,208.38
2415,885.598,385.83120,322.79
2516,949.477,321.94103,373.32
2618,084.616,186.8085,288.71
2719,295.774,975.6465,992.94
2820,588.053,683.3745,404.89
2921,966.862,304.5523,438.03
3023,438.03833.390.00

Understanding your result

The monthly total combines principal and interest with the monthly share of annual tax and insurance estimates and the HOA amount. It does not include mortgage insurance.

For a loan comparison that includes a separate upfront processing fee, the EMI Calculator reports the fee alongside reducing-balance interest.

The formula

Principal & interest = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]

Loan principal is home price minus down payment. Annual taxes and insurance are divided by 12, then added to principal and interest and the monthly association fee.

A 400,000 home with 20% down

A down payment of 80,000 leaves a 320,000 mortgage. At 6.5% over 30 years, principal and interest are about 2,022.62 a month before taxes, insurance, or association fees.

How to use this calculator

  1. Enter home price, down payment, rate, and whole-year term.
  2. Open Advanced options for annual taxes, annual insurance, and monthly HOA fees.
  3. Calculate and review payment components and the balance schedule.

Principal and interest are only part of housing cost

A fixed-rate mortgage usually keeps principal and interest level, but taxes and insurance can change.

Some loans require mortgage insurance, especially with a smaller down payment.

How the mortgage balance falls

Interest is based on unpaid principal. Early in the term, more of each payment covers interest.

Closing costs affect cash needed at purchase but are not automatically part of the loan.

Assumptions & limitations

What this calculation assumes

  • A fixed nominal annual rate with monthly payments.
  • Taxes and insurance are spread evenly across twelve months.
  • The down payment is paid upfront.

What to keep in mind

  • Mortgage insurance, utilities, maintenance, and closing costs are excluded.
  • The estimate does not include local tax rules.
  • This is planning math, not a quote.

Common questions

Why is total payment higher than principal and interest?

Taxes, insurance, mortgage insurance, and association fees can add to the monthly amount.

Does this include closing costs?

No. Closing costs are separate unless financed.

Can I enter a zero interest rate?

Yes. The loan is then divided evenly across payments.

Sources & further reading