Does this include property taxes and insurance?

No — this calculates the principal and interest portion of the payment only. Actual monthly housing costs typically also include property taxes, homeowners insurance, and possibly HOA fees or PMI.

How does the down payment affect my payment?

A larger down payment reduces the amount you need to finance, which lowers both your monthly payment and the total interest paid over the loan's life.

Why does a 30-year mortgage have a lower payment than a 15-year one?

Spreading the same loan amount over more years lowers each individual payment, but interest accrues for longer overall, meaning a 30-year mortgage typically costs significantly more in total interest than a 15-year one at the same rate.

Should I use this instead of the Home Affordability Calculator?

Use this when you already know a specific home price and want the payment; use the Home Affordability Calculator when working backward from your income to find a maximum affordable price.

Finance & Loans Cluster

Mortgage Calculator

Estimate monthly mortgage payments.

TL;DR: Mortgage Calculator is a free, browser-based tool that lets you estimate monthly mortgage payments.

Home price

Down payment

Interest rate (%/yr)

Term (years)

Understanding the Mortgage Calculator

Mortgage Calculator computes exact monthly home loan repayments, total interest costs, and amortization schedules across fixed-rate (15-year, 30-year) and adjustable-rate mortgages. It factors in principal, interest, annual property taxes, homeowners insurance, and Private Mortgage Insurance (PMI) to calculate true PITI housing expenses.

How It Works

Enter the total Home Purchase Price and your planned Down Payment amount (in dollars or percentage).
Enter the Loan Term (e.g. 30 years or 15 years) and the annual Interest Rate (e.g. 6.5%).
Optionally enter annual Property Taxes, Homeowners Insurance, and monthly HOA fees.
Review the comprehensive monthly payment breakdown (PITI) and explore the full amortization schedule table.

Mathematical Formula & Methodology

Here is the standard mathematical equation used to calculate this result accurately:

M = P \frac{r(1 + r)^n}{(1 + r)^n - 1}

Formula Variables Explained:
Where M is total monthly payment, P is principal loan balance, r is monthly interest rate (annual rate / 12), and n is total number of monthly payments (loan term in years × 12).

Step-by-Step Worked Example

For a $400,000 home with 20% down ($80,000), loan principal $P = \$320,000$ , interest rate $6.5\%$ ( $r = 0.065/12 = 0.005417$ ), and 30-year term ( $n = 360$ ): $\text{Monthly Payment } M = 320000 \times \frac{0.005417(1.005417)^{360}}{(1.005417)^{360} - 1} = \$2,022.62$

How to Get the Best Results

20% Down Eliminates PMI: Putting down at least 20% removes mandatory Private Mortgage Insurance, saving $100–$300 every month.
15-Year vs 30-Year Mortgage: A 15-year mortgage has higher monthly payments but saves over 60% in total interest paid across the loan life.
Extra Principal Payments: Making one extra mortgage payment per year can shorten a 30-year loan by 4 to 6 years.

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100% Client-Side Privacy Guarantee

All processing runs locally inside your browser using JavaScript and HTML5 APIs. Your data, files, and inputs are never uploaded to any remote server. Complete privacy by design.

Frequently Asked Questions

: No — this calculates the principal and interest portion of the payment only. Actual monthly housing costs typically also include property taxes, homeowners insurance, and possibly HOA fees or PMI.
: A larger down payment reduces the amount you need to finance, which lowers both your monthly payment and the total interest paid over the loan's life.
: Spreading the same loan amount over more years lowers each individual payment, but interest accrues for longer overall, meaning a 30-year mortgage typically costs significantly more in total interest than a 15-year one at the same rate.
: Use this when you already know a specific home price and want the payment; use the Home Affordability Calculator when working backward from your income to find a maximum affordable price.

Cite This Tool

Referencing this tool in a paper, article, or bibliography? Copy a ready-made citation below.

NexLove.org. (2026). Mortgage Calculator [Software]. https://nexlove.org/tools/mortgage-calculator.html

“Mortgage Calculator.” NexLove.org, 2026, nexlove.org/tools/mortgage-calculator.html.

NexLove.org (2026) Mortgage Calculator. Available at: https://nexlove.org/tools/mortgage-calculator.html (Accessed: 2026).

@misc{nexlove_mortgage_calculator,
  title = {Mortgage Calculator},
  author = {{NexLove.org}},
  year = {2026},
  url = {https://nexlove.org/tools/mortgage-calculator.html}
}

Embed This Tool

Add the live Mortgage Calculator tool to your own website with this snippet — it loads the real, working tool in an iframe, not a static screenshot.

<iframe src="https://nexlove.org/embed/mortgage-calculator.html" width="100%" height="600" style="border:1px solid #e2e8f0;border-radius:12px" title="Mortgage Calculator — NexLove.org" loading="lazy"></iframe>

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