Mortgage payment
Estimate monthly mortgage costs from price, down payment, rate, term, property tax and insurance. Review the assumptions and worked example.
Inputs
Use the units shownEnter your values and select Calculate.
Formula & explanation
Variables & units
- Purchase price
- currency · minimum 0.01, maximum 1000000000000
- Down payment
- currency · minimum 0, maximum 1000000000000
- Nominal annual interest rate
- % · minimum 0, maximum 100
- Term
- years · minimum 1, maximum 50
- Annual property tax
- currency · minimum 0, maximum 1000000000000
- Annual home insurance
- currency · minimum 0, maximum 1000000000000
Worked example
250,000 price, 50,000 down, 6%, 30 years, 2,400 annual tax and 1,200 insurance gives about 1,499.101050 monthly.
Assumptions
Fixed nominal annual rate divided by 12; equal end-of-month payments. Excludes fees, insurance, taxes, variable rates and lender rounding. Property tax and insurance are supplied estimates; PMI and HOA charges are excluded.
Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.
Practice with an example
Use the default input values to find the answer. The reset icon restores those values.
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