How Mortgage Payments Are Calculated
Your mortgage principal is the home price minus your down payment. Monthly principal & interest is calculated using the standard amortization formula, and optional property tax and insurance are added on top, divided across 12 months.
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Frequently Asked Questions
This calculator includes principal and interest, plus optional monthly property tax and home insurance if you enter them.
A larger down payment reduces the loan principal, which lowers your monthly principal and interest payment.
Yes. The calculator can be used online without creating an account.
This tool provides estimates for informational purposes only and is not financial advice. Actual mortgage terms depend on your lender.