Mortgage Payment (Loans Category Version)

Mortgage payment calculator for estimating monthly home loan repayments

This mortgage payment calculator estimates your monthly repayment based on three inputs that most borrowers actually know: the loan amount, the annual interest rate (APR), and the loan term in years. It is built for the dominant use case: you have a proposed home loan amount and you want a fast, defensible estimate of what the monthly repayment will be before you talk to a lender or sign anything.

The default result focuses on the standard principal-and-interest payment. That is the core loan payment required to repay the borrowed amount over the chosen term, assuming a fixed interest rate. Many people confuse this with their total monthly housing cost. In reality, your total monthly outflow can be higher due to taxes, insurance, HOA fees or levies, and insurance-like charges such as PMI. Those extras are optional here so you can choose speed or realism without changing what the calculator is for.

To use it, enter your loan amount (the amount you intend to borrow), the interest rate as a yearly percentage, and the term length. Click calculate to see your monthly principal-and-interest payment, the total interest you would pay over the full term, and a practical breakdown of optional monthly costs if you add them. If you do not know your taxes, insurance, HOA, or PMI values, leave them blank and the calculator will assume zero for those fields. The result remains valid for the loan component and will clearly reflect what was included.

Assumptions and how to use this calculator

• This is a fixed-rate payment estimate. If your rate changes over time (variable rate), the payment can change.
• Payments are calculated monthly using standard amortization. Biweekly schedules and lender-specific rounding are not modeled.
• Optional costs (taxes, insurance, HOA or levies, PMI) are treated as simple monthly additions and do not change the loan balance.
• Blank optional fields are assumed to be 0. This is intentional so you can still get a useful answer with incomplete data.
• Fees such as origination costs, closing costs, and once-off insurance premiums are excluded because they do not usually affect the monthly amortized loan payment.

Common questions

Why is my lender’s quote different from this result?

Lenders can include items that are not part of the loan amortization formula, such as service fees, insurance add-ons, escrow requirements, and rounding rules. This calculator estimates the standard principal-and-interest payment, and then optionally adds typical monthly costs you can enter. If your lender quote is higher, compare the breakdown line by line and check whether the quote includes fees or mandatory add-ons.

What if my interest rate is 0% or very low?

If the interest rate is 0%, the monthly payment is simply the loan amount divided by the number of months. For very low rates, the standard amortization formula still works, but the total interest will be much lower. This calculator supports 0% interest to handle special cases and short promotional scenarios.

Do property taxes and insurance belong in a mortgage payment?

Strictly speaking, the mortgage payment is the loan repayment (principal and interest). However, many households experience a single monthly outflow that includes taxes and insurance, especially when escrow is used. That is why the calculator offers an optional section for taxes and insurance so you can estimate your total monthly housing-related outflow without turning this into an affordability tool.

What should I enter if I do not know my yearly taxes or insurance yet?

Leave them blank to get the clean loan payment first. If you want a rough total monthly figure, use estimates from recent bills, listing information, a municipal estimate, or insurance quotes. Even a rough estimate is useful when comparing loan terms or deciding whether a payment range is acceptable.

Does this calculator show an amortization schedule?

No. This page is locked to one decision: estimating the monthly payment amount. Amortization schedules are useful, but they add clutter and are often a separate intent. If you need a schedule, use a dedicated amortization calculator so the output can be presented properly without making this page heavier than it needs to be.