Your loan details
$
%
%
%/yr
$/yr
%/yr
$/mo
Estimated total monthly payment
$0
Principal, interest, taxes, insurance & fees
Loan amount
$0
Total interest (life of loan)
$0
Total cost of loan
$0
Payoff date
—
Where your payment goes
How it's calculated
M = P × [ r(1+r)ⁿ ] / [ (1+r)ⁿ − 1 ]
P = loan principal (home price − down payment) ·
r = monthly interest rate (annual rate ÷ 12) ·
n = total number of monthly payments (years × 12)
Property tax, insurance, PMI, and HOA are added on top as monthly figures to reach your total payment.
Property tax, insurance, PMI, and HOA are added on top as monthly figures to reach your total payment.
Key concepts
The terms behind the numbers above, explained simply.
Definition
The amount you borrow — home price minus your down payment.
Formula
Principal = Home Price − Down Payment
Definition
The upfront cash you pay toward the home; the rest is financed. A larger down payment lowers your principal and monthly payment, and — above 20% — removes the need for PMI.
Definition
The interest rate is the cost of borrowing the principal, expressed as an annual %. APR includes the interest rate plus certain lender fees, so it's usually the more complete number for comparing loan offers — this calculator uses the interest rate for the payment math.
Definition
The process of paying off a loan through fixed payments over time, where each payment covers interest first and principal second — so early payments are interest-heavy and later ones are principal-heavy.
Definition
Insurance lenders require when your down payment is under 20%, protecting the lender (not you) if you default. It's typically 0.3%–1.5% of the loan per year and can usually be cancelled once you reach 20% equity.
Definition
Local governments charge annual property tax based on your home's assessed value. Many lenders collect 1/12th of your estimated annual tax (plus insurance) with each mortgage payment and hold it in an escrow account to pay those bills for you.
Definition
The number of years you have to repay the loan. A shorter term (e.g., 15 years) means a higher monthly payment but far less total interest paid; a longer term (30 years) lowers the monthly payment but costs more in interest overall.
Not financial advice. Finistack calculators are educational tools that estimate outcomes based on the assumptions you enter. They're not financial, tax, or legal advice, and Finistack is not a bank, CPA, or certified financial adviser. Actual loan terms, rates, and required insurance vary by lender and are subject to underwriting approval — this tool provides an estimate only, not a loan offer.