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Mortgage Calculator

Home price

Down payment (%)

Interest rate (%)

Loan term

Property tax (%/yr)

Home insurance ($/yr)

HOA ($/month)

Formula

Monthly P&I = L × i ÷ (1 − (1 + i)^−n), where i = annual rate ÷ 12 and n = months

How is a mortgage payment calculated?

The principal-and-interest part uses the amortization formula P × i ÷ (1 − (1+i)^−n). Property tax, insurance and HOA are then added monthly.

What is PITI?

Principal, interest, taxes and insurance — the four parts of a typical monthly mortgage payment.