If you know your tax or insurance cost, you can enter these costs into the calculator. If you don't know the tax and insurance costs, the Mortgage Payment Calculator also estimates your property taxes and insurance costs and calculates your monthly payment including principal, interest, taxes, and insurance.
Mortgage Payment Calculator InstructionsEnter the basic information required to calculate mortgage payment amounts in the top lines of the calculator:
- Value of your home
- Amount borrowed
- Interest rate, for example enter '5' for 5% interest
- Length of loan in years
Click "Compute" to see your monthly mortgage payment for principal and interest. The calculator will automatically calculate typical property tax and insurance cost based on the home's value and enter these in the calculator.
The calculator will also calculate your total monthly mortgage payment including principal, interest, taxes, and insurance.
Optional: If you know your actual property tax or insurance costs, you can replace the automatically calculated estimates and enter your own values. Click "Update" to update the monthly mortgage cost using your own figures for taxes and insurance.
This monthly payment formula is used in the Mortgage Payment Calculator.