How to use this calculator
This tool models a fixed rate and monthly repayments. Combine property tax, insurance, mortgage insurance and association fees into the extra-cost field where applicable.
The result excludes closing costs, maintenance and future changes in rates or ownership costs. For an adjustable-rate loan, compare scenarios rather than treating one rate as fixed for the full term.
The formula
Principal = price − down payment. Payment = P × r ÷ [1 − (1 + r)^−n]. Total monthly estimate = payment + entered extra costs.
A worked example
A 250,000 home with 50,000 down creates a 200,000 loan. At 5% over 25 years, principal and interest are about 1,169.18 monthly; 200 in extras brings the total to 1,369.18.
Further reading: CFPB explanation of principal, interest, taxes and insurance.
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