Monthly Mortgage Payment: Principal and interest only, calculated using the standard amortization formula. Does not include property tax, insurance, or HOA fees.
Monthly Total Cost: Combined monthly expense including principal, interest, property tax, homeowners insurance, and HOA fees if applicable.
Total Cost Over Loan Term: All monthly payments multiplied by the number of months in your loan term.
Total Interest Paid: The difference between your total payments and the original loan amount — the cost of borrowing.
How This Calculator Works
This calculator uses the standard mortgage amortization formula to compute monthly payments based on property price, down payment percentage, loan term, and interest rate. Property taxes are calculated as a percentage of the property price divided by 12. Insurance and HOA fees are simply divided by 12 for the monthly amount. All values are combined to show your total monthly housing cost.
Quick Questions
What's included in the monthly cost?
This calculator includes principal, interest, property tax, homeowners insurance, and HOA fees. It does not include utilities, HOA special assessments, private mortgage insurance (PMI), or home maintenance costs.
Can I use this for investment properties?
Yes, this works for any mortgage. However, investment properties may have different tax implications and should be reviewed with a tax professional.
How accurate is this estimate?
This uses standard formulas but real loans may vary based on escrow timing, insurance rate changes, and tax adjustments. Always verify with your lender.