What does this calculator do?
A fixed-rate loan has a regular principal-and-interest payment. Early payments contain more interest because the outstanding balance is larger. As principal falls, a larger share goes toward repayment. The calculator adds the property charges you supply to that loan payment and provides an annual balance schedule. A zero-interest loan is handled as equal principal payments.
How to use it
- Subtract your down payment from the purchase price to establish the loan amount.
- Enter the quoted note rate and loan term, rather than substituting APR.
- Add taxes, insurance, HOA dues, and mortgage insurance from property-specific estimates.
The math, made clear
P&I = L × r ÷ (1 − (1 + r)^−n), where L is loan balance, r monthly interest, and n monthly paymentsA worked example
A $350,000 home with $70,000 down leaves a $280,000 loan. At 6.5% for 30 years, principal and interest are about $1,769.79 per month. With $4,200 annual tax and $1,500 annual insurance, the estimate rises to $2,244.79 before HOA or mortgage insurance.
What to keep in mind
Assumes a fully amortizing fixed-rate loan with monthly payments and no extra principal. Excludes closing costs, maintenance, utilities, points, and rate changes. Tax and insurance amounts remain constant in this model; actual bills can change.
All default values are illustrative. Results are rounded for display; calculations use full precision except where a split must allocate exact cents. Read our methodology for shared definitions and report a calculation issue if a result looks wrong.