Monthly mortgage payment with property tax, insurance and other costs, plus a yearly payment table. Runs on your device.
The loan is the home price minus the down payment. The down payment can be a percent of the price or an amount. The monthly principal and interest follow the standard formula for equal monthly payments: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 ÷ 100 and n is the number of months. The page opens on a 400,000 home with 20% down, 6.5% a year and 30 years. The loan is 320,000.00 and the monthly principal and interest is 2,022.62. Over 360 payments the total interest is 408,142.36. At a rate of 0% the formula is replaced by loan ÷ n.
Three optional boxes add to the monthly figure. Property tax per year and Home insurance per year are divided by 12. Other monthly costs is added as typed, and suits HOA fees, strata levies or maintenance. With 4,800 of tax and 1,200 of insurance a year, 400.00 and 100.00 are added to the 2,022.62, which makes the monthly total 2,522.62. The page does not know any country's rules. Costs that depend on where you live, such as insurance on small deposits or one-off purchase duties, vary, so type a monthly figure for them into Other monthly costs if you want them counted. The yearly table covers the loan only: extras are not included in it.
The table shows, for each year, the principal repaid, the interest paid and the balance at the end of the year. Early on most of each payment is interest. In year 1 of the example about 20,694.69 is interest and 3,576.72 repays the loan, leaving 316,423.28. The last balance is 0. The price must be more than 0, the down payment must be less than the price, the rate runs from 0 to 100% and the term from 1 month to 100 years, as a whole number of months. Amounts are worked in full precision and rounded to 2 decimals only when shown. The model has a fixed rate and no fees. Nothing you type is stored or sent. This is an estimate, not financial advice.
payment = loan × r ÷ (1 − (1 + r)^−n), with r the yearly rate ÷ 12 ÷ 100 and n the months. For a 320,000 loan at 6.5% over 30 years, r is 0.0054167 and n is 360, which gives 2,022.62. The page writes this out with your numbers.
Their yearly amounts are divided by 12 and added to the monthly principal and interest. A yearly tax of 4,800 adds 400.00 a month and insurance of 1,200 adds 100.00. They do not change the loan, the interest or the yearly table.
In Other monthly costs, as a monthly amount. The page has no rules for insurance on small deposits, purchase duties or similar charges, because they differ by country and lender. Work the monthly figure out from your own quote and type it in.
Either. Choose Percent of price and type 20 for 20%, or choose Amount and type the money. On a 400,000 home both 20% and 80,000 give a loan of 320,000. A down payment equal to or above the price is refused with a message.
The total is worked from the unrounded payment, 2,022.6177 here, so it can differ by a few cents from the shown payment times 360. A lender usually rounds each payment. This is an estimate, not financial advice.