CalcQuick · Mortgage
Mortgage Calculator with Taxes, Insurance and Extra Payments
Start with the home price and a down payment amount. The calculator separates the loan’s principal-and-interest payment from your initial monthly housing budget, which includes the extra repayments and property costs you enter.
Reviewed and updated:Illustrative inputs: replace rates and costs with your own assumptions.
The initial housing budget includes extra repayments and your entered property costs. The schedule below covers the loan only. No automatic insurance cancellation or local tax rules are assumed.
Monthly amortization schedule (360)
Month-end loan payments only. Calculations retain full precision; displayed amounts are rounded, so bank schedules can differ by a few cents.
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $1,438.92 | $238.92 | $1,200.00 | $239,761.08 |
| 2 | $1,438.92 | $240.12 | $1,198.81 | $239,520.96 |
| 3 | $1,438.92 | $241.32 | $1,197.60 | $239,279.65 |
| 4 | $1,438.92 | $242.52 | $1,196.40 | $239,037.12 |
| 5 | $1,438.92 | $243.74 | $1,195.19 | $238,793.39 |
| 6 | $1,438.92 | $244.95 | $1,193.97 | $238,548.43 |
| 7 | $1,438.92 | $246.18 | $1,192.74 | $238,302.25 |
| 8 | $1,438.92 | $247.41 | $1,191.51 | $238,054.84 |
| 9 | $1,438.92 | $248.65 | $1,190.27 | $237,806.20 |
| 10 | $1,438.92 | $249.89 | $1,189.03 | $237,556.31 |
| 11 | $1,438.92 | $251.14 | $1,187.78 | $237,305.17 |
| 12 | $1,438.92 | $252.40 | $1,186.53 | $237,052.77 |
01
How to use this calculator
- Enter your values using the units shown.
- Review the result, which updates instantly.
- Check the formula and assumptions before using the number for a decision.
02
Formula and assumptions
Loan amount = home price − down payment. Monthly principal and interest = P × i ÷ (1 − (1 + i)^(−n)), where i = nominal annual rate ÷ 12. Initial housing budget = first loan payment with extra + annual property tax ÷ 12 + annual home insurance ÷ 12 + monthly association and mortgage insurance fees.
03
Worked example
A $300,000 home with $60,000 down, a nominal 6% rate and a 30-year term gives about $1,438.92 in monthly principal and interest. Annual tax of $3,600, annual home insurance of $1,200 and a $50 monthly association fee bring the initial housing budget to $1,888.92.
CalcQuick
Sources and scope
These references support the formula or category guidance. CalcQuick remains responsible for the calculator implementation.
- PMT: payments at a constant rateMicrosoft Support
- Loan principal and interest versus total monthly housing costsConsumer Financial Protection Bureau
FAQ
Frequently asked questions
Why is the housing budget higher than the loan payment?
Loan principal and interest cover the debt. Property tax, home insurance, association fees, mortgage insurance and optional extra principal payments add to the initial budget. Some charges may be paid separately from the lender.
Will mortgage insurance stop automatically?
No. Enter the monthly amount that applies to your scenario. Cancellation rules differ by contract and location, so the calculator does not assume an automatic end date.
What if I pay the entire purchase price upfront?
A down payment equal to the price gives a zero loan payment and no amortization schedule. Any property tax, insurance and fees you entered remain in the monthly housing budget.