Finance

Mortgage Calculator

Estimate monthly mortgage payment including tax and insurance.

Loan amount ($)

Annual interest rate (%)

Term (years)

Annual property tax ($)

Annual insurance ($)

Calculated Output

Total monthly payment ($) 2,296.2

Principal & interest ($) 1,896.2

Total interest ($) 382,633.47

Formula: P&I = L·r ÷ (1 − (1+r)^−n); add tax & insurance ÷ 12

Step-by-Step Breakdown

1. Values used:

2. Loan amount = 300,000 $

3. Annual interest rate = 6.5 %

4. Term = 30 years

5. Annual property tax = 3,600 $

6. Annual insurance = 1,200 $

8. Total monthly payment = 2,296.2$

9. Principal & interest = 1,896.2$

10. Total interest = 382,633.47$

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The math behind it

Principal & interest uses the standard amortization formula; monthly tax and insurance are the annual amounts ÷ 12.

$300k, 6.5%, 30y, $3,600 tax, $1,200 ins → ~$2,296/mo.

What is PITI?

Principal, Interest, Taxes and Insurance — the four parts of a typical mortgage payment.