Monthly Payment
Loan Amortization
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Loan term (Years):
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Your total monthly payment breakdown:
• \$2,917
Principal
& Interest
• \$685
Property
Tax
• \$164
Home Insurance
Your payment schedule
Select a year to see remaining balance, principal & interest ratio.
Month Principal Interest Balance
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See your Loan Amortization
• Principal
• Interest
What is Loan Amortization?

Loan Amortization is showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term. While each periodic payment is the same, early in the schedule, the majority of each periodic payment is interest. The percentage of each payment that goes toward interest diminishes a bit with each payment, and the percentage that goes toward principal increases. Later in the schedule, the majority of each periodic payment is put toward the principal. The last line of the schedule shows the borrower’s total interest and principal payments for the entire loan term.

# Mortgage Calculator: Calculate Your Monthly Mortgage Payment with taxes and insurance

by Deborah Hofman
Mortgage Calculators

Calculating your monthly mortgage payment is a key element in determining how much house you can afford. The most common mortgage terms are 15 years and 30 years. Use Mintrates Mortgage Calculator to estimate your monthly mortgage payment, including principal, interest, homeowners insurance and the annual amount you expect to pay in property taxes (this amount is divided by 12 to determine the monthly property tax included in PITI).

## How to use Mortgage Calculator with taxes?

With the Mintrates Mortgage Calculator, you can input a whole bunch of different numbers and see where they lead you. Follow the steps bellow:

1. Enter your Home Price
2. Enter your Down Payment
3. Enter your Mortgage Interest Rate (by default it shows today’s Mortgage Rates*).
4. Select a loan term (Years): 30 Years, 20 years or 15 Years scenario
5. In seconds, our Mortgage Calculator with taxes will have an estimate of your monthly overview of your monthly payment, including principal and interest — and the additional payments, like Property taxes and Homeowners insurance, condo/HOA fee, if you provided that. The more info you can provide, the more accurate the Total Monthly Payment result will be.
6. Click “Loan Amortization” tab to see page with Loan Amortization graphics
7. Click “Payment Schedule” tab to see page with Loan Payment Schedule including Your Payment schedule for each year if your terms.
8. Click “Download Full Calculation” to start downloading PDF Report.

### See your Mortgage Payment with Principal & Interest, Property Tax, Homeowners Insurance

Of course, these are all estimates. But this is an excellent first step in determining what your mortgage payments might be in a given scenario.

#### Understand Mintrates Mortgage Calculator Basic and Advanced Inputs

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

Home price — The dollar amount you expect to pay for a home.

Down payment — Money paid for a house from one’s own funds at closing. The down payment will be the difference between the purchase price and mortgage amount.

Mortgage Interest Rate — The periodic charge, expressed as a percentage, for use of credit. Remember, we have a mortgage rate tool for that.

Property tax — A government tax based on the market value of a property.

Home insurance — Home insurance or homeowners insurance is typically required by lenders. You can edit this number in the mortgage calculator advanced options.

HOA Fee — Owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance.

Pay-off your Mortgage — This is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.)

Loan Amortization — A complete table of periodic blended loan payments, showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term. While each periodic payment is the same, early in the schedule, the majority of each periodic payment is interest. The percentage of each payment that goes toward interest diminishes a bit with each payment, and the percentage that goes toward principal increases. Later in the schedule, the majority of each periodic payment is put toward the principal. The last line of the schedule shows the borrower’s total interest and principal payments for the entire loan term.

Mortgages can be confusing for the first time home buyer, so let us help explain. To understand the most important lending and mortgage terms find explanations for most of the mortgage industry terms in Mortgage Glossary.

##### More ways to use our Mortgage Payment Calculator

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

• Calculate different scenarios
• See where your money is going
• Estimate the cost of different loan types

#### What is next?

After you calculate your Monthly mortgage payment you all need to know how much money you need to bring on closing. Our Mortgage closing costs calculator (estimator) can help you estimate your total closing expenses. When you working with the calculator, please remember the dollar amounts displayed aren’t guaranteed, and what you actually pay may be different. The estimates you receive are for illustrative and educational purposes only. A closing costs calculator like ours lets you see closing costs based on the specifics of your financial situation.

Recommended to you

Calculates based on a fully amortized fixed rate loan. Ask your lender for the tax rates in your area. Insurance estimate is based on an average cost, your final premium cost will be determined by the type of coverage you select. This it only provides an estimate. Mortgage rates and terms shown on our website are not official Loan Estimates because the lender has not verified your personal financial situation, appraised home value, actual credit score, income, existing debt, or other individual circumstances. Your actual rates, terms, fees, and monthly payment may differ.