Mortgage payment calculator
The payment your lender quotes is only part of what leaves your account. This adds the taxes and insurance that go with it.
%
years
Total monthly payment
2161.46
- Principal and interest
- 1769.79
- Amount borrowed
- 280 000.00
- Loan to value
- 80.00 %
- Deposit as a share of price
- 20.00 %
- Total interest over the term
- 357 124.57
- Total paid including tax and insurance
- 778 124.57
Show the working
- Property price = 350 000
- Deposit = 70 000
- Annual interest rate = 6.5
- Term = 30
- Annual property tax = 3500
- Annual insurance = 1200
- Monthly association fee = 0
- Amount borrowed = max(350 000 - 70 000, 0) = 280 000
- Loan to value = 350 000 > 0 ? 280 000 / 350 000 * 100 : 0 = 80
- i = 6.5 / 100 / 12 = 0.005 416 67
- n = 30 * 12 = 360
- growth = (1 + 0.005 416 67)^360 = 6.9918
- Principal and interest = 0.005 416 67 == 0 ? 280 000 / 360 : 280 000 * 0.005 416 67 * 6.9918 / (6.9918 - 1) = 1769.79
- Total monthly payment = 1769.79 + 3500/12 + 1200/12 + 0 = 2161.46
- Total interest over the term = 1769.79 * 360 - 280 000 = 357 125
- Total paid including tax and insurance = 2161.46 * 360 = 778 125
- Deposit as a share of price = 350 000 > 0 ? 70 000 / 350 000 * 100 : 0 = 20
Values are shown to six significant figures here; the arithmetic itself runs on exact fractions and is only rounded where a number is printed.
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The formula
- principal = price - deposit
- monthly payment = P i (1+i)^n / ((1+i)^n - 1) with i = rate/12 and n = years x 12
- total monthly = payment + annual tax/12 + annual insurance/12 + association fee
A loan-to-value above 80% usually triggers mortgage insurance, which is not included unless you add it to the insurance field.
Property tax and insurance both rise over time; this holds them flat.
This is arithmetic, not financial advice. Real products carry fees, tax treatment and terms that no formula captures.