Mortgage Amortization Calculator

Mortgage Amortization Calculator

This calculator is to find the monthly payment of a home mortgage loan. It will automatically factor in PMI for loans where less than 20% is used for a down payment. It does not factor in variable costs such as the title fee or hazard insurance. It is for demonstration only and does not provide final numbers.

Your total monthly payment is [Detail]

Home Sale Price: (dollars)
Down Payment in Percentage: %
Interest Rate: %
Mortgage Term: years
Assessed Home Value: (dollars)
The assessed value is used to compute property taxes. On average, properties are assessed at about 85% of their selling price. If you know the actual assessed value for this property, enter it here. If not, leave zero and we'll use 85% of the sale price.
Property Tax Rate: (dollars per $1000)
Property tax rates vary between states and towns. The US average is about $13.80 for every $1000 of the assessed home value.
Condo/Monthly Fee(s): (dollars)
Explain Calculations:
Mortgage Payment Information
Down Payment:
Amount Financed
Monthly Payment
If you put less than 20% as a down payment, you'll pay Private Mortgage Insurance. PMI tends to be about $55/month for every $100,000 financed until you have paid off 20% of your loan. This adds to your monthly payment.
Your property tax rate is for every $1,000 of your property's assessed value, which is . This would mean that your yearly property taxes will be around , and will add to your monthly payment.

Your Total Monthly Payment

Mortgage (Principal & Interest)
Property Tax
Condo Fee
Total Monthly Payment


To figure out the monthly payment, we need to know (1) how much you're financing; (2) your monthly interest rate; and (3) how many months you're financing for.

1. Financing Amount

First, we need to figure how much you're financing.

We can do this based on the sale price of the home ( $ ) and the percent that you put down ( % ).

Start by calculating the down payment. Divide the percentage down by 100, then multiply by the sale price of the home.

(% / 100 ) x $ = $, your down payment

Now we can calculate how much you're financing—how much you need to borrow. That's just the sale price minus your down payment.

$ - $ = $, your financing price

2. Monthly Interest Rate

That % interest rate percentage you secured is an annual percent.

We'll need to convert that from a percentage to a decimal rate, and from an annual representation to a monthly one.

First, let's convert it to a decimal, by dividing the percent by 100.

% / 100 = , the annual interest rate

Now convert the annual rate to a monthly rate by dividing by 12 (for 12 months in a year).

/ 12 = , your monthly interest rate

3. Month Term

That's just the number of months you'll be paying off your loan.

You have a year mortgage x 12 months = months, your month term.

4. Your Monthly Mortgage Payment

Using the three numbers above, we can now calculate your monthly payment.

(financing price) x (monthly interest rate / (1 - ((1+monthly interest rate) -(monthly term) )))

x ( / (1 - ((1 + ) -( ) ))) = $, your monthly payment*

*Principal & Interest only. See total monthly payment for a your mortgage plus taxes, insurance, and fees. See amortization for a breakdown of how each monthly payment is split between the bank's interest and paying off the loan principal.