Explanation
The calculator computes principal and interest using amortization, then adds monthly property tax and home insurance.
Mortgage Calculator
Estimate monthly mortgage cost including principal, interest, and escrow expenses.
Formula
P&I uses amortization; total monthly = principal & interest + (annual tax + annual insurance)/12
The calculator computes principal and interest using amortization, then adds monthly property tax and home insurance.
- P&I: Monthly principal and interest payment
- Escrow: Monthly tax and insurance contribution
- Total: P&I plus escrow
Example
$450,000 home, $90,000 down payment, 6.75% APR, 30 years
- Loan amount = home price - down payment
- Compute monthly principal and interest
- Add monthly tax and insurance
Result separates P&I from full monthly payment with escrow.