How Your Mortgage Payment Is CalculatedSmartAsset’s mortgage calculator estimates your monthly mortgage payment, including your loan's principal, interest, taxes, homeowners insurance and private mortgage insurance (PMI). You can adjust the home price, down payment and mortgage terms to see how your monthly payment will change.You can also try our home affordability calculator if you’re not sure how much money you should budget for a new home.A financial advisor can aid you in planning for the purchase of a home. To find a financial advisor who serves your area, try SmartAsset's free online matching tool.Mortgage Payment FormulaFor those who want to know the math that goes into calculating a mortgage payment, we use the following formula to determine a monthly estimate:M = Monthly PaymentP = Principal Amount (initial loan balance)i = Interest Raten = Number of Monthly Payments for 30-Year Mortgage (30 * 12 = 360, etc.)How SmartAsset's Mortgage Payment Calculator WorksThe first step to...
