How the mortgage calculator works
The calculator subtracts your down payment from the home price, then applies the standard amortization formula to spread principal and interest across equal monthly payments.
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
What is included?
The estimate covers principal and interest only. Property tax, homeowner insurance, association fees, and mortgage insurance can increase the amount you pay each month.