Simple Mortgage Calculator Without Taxes and Insurance
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Reviewed by Calculator Editorial Team
This simple mortgage calculator helps you estimate your monthly mortgage payments without including property taxes and homeowners insurance. It focuses only on the principal and interest components of your loan.
How to Use This Calculator
To calculate your mortgage payments:
- Enter the loan amount you're borrowing
- Input the annual interest rate (APR)
- Specify the loan term in years
- Click "Calculate" to see your monthly payment
The calculator will show you the monthly payment amount, total interest paid over the loan term, and a breakdown of principal vs. interest payments.
Formula Explained
The mortgage payment calculation uses the standard amortization formula:
M = P [i(1 + i)n] / [(1 + i)n - 1]
Where:
- M = Monthly payment
- P = Principal loan amount
- i = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan term in years × 12)
This formula calculates the fixed monthly payment needed to pay off the loan over the specified term.
Worked Example
Let's calculate a $200,000 mortgage at 4% interest for 30 years:
- Principal (P) = $200,000
- Annual interest rate = 4% → Monthly rate (i) = 0.04/12 ≈ 0.003333
- Loan term = 30 years → Number of payments (n) = 30 × 12 = 360
- Plug into formula: M = 200,000 [0.003333(1 + 0.003333)360] / [(1 + 0.003333)360 - 1]
- Calculate: M ≈ $1,073.64 per month
Over 30 years, you would pay $386,510 in total, with $186,510 going toward interest.
Frequently Asked Questions
Does this calculator include property taxes and insurance?
No, this calculator focuses only on the principal and interest components of your mortgage. Property taxes and homeowners insurance are not included in the calculation.
How accurate is this mortgage calculator?
This calculator provides an estimate based on standard mortgage formulas. For precise figures, consult with a mortgage lender or use a more detailed mortgage calculator.
Can I use this for refinancing calculations?
Yes, you can use this calculator to estimate payments for both original mortgages and refinancing scenarios by adjusting the loan amount, interest rate, and term.