The Home Loan Calculator is a tool for prospective homeowners to estimate monthly payments on a home loan. It accounts for the principal amount, interest rate, loan term, down payment, and property tax rate.

## Home Loan Calculator

Estimate your monthly home loan payments including interest, taxes, and down payment.

Monthly Payment:
\$0
Total Payment with Tax:
\$0

## How to Use the Calculator

1. Enter Home Price: Input the total price of the home you are interested in.
2. Down Payment: Enter the amount you plan to pay upfront.
3. Annual Interest Rate: Provide the interest rate of your home loan.
4. Loan Term: Enter the duration of the loan in years.
5. Annual Tax Rate: Input the property tax rate.
6. Calculate: Press the calculate button to determine your monthly payment and total monthly payment including taxes.

## Formula Used

The formula for the monthly payment of a home loan is:

Monthly Payment (P) = (L * c * (1 + c)^n) / ((1 + c)^n – 1)

Where:

• P is the monthly payment.
• L is the loan amount (home price – down payment).
• c is the monthly interest rate (annual interest / 12).
• n is the total number of payments (loan term in years * 12).

## Examples

• \$300,000 home, 4% interest, 30 years, 1% tax, \$60,000 down:
• Monthly Payment: \$1145.80
• \$450,000 home, 3.5% interest, 15 years, 1.5% tax, \$90,000 down:
• Monthly Payment: \$2578.09
• \$200,000 home, 5% interest, 20 years, no tax, \$40,000 down:
• Monthly Payment: \$1056.78