Mortgage Calculator Including Closing Costs

Your monthly mortgage payment including closing costs will be: $

Introduction Calculating your mortgage payments can be a daunting task, especially when you need to factor in closing costs. Our Mortgage Calculator Including Closing Costs simplifies this process for you. This tool helps you determine your monthly mortgage payment, taking into account both the principal amount and the added closing costs.

Formula To calculate your monthly mortgage payment including closing costs, we use the following formula:

Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 – (1 + Monthly Interest Rate)^(-Total Number of Payments)) + (Closing Costs / Total Number of Payments)


  • Loan Amount is the amount you borrow for your mortgage.
  • Monthly Interest Rate is your annual interest rate divided by 12 and expressed as a decimal.
  • Total Number of Payments is the total number of monthly payments over the loan term.
  • Closing Costs are the additional fees associated with your mortgage.

How to Use

  1. Enter the loan amount you wish to borrow in dollars.
  2. Provide the annual interest rate in percentage.
  3. Specify the loan term in years.
  4. If applicable, enter any closing costs associated with your mortgage.
  5. Click the “Calculate” button to see your estimated monthly mortgage payment, including closing costs.

Example Suppose you want to borrow $250,000 with a 4.5% annual interest rate for 30 years, and your closing costs are $5,000. After entering these values into the calculator and clicking “Calculate,” you’ll find that your monthly mortgage payment, including closing costs, will be approximately $1,323.78.


  1. What are closing costs in a mortgage? Closing costs are the fees and expenses you need to pay when finalizing the purchase of a home or obtaining a mortgage. They typically include appraisal fees, title insurance, attorney fees, and more.
  2. Why is it important to consider closing costs in my mortgage payment? Including closing costs in your mortgage payment calculation helps you budget more accurately and understand the full financial impact of your home purchase.
  3. Can I estimate closing costs with this calculator? No, this calculator assumes you already know your closing costs. It only calculates your monthly payment, including those costs.
  4. Is the interest rate entered as an annual rate or a monthly rate? Enter the annual interest rate as a percentage, and the calculator will convert it to a monthly rate.
  5. What’s the loan term, and why is it essential? The loan term is the number of years you’ll take to repay your mortgage. It affects the size of your monthly payments.
  6. Is this calculator suitable for all types of mortgages? It’s primarily designed for fixed-rate mortgages, but it can provide a rough estimate for other types as well.
  7. Are there any limitations to this calculator? It provides an estimate based on standard mortgage calculations but may not account for specific lender policies or regional variations.
  8. Can I factor in property taxes and insurance with this calculator? No, this calculator focuses on the principal, interest, and closing costs. Taxes and insurance would need to be calculated separately.
  9. How frequently should I recalculate my mortgage payment? It’s a good idea to recalculate when your financial situation changes, or you’re considering refinancing.
  10. What’s the significance of a down payment in mortgage calculations? A down payment reduces the loan amount and impacts the size of your monthly mortgage payment.

Conclusion Our Mortgage Calculator Including Closing Costs is a valuable tool for anyone considering a mortgage. By factoring in both your loan amount and closing costs, you can make informed financial decisions when purchasing a home. It’s a convenient way to estimate your monthly payments, helping you plan your budget effectively. Whether you’re a first-time homebuyer or refinancing, this calculator provides valuable insights into your financial commitment.

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