Mortgage Calculator

Calculate monthly payments, total interest, and total payment for your mortgage.

Calculator

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and total payment amount.

Calculate Mortgage Payment

How to Use

1. Enter Loan Amount
The total amount you want to borrow
2. Enter Interest Rate
Annual interest rate as a percentage
3. Enter Loan Term
Number of years to repay the loan

Quick Examples

$300,000 at 4.5% for 30 years
Monthly payment: ~$1,520
$200,000 at 3.5% for 15 years
Monthly payment: ~$1,430
$500,000 at 5.0% for 20 years
Monthly payment: ~$3,300

About Mortgage Payments

A mortgage is a loan used to purchase real estate, where the property serves as collateral. The monthly payment consists of principal and interest.

Mortgage Payment Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
Where: M = Monthly payment, P = Principal, r = Monthly interest rate, n = Total number of payments

Factors Affecting Payment

Loan Amount

Higher principal = higher monthly payment

Interest Rate

Higher rate = higher monthly payment

Loan Term

Longer term = lower monthly payment, more total interest

Tips for Homebuyers

  • • Aim for a down payment of 20% or more to avoid PMI
  • • Consider shorter loan terms to save on total interest
  • • Shop around for the best interest rates
  • • Factor in property taxes and insurance
  • • Ensure monthly payment fits your budget

Frequently Asked Questions

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