Calculate your monthly mortgage payment by entering your loan details below.
Monthly Payment:
$0.00
Mortgage Calculator Overview
Inputs:
Loan Amount (in dollars)
Annual Interest Rate (as a percentage)
Loan Term (in years)
Output:
Monthly Payment (calculated using the standard mortgage formula)
Formula:
The monthly mortgage payment can be calculated using the formula:
M = P × [r(1+r)n / ((1+r)n - 1)]
Where:
M = Monthly payment
P = Loan amount (principal)
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (loan term in years × 12)
Frequently Asked Questions
Our Mortgage Calculator estimates your monthly payment using the formula: M = P [r(1+r)^n] / [(1+r)^n – 1], where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (loan term in years × 12). Enter your loan amount, interest rate, and term to get your monthly payment instantly.
Your monthly mortgage payment is affected by the loan amount, interest rate, and loan term. A higher loan amount or interest rate increases your payment, while a longer loan term reduces it but increases total interest paid. Additional factors like property taxes, insurance, and PMI (if applicable) are not included in this calculator but may affect your actual payment.
No, our Mortgage Calculator focuses on the principal and interest components of your payment. It does not include property taxes, homeowners insurance, or private mortgage insurance (PMI), which may be required depending on your loan. For a complete estimate, you’ll need to add these costs separately based on your location and loan terms.