Finance/Calculator

Mortgage Calculator

Estimate your monthly mortgage payments and total interest over the life of your loan. Enter your home price, down payment, interest rate, and loan term.

Enter Your Details

Home Price ($)

Down Payment ($)

Interest Rate (%)

Loan Term (years)

Estimated Monthly Payment$1,516.96

Your Mortgage Breakdown

56%interest

Monthly Payment

$1,516.96

Principal: $240,000.00Interest: $306,106.77

Loan Amount$300,000.00

Down Payment$60,000.00

Financed Amount$240,000.00

Monthly Payment$1,516.96

Total Interest Paid$306,106.77

Total Amount Paid$546,106.77

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How It Works

The mortgage calculator uses the standard amortization formula to determine your monthly payment. The formula takes your loan principal (home price minus down payment), divides the annual interest rate by 12 to get the monthly rate, and calculates the fixed payment needed to fully repay the loan over your chosen term.

The formula is: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the total number of payments.

This calculation assumes a fixed-rate mortgage with consistent monthly payments throughout the loan term. Actual payments may vary based on property taxes, homeowner's insurance, PMI, and HOA fees which are not included in this basic calculation.