Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule.
Results
Monthly Payment:
$0.00
Total Payment:
$0.00
Total Interest:
$0.00
How to Use the Mortgage Calculator
- Loan Amount: Enter the total amount you plan to borrow
- Interest Rate: Enter the annual interest rate as a percentage
- Loan Term: Enter the number of years for the loan
Understanding Your Results
The calculator provides three key figures:
- Monthly Payment: Your fixed monthly payment amount
- Total Payment: The total amount you'll pay over the life of the loan
- Total Interest: The total interest you'll pay over the loan term
Mortgage Calculation Formula
The monthly payment is calculated using the standard mortgage formula:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1]
Where:
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate
- n = Total number of payments