Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and total loan cost.
How to Calculate Mortgage Payments
Your monthly mortgage payment is calculated using the loan amount (home price minus down payment), the annual interest rate, and the loan term. The formula used is the standard amortization formula.
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 calculator includes principal and interest only. Your actual monthly payment may also include property taxes, homeowners insurance, and PMI if your down payment is less than 20%.