Home Loan Calculator
Estimate your monthly mortgage payments based on loan amount, interest rate, and loan term. See a detailed amortization schedule.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate your monthly home loan payment and view the first 12 months of amortization:
- Enter Loan Amount ($) – The total amount you plan to borrow (e.g., 300000).
- Enter Annual Interest Rate (%) – The yearly interest rate as a percentage (e.g., 4.5 for 4.5%).
- Enter Loan Term (years) – The repayment period in years (1–50, e.g., 30).
- Click "Calculate" – The calculator will show:
- Your monthly payment (principal + interest).
- Total interest paid over the full loan term.
- An amortization table for the first 12 months, breaking down each payment into principal, interest, and remaining balance.
Note: All inputs must be positive numbers. The calculator uses the standard formula: M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ]. If the interest rate is 0%, the payment is simply the loan amount divided by the number of months.
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Frequently Asked Questions
The monthly payment is calculated using the standard amortization formula: M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments.
The amortization schedule shows the breakdown of each monthly payment into principal and interest, and the remaining balance after each payment. It displays the first 12 months.
Yes, this calculator can be used for any fixed-rate amortizing loan, such as mortgages, car loans, or personal loans, as long as the payments are made monthly.
