Home Loan Interest Rate Calculator
Calculate your monthly home loan payment based on loan amount, interest rate, and loan term. See a detailed breakdown of total interest and total payment.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate your home loan details:
- Enter Loan Amount ($) – Type the total amount you plan to borrow (e.g., 300,000). Must be a positive number.
- Enter Annual Interest Rate (%) – Input the yearly interest rate as a percentage (e.g., 6.5 for 6.5%). Can be zero.
- Enter Loan Term (years) – Specify the repayment period in whole years (e.g., 30). Must be at least 1.
- Click "Calculate" – Press the button or hit Enter on any input field to run the calculation.
- Monthly Payment – Your fixed monthly installment.
- Total Interest – Total interest paid over the loan term.
- Total Payment – Sum of principal and interest.
Results shown:
Note: All values are in US dollars. The calculator uses the standard amortization formula. Invalid inputs (negative or non-numeric) will show red error highlights.
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Frequently Asked Questions
The monthly payment is calculated using the 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 total number of monthly payments (loan term in years times 12).
Total interest is the total amount of interest you will pay over the entire loan term. It is calculated as total payments minus the loan principal.
This calculator is designed for fixed-rate home loans. For adjustable-rate mortgages or other loan types, the calculation may differ.
