Housing Loan Calculator
Calculate your monthly mortgage payment, total interest, and total payment based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
This calculator estimates your monthly housing loan payment, total payment, and total interest based on a fixed-rate loan.
- Enter Loan Amount ($): Input the total amount you plan to borrow (e.g., 300000).
- Enter Annual Interest Rate (%): Input the yearly interest rate as a percentage (e.g., 6.5 for 6.5%).
- Enter Loan Term (Years): Input the number of years to repay the loan (1–50).
- Click "Calculate": Press the button to compute the results.
- Review Results:
- Monthly Payment: Your fixed monthly installment.
- Total Payment: The sum of all monthly payments over the loan term.
- Total Interest: The total interest paid over the loan term.
Note: All monetary values must be positive. The calculator uses the standard amortization formula (M = P * [r(1+r)^n] / [(1+r)^n - 1]).
Previous Results
| Result | Inputs | Date |
|---|
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 number of monthly payments (loan term in years times 12).
You need the loan amount (the total amount borrowed), the annual interest rate (as a percentage), and the loan term in years.
This calculator is designed for fixed-rate loans. For adjustable-rate or interest-only loans, the calculation may differ.
