Monthly Mortgage Calculator
Calculate your monthly mortgage payment based on loan amount, interest rate, and loan term. Includes amortization breakdown.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator estimates your monthly mortgage payment using the standard amortization formula.
- Enter Loan Amount: Input the total amount you plan to borrow (e.g., 250000 for $250,000).
- Enter Annual Interest Rate: Type the yearly interest rate as a percentage (e.g., 4.5 for 4.5%).
- Enter Loan Term: Specify the loan duration in years (between 1 and 50, e.g., 30).
- Click "Calculate": Press the button to compute your results.
Results:
- Monthly Payment: Your fixed monthly amount (principal + interest).
- Total Payment: The sum of all monthly payments over the loan term.
- Total Interest: The total interest paid over the life of the loan.
Note: All monetary values are in US dollars. Ensure inputs are positive numbers. The calculator uses the formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where r is the monthly interest rate and n is the total number of payments.
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Frequently Asked Questions
It calculates your monthly mortgage payment based on loan amount, interest rate, and loan term using the standard amortization formula.
The formula is M = P * [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly interest rate, and n is number of payments.
You need the loan amount, annual interest rate, and loan term in years.
