Monthly Mortgage Payment 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?
How to Use the Monthly Mortgage Payment Calculator
- Enter Loan Amount ($): Type the total amount you plan to borrow (e.g., 300000 for $300,000). Must be a positive number.
- Enter Annual Interest Rate (%): Type the yearly interest rate as a percentage (e.g., 4.5 for 4.5%). Must be a positive number.
- Enter Loan Term (years): Type the loan duration in years (e.g., 30). Must be between 1 and 50.
- Click "Calculate" or press Enter on any input field.
Results:
- Monthly Payment: The fixed amount due each month.
- Total Payment: The sum of all monthly payments over the loan term.
- Total Interest: The total interest paid over the loan term.
All values are in US dollars ($). The calculator uses the standard amortization formula for fixed-rate loans.
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Frequently Asked Questions
A monthly mortgage payment is the amount you pay each month to repay your home loan, typically including principal and interest.
It uses the formula M = P * (r(1+r)^n) / ((1+r)^n - 1), where P is loan amount, r is monthly interest rate, and n is number of payments.
Yes, it works for any fixed-rate amortizing loan, not just mortgages, as long as the interest rate is fixed.
