Mortgage Calculator
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Mortgage Calculator
This tool calculates your monthly mortgage payment, total interest, and total payment over the loan term. It also shows an amortization schedule for the first 5 years.
- Enter Loan Amount ($): The total amount you plan to borrow (e.g., 300000). Must be greater than 0.
- Enter Down Payment ($): The upfront cash you pay (e.g., 60000). Must be 0 or more, and less than the loan amount.
- Enter Annual Interest Rate (%): The yearly interest rate (e.g., 4.5). Must be greater than 0.
- Enter Loan Term (years): The repayment period in years (e.g., 30). Must be at least 1.
- Click Calculate to see results.
Outputs:
- Monthly Payment: Fixed amount due each month.
- Total Interest: Total interest paid over the loan term.
- Total Payment: Sum of principal and interest.
- Amortization Schedule: Shows first 60 payments (5 years) with principal, interest, and remaining balance.
Note: All monetary values are in US dollars ($). Inputs must be positive numbers; down payment can be zero. The calculator uses the standard mortgage formula.
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Frequently Asked Questions
A mortgage calculator estimates your monthly mortgage payment based on loan amount, interest rate, and loan term. It also shows total interest and an amortization schedule.
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
No, this calculator only considers principal and interest. Taxes and insurance are not included.
