Mortgage Loan Calculator
Calculate your monthly mortgage payment, total interest paid, and amortization schedule based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
Follow these steps to calculate your mortgage payments:
- Enter Loan Amount – Input the total mortgage amount in dollars (e.g., 300000). Only positive numbers are accepted.
- Enter Annual Interest Rate – Provide the yearly interest rate as a percentage (e.g., 6.5 for 6.5%). Use decimals if needed.
- Enter Loan Term – Specify the loan duration in whole years (e.g., 30). Must be a positive integer.
- Click "Calculate" – Press the blue button or hit the Enter key while in any input field to run the calculation.
- Review Results – The calculator displays:
- Monthly Payment – Your fixed monthly installment.
- Total Interest Paid – Total interest over the loan term.
- Total Payment – Sum of principal and interest.
Note: All inputs must be positive numbers. The calculator uses the standard mortgage formula with monthly compounding. Results update automatically on initial load and after each calculation.
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
The monthly payment is calculated using the formula M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ], where P is the loan amount, i is the monthly interest rate, and n is the number of monthly payments.
You need the loan amount, annual interest rate, and loan term in years.
No, this calculator only estimates principal and interest. Taxes and insurance are not included.
