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 Mortgage Payment Calculator
Follow these steps to calculate your monthly mortgage payment:
- Enter Loan Amount ($): Input the total amount you plan to borrow (e.g., 300,000).
- Enter Annual Interest Rate (%): Provide the yearly interest rate as a percentage (e.g., 6.5 for 6.5%).
- Enter Loan Term (Years): Specify the loan duration in years (e.g., 30).
- Enter Down Payment ($) – Optional: Add any upfront payment to reduce the loan amount (e.g., 60,000). Leave blank if none.
- Click "Calculate": Press the button to see your results.
- Monthly Payment: Your fixed monthly installment.
- Total Principal: The actual loan amount after down payment.
- Total Interest: Total interest paid over the loan term.
- Total Cost: Sum of principal and interest.
What You Get
Note: All inputs must be positive numbers. The down payment cannot exceed the loan amount. Results are in US dollars ($).
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the standard amortization 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 monthly payments.
You need the loan amount, annual interest rate, loan term in years, and optionally the down payment amount.
No, this calculator only estimates principal and interest. Taxes, insurance, and other fees are not included.
