Mortgage Rate Calculator
Calculate your monthly mortgage payment, total interest, and total cost based on loan amount, interest rate, loan term, and down payment.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator estimates your monthly mortgage payment, total interest, and total payment based on the loan amount, down payment, interest rate, and loan term.
- Enter Loan Amount – The total amount you plan to borrow (e.g., 300000 for $300,000).
- Enter Down Payment – Optional amount paid upfront (e.g., 60000). Must be less than the loan amount.
- Enter Annual Interest Rate (%) – The yearly interest rate as a percentage (e.g., 6.5 for 6.5%).
- Enter Loan Term (years) – The repayment period in years (e.g., 30). Must be between 1 and 50.
- Click "Calculate" – The form validates inputs and shows results below.
Results: Monthly Payment, Total Interest, and Total Payment are displayed. The formula uses the standard amortization calculation: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P = principal (loan minus down payment), r = monthly interest rate, and n = total months.
Note: All monetary values are in USD. Ensure inputs are non-negative and numeric.
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal (loan amount minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (loan term in years times 12).
The total payment is the sum of all monthly payments over the loan term. It includes both principal and interest. It does not include taxes, insurance, or other fees.
Yes, this calculator can be used for any fixed-rate loan where payments are made monthly, such as mortgages, auto loans, or personal loans.
