Mortgage Repayment Calculator
Calculate your monthly mortgage payment based on loan amount, interest rate, and term. Includes amortization schedule and total interest paid.
Published by:
isCalculator Editorial Team
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How to use this tool?
This calculator estimates your monthly mortgage payment and total interest for a fixed-rate loan.
- Enter Loan Amount ($): Type the total amount you plan to borrow (e.g., 300000).
- Enter Annual Interest Rate (%): Type the yearly interest rate (e.g., 4.5 for 4.5%).
- Enter Loan Term (years): Type the repayment period in years (1 to 50, e.g., 30).
- Click "Calculate" or press Enter on any input field.
Results: You'll see your Monthly Payment, Total Payment (over the full term), and Total Interest paid. The formula used is displayed below the results.
Note: All monetary values are in US dollars ($). Ensure inputs are positive numbers; errors will appear in red if invalid.
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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 loan amount, r is the monthly interest rate, and n is the number of monthly payments.
The total payment is the sum of all monthly payments over the loan term, which includes both principal and interest.
This calculator is designed for fixed-rate mortgages. For adjustable-rate or interest-only loans, the calculation may differ.
