Simple Mortgage Calculator
Calculate your monthly mortgage payment based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Simple Mortgage Calculator
- Enter Loan Amount ($): Input the total amount you plan to borrow (e.g., 200000). Use whole numbers or decimals; no commas.
- Enter Interest Rate (%): Input the annual interest rate as a percentage (e.g., 4.5 for 4.5%).
- Enter Loan Term (years): Input the repayment period in years (e.g., 30 for a 30-year mortgage).
- Click "Calculate": Press the blue button to compute your monthly payment.
Result: The calculator shows your monthly payment (principal + interest) based on the standard formula. All inputs must be positive numbers. If you see an error, double-check your entries.
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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.
You need the loan amount, annual interest rate, and loan term in years.
This calculator is designed for fixed-rate loans. For adjustable-rate loans, the payment may change over time.
