Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and view amortization.
Monthly Payment
per month
Loan Amount
Total Interest
Total Cost
Payoff Date
Payment Breakdown
Principal
Interest
How Mortgage Payments Are Calculated
Monthly mortgage payments are calculated using a standard amortization formula that accounts for the principal loan amount, interest rate, and loan term.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate
n = Total number of payments
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate
n = Total number of payments
Your total monthly housing cost may also include property taxes, homeowners insurance (PMI if applicable), and HOA fees, which are not included in this basic calculation.