Mortgage Calculator — Calculate Monthly Payments
Free mortgage calculator. Estimate monthly mortgage payments based on loan amount, interest rate, and term.
Formula: M = P[r(1+r)^n] / [(1+r)^n - 1]
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What Is This Calculator?
A mortgage calculator estimates your monthly payment on a home loan. It factors in the principal (loan amount), interest rate, and loan term to give you a clear picture of what you will owe each month. This helps you budget and compare different loan offers.
How to Calculate
To calculate your mortgage payment: 1) Enter the total loan amount (home price minus down payment). 2) Enter the annual interest rate your lender is offering. 3) Enter the loan term in years (typically 15 or 30). The formula uses amortization math: M = P[r(1+r)^n] / [(1+r)^n − 1], where P = principal, r = monthly rate, n = total payments.
Examples
Example: A $300,000 loan at 6.5% interest for 30 years results in a monthly payment of approximately $1,896. Over the life of the loan, you would pay about $382,633 in total interest.
Recommended Tools
For comparing mortgage rates from multiple lenders, tools like Bankrate and NerdWallet aggregate real-time offers so you can find the best deal for your situation.
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