🏠 Mortgage Calculator
Calculate monthly mortgage payments
How Mortgage Calculation Works
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
- 1P = loan amount, r = monthly interest rate, n = total number of payments.
- 2Convert annual rate to monthly: r = annual rate / 12.
- 3Calculate total payments: n = years × 12.
- 4Apply the mortgage payment formula to find the monthly payment.
- 5Total interest = (monthly payment × n) − loan amount.
About Mortgage Calculator
Calculate your monthly mortgage payment with a detailed amortization schedule. See how much goes to principal vs. interest each year.
Frequently Asked Questions
How much house can I afford?
A common rule: your monthly housing costs should not exceed 28% of gross monthly income. Use the calculator to find what loan amount fits your budget.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but much lower total interest. 30-year mortgages are more affordable monthly but cost more overall.
What is amortization?
Amortization is the gradual payoff of a loan. Early payments go mostly to interest; later payments go mostly to principal.