Mortgage Calculator
Calculate your monthly mortgage payment, total payment, and view an amortization schedule.
Results
Enter your mortgage details and click "Calculate Mortgage" to see results.
About Mortgage Calculations
A mortgage is a loan used to purchase real estate, where the property serves as collateral. The mortgage calculator helps you estimate your monthly payments, total cost, and how your loan will be paid off over time.
Mortgage Payment Formula
M = P [ r(1 + r)^n / ((1 + r)^n - 1) ]
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate divided by 12)
n = Total number of payments (loan term in years × 12)
Key Terms
- Principal: The original loan amount
- Interest: The cost of borrowing money, expressed as a percentage
- Amortization: The process of paying off a loan with regular payments
- Down Payment: Initial upfront payment that reduces the loan amount