Mortgage Calculator
Calculate your monthly payment, total interest, and see how your loan breaks down over time.
How It Works
This calculator uses the standard amortization formula to determine your fixed monthly payment covering both principal and interest.
Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
P = loan principal · r = monthly rate · n = total payments
Tips
- A 20% down payment avoids PMI
- 15-year loans have higher payments but lower total interest
- Each 0.5% rate change affects payments meaningfully
Frequently Asked Questions
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly interest rate, and n is number of payments.
A basic mortgage payment covers principal and interest. Your total payment may also include property taxes, homeowners insurance, and PMI (private mortgage insurance).
A common rule is that your total housing costs should not exceed 28% of your gross monthly income, and total debt payments should stay under 36%.