Mortgage Calculator
Calculate your monthly mortgage payment, total payment, and total interest.
Mortgage Results
What Is a Mortgage Calculator?
A mortgage calculator helps you estimate the monthly payment required to repay a home loan. Enter your loan amount, annual interest rate, and loan term to calculate your estimated monthly mortgage payment.
The calculator also shows the total amount you would pay over the entire loan term and the total interest paid.
Mortgage Payment Formula
Where:
- M = Monthly mortgage payment
- P = Principal loan amount
- r = Monthly interest rate
- n = Total number of monthly payments
The monthly interest rate is calculated by dividing the annual interest rate by 100 and then dividing it by 12.
Example Mortgage Calculation
Suppose you borrow $200,000 at an annual interest rate of 6.5% for 30 years. The calculator uses the standard fixed-rate mortgage formula to estimate your monthly payment.
The result includes your estimated monthly payment, total payments over 30 years, and the total interest paid during the loan.
How Mortgage Payments Work
A fixed-rate mortgage payment generally contains both principal and interest. During the early years of a mortgage, a larger portion of each payment typically goes toward interest. As the principal balance decreases, more of the payment goes toward reducing the loan balance.
Your actual mortgage costs may also include property taxes, homeowners insurance, mortgage insurance, closing costs, and other fees. These costs are not included in this basic calculator.
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Mortgage Calculator FAQs
What does a mortgage calculator calculate?
A mortgage calculator estimates your monthly mortgage payment, total payment, and total interest based on your loan amount, interest rate, and loan term.
Does this mortgage calculator include taxes and insurance?
No. This calculator estimates principal and interest payments. Property taxes, homeowners insurance, mortgage insurance, and other additional costs are not included.
What happens if the interest rate is 0%?
If the interest rate is 0%, the calculator simply divides the loan amount by the total number of monthly payments.
Can I use this calculator for different loan terms?
Yes. You can enter different loan terms, such as 10, 15, 20, 25, or 30 years, and compare the estimated monthly payments and total interest.
Is this mortgage calculator free?
Yes. The Mortgage Calculator on Easy Online Tool is completely free to use and does not require registration.