Calculator
Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and total cost for your home loan.
Quick Loan Types
How to use the Mortgage Calculator
Enter the home price, annual interest rate, and loan term in years. Click Calculate Payment to see your monthly mortgage payment, total interest, and total cost. Use the preset buttons for quick calculations of common mortgage scenarios.
This calculator helps you understand the financial commitment of a mortgage and compare different loan options before making a decision.
What this calculator shows you
- ✓Monthly Mortgage Payment — Your fixed monthly payment for principal and interest.
- ✓Total Interest — The total interest you will pay over the entire loan term.
- ✓Total Cost — The sum of principal and interest paid over the life of the loan.
- ✓Interest Percentage — The percentage of interest relative to your principal amount.
- ✓Number of Payments — Total number of monthly payments over the loan term.
How is the mortgage payment calculated?
Mortgage payments are calculated using the standard amortization formula:
M = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where:
• M = Monthly Mortgage Payment
• P = Principal Loan Amount (Home Price)
• r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• n = Number of Monthly Payments (Years × 12)
Total Cost = M × n
Total Interest = Total Cost - Principal