Mortgage payment calculator

How it works

The monthly payment uses the standard amortization formula: M = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (your annual rate divided by 12), and n is the total number of monthly payments (years × 12). Total paid is just the monthly payment times the number of payments, and total interest is whatever's left after subtracting the original loan amount.

FAQ

What happens if I enter a 0% interest rate?

The calculator switches to simple division (loan amount divided by number of payments), since the standard amortization formula divides by zero at 0% interest.

Does this include property tax, insurance, or PMI?

No - it only calculates principal and interest on the loan itself; taxes, homeowners insurance, HOA fees, and PMI aren't included, so your actual monthly payment will likely be higher than the number shown here.