Mortgage Calculator - Calculate Monthly House Loan Payments
Mortgage Calculator
Estimate monthly home loan payments, down payment impact, and total interest payable.
Monthly Mortgage Payment
$0.00
Loan Amount
$0.00
Total Interest Paid
$0.00
Mortgage Calculator: Calculate Home Loan Monthly Payments
Buying a property is one of the largest financial decisions you will make. Our online Mortgage Calculator helps homebuyers quickly determine monthly principal and interest payments based on loan value, down payment, and interest rate.
How Monthly Mortgage Payments Are Calculated
Standard Mortgage Formula:
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Where:
• M = Total monthly payment
• P = Principal loan amount (Home Price - Down Payment)
• r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• n = Total number of monthly payments (Years × 12)
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Where:
• M = Total monthly payment
• P = Principal loan amount (Home Price - Down Payment)
• r = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• n = Total number of monthly payments (Years × 12)
Frequently Asked Questions (FAQs)
How does a larger down payment affect my monthly payment?
Increasing your down payment reduces the principal loan balance. A lower principal means less interest accrues over time, reducing your overall monthly installment.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage offers higher monthly payments but significantly lower total interest paid over the life of the loan. A 30-year mortgage spreads payments out, resulting in lower monthly costs but higher cumulative interest.
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