Mortgage Calculator
Calculate your monthly mortgage payments and see how much you'll pay over the life of your loan
How Mortgage Calculations Work
This mortgage calculator uses the standard formula for calculating monthly mortgage payments:
M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate
- n = Total number of payments
Tips:
- • A larger down payment reduces your monthly payment
- • Lower interest rates significantly reduce total cost
- • Shorter loan terms mean higher monthly payments but less total interest
- • Consider property taxes and insurance in your budget