- Enter the Home Price.
- Enter the Down Payment Percentage.
- Input the Interest Rate.
- Select the Loan Term (15 or 30 years).
- View the calculated Monthly Principal & Interest payment.
Mortgage Calculator
The Mortgage Calculator is a tool to estimate your monthly mortgage payments.
How to Use This Tool
Learn More About Mortgage Calculator
Understanding Mortgage Calculations
The mortgage calculator uses a standard amortization formula to determine the monthly payment.
Amortization Formula
The formula considers the principal loan amount, interest rate, and loan term to arrive at the monthly payment.
- M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: M = Monthly Payment P = Principal Loan Amount i = Monthly Interest Rate (annual rate divided by 12) n = Number of Payments (loan term in months)
About
The Mortgage Calculator is a tool to estimate your monthly mortgage payments. Enter the home price, down payment percentage, interest rate, and loan term (15 or 30 years) to calculate the principal and interest portion of your monthly payment.
Use Cases
- Estimating monthly mortgage payments for a home purchase
- Comparing different mortgage options
- Determining the affordability of a home
- Planning a budget for homeownership