Calculate monthly mortgage payment, total interest, and total payment. Free online mortgage calculator with formula, examples, and FAQ for home buyers.
A mortgage is a loan used to purchase real estate, where the property serves as collateral. The mortgage calculator helps you determine your monthly payment based on the home price, down payment, interest rate, and loan term. Understanding your mortgage payment is crucial for budgeting and determining how much home you can afford.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of payments (loan term × 12). This is the standard amortization formula that calculates equal monthly payments over the loan term.
| Input | Output |
|---|---|
| Home: $300,000, Down: $60,000, Rate: 6.5%, 30 years | Monthly: $1,514.32, Total Interest: $293,151.57, Loan: $240,000 |
| Home: $500,000, Down: $100,000, Rate: 7%, 30 years | Monthly: $2,328.57, Total Interest: $538,284.49, Loan: $400,000 |
| Home: $200,000, Down: $40,000, Rate: 5.5%, 15 years | Monthly: $1,300.37, Total Interest: $74,067.19, Loan: $160,000 |