Use this mortgage calculator to quickly estimate your monthly mortgage payments based on various loan parameters.
Mortgage Calculator
How to Use the Mortgage Calculator
To use the mortgage calculator, enter the following information into the input fields:
- Home Price: The total price of the home you are looking to purchase.
- Down Payment: The amount of money you will pay upfront for the home.
- Loan Term: The duration of the loan in years.
- Interest Rate: The annual interest rate of the mortgage.
Once you have filled out all the fields, click the ‘Calculate’ button to get the monthly payment result.
How the Results are Calculated
The calculator uses the standard mortgage formula to determine the monthly payment:
Monthly Payment = [ P * r * (1 + r)^n ] / [ (1 + r)^n – 1 ]
where:
- P is the principal amount (Home Price – Down Payment)
- r is the monthly interest rate (Annual Interest Rate / 12 / 100)
- n is the number of payments (Loan Term in years * 12)
Limitations of the Calculator
While this mortgage calculator can provide a good estimate of your monthly mortgage payment, it does not include other potential costs associated with owning a home, such as property taxes, homeowners insurance, HOA fees, and maintenance costs. Additionally, the interest rate is assumed to remain fixed throughout the loan term, which may not be the case for all mortgage products.