Use this mortgage calculator to determine your monthly payments and understand the financial implications of your home loan.
Mortgage Calculator
How to Use the Mortgage Calculator
Enter the home price, down payment, loan term in years, and interest rate into the corresponding fields. Click the “Calculate” button to see your monthly mortgage payment.
How the Calculator Works
The mortgage calculator uses the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is your monthly payment, P is the principal amount (home price minus down payment), r is your monthly interest rate, and n is the number of payments (loan term in years times 12 months).
Calculator Limitations
The calculator does not take into account property taxes, homeowners insurance, or potential homeowners association (HOA) fees. Additionally, the results are based on the inputs provided and may not reflect actual loan offers. Always consult with a financial advisor or mortgage professional for the most accurate information.