This mortgage calculator estimates your monthly home-loan payment from the amount borrowed, the interest rate, and the loan term, so you can plan before you commit.
A fixed-rate mortgage payment uses the formula M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Early payments are mostly interest; later ones pay down more principal.
Three levers move your monthly payment the most: the amount you borrow, your interest rate, and your term. A larger down payment lowers the amount borrowed. A longer term lowers the monthly payment but increases total interest. Even a small rate difference can change total interest by tens of thousands over 25–30 years.
The payment from this calculator covers principal and interest. Your real monthly housing cost may also include property taxes, home insurance, and — in some cases — mortgage insurance or service charges. Budget for those on top.
A common guideline is to keep total housing costs under about 28–30% of your gross monthly income, but the right figure depends on your other debts and goals.
Yes. A larger down payment reduces the amount you borrow, which lowers both your monthly payment and the total interest you pay.
A shorter term means higher monthly payments but far less total interest. A longer term eases monthly cash flow but costs more overall.
This calculator provides estimates for general information only and is not financial advice. Figures are approximate — confirm exact numbers with your lender or a qualified adviser.
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