Mortgage Payment Calculator
This Mortgage Payment Calculator helps you estimate your fixed monthly mortgage payment and the total interest paid over the life of the loan, based on the loan amount, interest rate, and loan term.
Monthly Mortgage Payment and Interest Estimator
Mortgage Payment and Interest Formulas
\[
\text{Monthly Payment} = \frac{P \times r}{1 – (1 + r)^{-n}}
\]
\[
\text{Total Interest} = (\text{Monthly Payment} \times n) – P
\]
Where:
- $$P$$ = Principal loan amount
- $$r$$ = Monthly interest rate (annual interest rate divided by 12)
- $$n$$ = Total number of monthly payments (loan term in months)
- $$Monthly Payment$$ = Fixed monthly mortgage payment
- $$Total Interest$$ = Total interest paid over the life of the loan
The Mortgage Payment Calculator helps you project your monthly mortgage obligations and the total cost of borrowing. It’s ideal for homebuyers to understand long-term financial commitments and compare different mortgage scenarios.