Mortgage Calculator
Estimate your monthly mortgage payments, total interest, and total cost of your home loan. This calculator is perfect for home buyers, real estate professionals, and anyone planning a mortgage.
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Mortgage Calculator
Estimate your monthly mortgage payments, total interest, and total cost of your home loan. This calculator is perfect for home buyers, real estate professionals, and anyone planning a mortgage.
How to Use the Mortgage Calculator
- Enter your loan amount (the amount you plan to borrow).
- Enter the annual interest rate (as a percentage, e.g., 6.5).
- Enter the loan term in years (e.g., 30).
- Select the start date of your mortgage.
- View your estimated monthly payment, total payment, and total interest.
What is a Mortgage?
A mortgage is a type of loan used to purchase a home or real estate. The property itself serves as collateral for the loan. Your monthly payment typically includes principal and interest, and may also include taxes and insurance.
Mortgage Formula
The monthly payment is calculated using the formula:
M = P * (r(1+r)^n) / ((1+r)^n - 1)
- M = monthly payment
- P = principal (loan amount)
- r = monthly interest rate (annual rate / 12 / 100)
- n = total number of payments (years * 12)
Why Use Our Mortgage Calculator?
- Instant, accurate results
- Easy to use and mobile-friendly
- Free and privacy-friendly
- Perfect for home buyers and real estate professionals
Example Calculation
Example: Suppose you want to borrow $300,000 at a 6.5% annual interest rate for 30 years.
- Loan Amount: $300,000
- Interest Rate: 6.5%
- Loan Term: 30 years
Your estimated monthly payment would be $1,896.20. Over 30 years, you would pay a total of $682,632, with $382,632 in interest.