Mortgage Calculator
Estimate your monthly mortgage payment.
About This Tool
The Mortgage Calculator estimates your monthly mortgage payment, total interest paid, and amortization schedule for a home loan. Input the property price, down payment, loan term, and interest rate to plan your home purchase budget. Essential for first-time homebuyers and anyone refinancing their existing mortgage.
How It's Calculated
Monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = loan principal, r = monthly interest rate (annual rate / 12), n = total number of monthly payments.
The amortization schedule breaks down each payment into principal and interest portions. Early payments are mostly interest; as the loan matures, the principal portion increases. Total Interest = (Monthly Payment × n) − P. The calculator also shows your loan-to-value (LTV) ratio based on the down payment percentage.
⚠️ Disclaimer
This calculator provides estimates for reference only. Actual mortgage terms, rates, and fees vary by lender and your creditworthiness. It does not include property taxes, insurance, or other closing costs. Consult your bank or mortgage broker for official loan quotes.