Finance
Mortgage Payment Calculator
Calculate your monthly mortgage payment using home price, down payment, rate, and loan term.
Calculator
Results
- Loan amount$360,000.00
- Monthly payment$2,216.58
- Total interest$437,969.49
- Total paid$797,969.49
Formula
M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is loan amount, r is monthly rate, and n is payment count.
Use this formula with the live inputs above to test scenarios instantly.
Assumptions
- Principal and interest only (no taxes, insurance, or HOA fees).
- Fixed interest rate over the full loan term.
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How this formula works
The monthly payment equation comes from annuity math: a fixed payment must cover both interest and principal across a fixed number of periods. Each month, part of the payment services interest on the outstanding balance and the remainder reduces principal.
This model is the same foundation used by lenders in amortization schedules. In practical planning, it gives you a reliable baseline before you layer in taxes, insurance, HOA dues, or extra principal payments.
References & citation
Use these references when documenting assumptions, and copy the block below when citing this calculator.
- What is a mortgage?
Consumer Financial Protection Bureau
Explains principal, interest, and repayment concepts used in mortgage formulas.
- Compound Interest Calculator and Learning Resources
U.S. Securities and Exchange Commission (Investor.gov)
Provides compounding intuition and long-term growth examples.