Mortgage Calculator
Estimate monthly mortgage payments and review the effect of loan amount, interest rate, and term. Taxes, insurance, and fees may be separate. It can make a financial figure easier to understand before you compare options or enter the numbers into a larger budget.
How to use this calculator
Enter the principal, interest rate, and repayment period. If the calculator asks for a payment frequency, match it to the rate period so a monthly rate is not paired with an annual payment schedule.
Formula
Monthly payment = P[r(1+r)^n] Γ· [(1+r)^n β 1], where r is the monthly interest rate and n is the number of monthly payments.
A useful way to check it
Use the calculator as a quick verification tool as well as a way to get the final number. Understanding what the result represents is just as important as the number itself. Financial results can change with rates, fees, taxes, dates, and the assumptions entered. Treat the figure as an estimate and verify important numbers against the terms that actually apply.