Mortgage Calculator
Enter your mortgage amount, annual interest rate and loan term to estimate your monthly principal-and-interest payment.
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months
How It Works
The same amortization formula used for any fixed-rate loan applies to a mortgage: principal and interest are spread evenly across the loan term.
Formula
Monthly Payment = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the mortgage principal, r is the monthly interest rate, and n is the number of monthly payments.
Example
A 300,000 mortgage at 6.5% over 360 months (30 years) has a monthly principal-and-interest payment of roughly 1,896.
Frequently Asked Questions
- Does this include property tax and insurance?
- No, this calculates principal and interest only. Your actual monthly mortgage payment is often higher once property tax, homeowners insurance and any mortgage insurance are included.
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