How the Mortgage Calculator Works
This calculator uses the standard fixed-rate mortgage payment formula to estimate the principal-and-interest portion of your monthly payment.
Formula
M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]
Where M is the monthly payment, P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
Example
For a $400,000 home with a $80,000 down payment, a 6.5% annual rate and a 30-year term, the calculator estimates the monthly principal-and-interest payment and provides the complete repayment breakdown.
Important note
This is an estimate for educational and planning purposes. Actual mortgage costs can vary based on lender terms, taxes, insurance, fees and other factors.