Mortgage Calculator
PopularCalculate mortgage payments, interest, and total cost
Formula Used
M = P × [r(1+r)^n] / [(1+r)^n − 1] where P = loan amount (price − down payment)
Step-by-Step Explanation
- 1Enter the home price, down payment, interest rate, and loan term.
- 2The down payment is subtracted from the home price to get the loan principal.
- 3Your fixed monthly mortgage payment and total cost are calculated instantly.
Worked Examples
Example 1
$300,000 home, 20% down, 30-year term at 6.5%
Loan = $240,000, rate = 6.5%, term = 360 months
Monthly payment ≈ $1,516.96
Frequently Asked Questions
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