Mortgage Calculator – Calculate Your Monthly Payment
Enter your loan amount, interest rate, and term to instantly calculate your monthly payment, total repayment, and interest costs.
How to Use
- 1
Enter the loan amount in dollars
- 2
Enter the annual interest rate as a percentage
- 3
Enter the loan term in years to see instant results
Frequently Asked Questions
How is the monthly payment calculated?
Using the standard amortization formula based on principal, rate, and term.
Does this include taxes and insurance?
No, this calculates principal and interest only.
Can I use this for any currency?
The formula works for any currency — just interpret the $ symbol as your currency.
Is this free?
Yes, completely free and no signup required.
How this is calculated
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where
- M is the monthly payment
- P is the loan amount
- r is the annual interest rate ÷ 100 ÷ 12, i.e. the monthly rate
- n is the term in years × 12, i.e. the number of payments
What this assumes
- This is the standard annuity formula: a fixed rate for the whole term and an equal payment every month.
- It excludes fees, insurance, taxes and any special repayments, so the real cost of a loan is higher than this figure.
This is a calculation, not financial advice.
Estimate your monthly mortgage payment
A mortgage calculator works out your monthly repayment from the loan amount, interest rate and term. It splits the payment into principal and interest so you can see how much of each instalment actually reduces your debt.
Adjust any input to instantly see how a bigger deposit or a lower rate changes what you pay.
Useful when
- Working out what you can afford before house-hunting.
- Comparing offers with different rates and terms.
- Seeing the long-term cost of borrowing.
- For other loans use the loan calculator; for growth over time the compound interest calculator.
Private estimates
Calculations run in your browser, so your financial figures are never uploaded. Always confirm final numbers with your lender.