Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and payoff cost from loan amount, rate, and term. Free mortgage calculator, instant results.

Results

Monthly Payment

$1,342.05

Details

Total Payment$483,139.46
Total Interest$233,139.46

How this calculator works

Estimate your monthly mortgage payment, total interest, and payoff cost from loan amount, rate, and term. Free mortgage calculator, instant results.

Formula

M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the annual interest rate divided by 12, and n is the term in years times 12. Total paid = M × n. Total interest = total paid − P. A zero rate uses M = P / n.

Worked example

A $250,000 loan at 5% for 30 years has a monthly rate of 0.05/12 and 360 payments. The monthly payment is $1,342.05. Over the full term that is $483,139.46 paid, including $233,139.46 of interest.

Inputs

  • Loan Amount ($)
  • Interest Rate (%)
  • Loan Term (years)

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