A mortgage calculator helps you estimate your monthly home loan payment based on the purchase price, down payment, interest rate, and loan term. It gives you a realistic picture of what you will pay each month and how much interest you will pay over the life of the loan.
Enter the home price, your down payment amount, the annual interest rate offered by your lender, and the loan term in years. The calculator will instantly show your estimated monthly payment, total interest paid, and total cost of the loan.
Monthly Payment = P × r(1+r)^n / ((1+r)^n - 1) where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments.
A fixed-rate mortgage keeps the same interest rate for the entire loan term, making your payments predictable. An adjustable-rate mortgage starts with a lower rate that can change periodically based on market conditions.