Mortgage Calculator
Calculate your monthly mortgage payment. Factor in down payment, interest rate, and loan term.
Monthly Payment
Loan Amount
Total Interest
Total Cost
How to Use This Calculator
1. Enter the home price
2. Enter your down payment amount
3. Enter the mortgage interest rate
4. Select the loan term (15, 20, or 30 years)
5. View your monthly payment and total costs
The Formula
The mortgage payment uses the same formula as loans:
M = P[r(1+r)^n]/[(1+r)^n-1]
Your loan amount (P) is the home price minus down payment.
The total cost includes the down payment plus all monthly payments.
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