Mortgage Calculator
Monthly payment and total interest on a home loan.
What is a mortgage calculator?
A mortgage calculator works out the monthly payment on a home loan from the loan amount, the annual interest rate and the term in years. It also shows the total interest you will pay over the life of the loan.
How to use the mortgage calculator
Enter the loan amount, the annual interest rate and the number of years, then click Calculate. The calculator shows your monthly payment and the total interest.
Mortgage formula
Monthly payment M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments (years × 12).
Example
A $200,000 loan at 6% per year over 30 years gives a monthly payment of $1,199.10. Over 360 payments you pay $231,676.38 in interest.
Frequently Asked Questions
What is the monthly payment on a $200,000 mortgage at 6% for 30 years?
The monthly payment is $1,199.10. Try it on the calculator above.
How much interest will I pay on a $200,000 mortgage at 6% for 30 years?
You will pay $231,676.38 in interest over the 30 years, on top of the $200,000 borrowed.
What is the mortgage payment formula?
Monthly payment M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly rate and n is the number of payments.
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