- Open the Mortgage Calculator and find the main field: Principal, rate %, term months.
- Type your values in that field. The placeholder shows an example format (250000, 5, 360).
- Click "Calculate" to compute the result in your browser.
- Read the result in the Result section. Use Copy to paste the output elsewhere.
Mortgage Calculator
The Mortgage Calculator is a tool to estimate your monthly mortgage payments.
Calculator
Enter the values described below, then run. Use Load sample to try a prefilled example when available.
Format hints
250000, 5, 360
How to Use This Tool
Learn More About Mortgage Calculator
Understanding Mortgage Calculations
The mortgage calculator uses a standard amortization formula to determine the monthly payment.
Amortization Formula
The formula considers the principal loan amount, interest rate, and loan term to arrive at the monthly payment.
- M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: M = Monthly Payment P = Principal Loan Amount i = Monthly Interest Rate (annual rate divided by 12) n = Number of Payments (loan term in months)
About
The Mortgage Calculator is a tool to estimate your monthly mortgage payments. Enter the home price, down payment percentage, interest rate, and loan term (15 or 30 years) to calculate the principal and interest portion of your monthly payment.
Examples
Valid mortgage inputs
Principal, rate %, term months
Input
{"home_price":300000,"down_payment_percent":20,"interest_rate":4,"term":30}Output
Shown in the Result area after you click the action button.
Another valid mortgage input
Principal, rate %, term months
Input
{"home_price":500000,"down_payment_percent":10,"interest_rate":3.5,"term":15}Output
Shown in the Result area after you click the action button.
Use Cases
- Estimating monthly mortgage payments for a home purchase
- Comparing different mortgage options
- Determining the affordability of a home
- Planning a budget for homeownership