Mortgage Calculator

Estimate mortgage payments, interest, and payoff time.

How to Do It Manually

A mortgage is a long-term loan for property. The monthly payment covers principal and interest using the same amortization formula as a loan.

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
  1. Determine your loan amount (home price minus down payment).
  2. Convert annual interest rate to monthly: r = rate ÷ 12 ÷ 100.
  3. Set n to the loan term in months (e.g. 30 years = 360 months).
  4. Apply the amortization formula.

Frequently Asked Questions

What is PMI?

Private Mortgage Insurance is required when the down payment is less than 20%. It protects the lender and adds to your monthly cost.

What is an escrow account?

An escrow account holds funds for property taxes and insurance, which are often rolled into the monthly mortgage payment.