Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal and interest
About this calculator
This mortgage payment calculator helps you determine your monthly mortgage payment by calculating the principal and interest portions based on your loan amount, interest rate, and loan term. It's an essential tool for homebuyers and homeowners looking to budget for their housing expenses or compare different loan scenarios. Understanding your monthly payment helps you make informed decisions about home affordability and ensures you choose a mortgage that fits comfortably within your budget.
How to use
Enter your home loan amount, annual interest rate, and loan term in years. The calculator will instantly compute your monthly principal and interest payment. You can adjust any variable to see how changes in loan amount, interest rate, or term length affect your monthly payment amount.
Frequently asked questions
What's included in the mortgage payment calculation?
This calculator includes principal and interest only. Property taxes, insurance, and PMI are additional costs not included in this calculation.
How does loan term affect my monthly payment?
Longer loan terms result in lower monthly payments but higher total interest paid over the life of the loan.
Can I use this for refinancing calculations?
Yes, enter your remaining loan balance, new interest rate, and desired term to calculate refinanced mortgage payments.