Mortgage Calculator
This Mortgage Calculator helps you estimate your fixed monthly mortgage payments based on the loan amount, interest rate, and loan term, assisting you in better budgeting and financial planning.
Monthly Mortgage Payment Estimator
Mortgage Monthly Payment Formula
\[
\text{Monthly Payment} = \frac{P \times r}{1 – (1 + r)^{-n}}
\]
Where:
- $$P$$ = Principal loan amount (amount borrowed)
- $$r$$ = Monthly interest rate (annual interest rate divided by 12)
- $$n$$ = Total number of monthly payments (loan term in months)
- $$Monthly Payment$$ = Fixed mortgage payment each month
The Mortgage Calculator helps borrowers easily estimate their monthly payments for a home loan. It includes principal and interest payments, providing a clear view of loan affordability and financial planning before purchasing a home.