How is mortgage monthly payment calculated?

Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is total number of payments.

What is an amortization schedule?

An amortization schedule shows how each payment is split between principal and interest over the life of the loan.

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How the Mortgage Calculator Works

This free mortgage calculator helps you estimate your monthly mortgage payments and total interest costs. Enter your loan amount, down payment, interest rate, and loan term to see a detailed breakdown including a full amortization schedule.

Mortgage Payment Formula

The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.

Tips for Lowering Your Mortgage

Increase your down payment to reduce the principal and potentially avoid PMI.
Choose a shorter loan term — 15-year loans typically have lower rates than 30-year loans.
Improve your credit score to qualify for better interest rates.
Compare offers from multiple lenders to find the best rate.