Mortgage Calculator
Monthly payment and total interest on a home loan.
What is a mortgage calculator?
A mortgage calculator finds the monthly payment on a home loan. Example: a $200,000 loan at 6% for 30 years costs $1,199.10 per month.
How to use it
Enter the loan amount, annual interest rate and years, then tap Calculate.
Formula
Monthly payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the number of payments. For $200,000 at 6% for 30 years, the monthly rate is 0.5% and n is 360.
Frequently Asked Questions
What is the monthly payment on a $200,000 mortgage at 6% for 30 years? $1,199.10.
How much interest is paid in total? About $231,676 over 30 years.
Does a shorter term lower the payment? No, a shorter term raises the monthly payment but lowers total interest.