Simple Mortgage Calculator
Calculates your monthly mortgage payment based on principal, interest rate, and loan duration.
(principal * (interestRate / 100 / 12)) / (1 - Math.pow(1 + (interestRate / 100 / 12), -(loanYears * 12)))How It Works: Standard 30-Year / Custom
Where P is home purchase price, D is down payment, r is monthly interest rate, and n is total monthly payments (e.g., 360 for 30 years).
M = (P - D) × (r(1+r)^n) ÷ ((1+r)^n - 1) Step-by-Step Calculation Guide
- 1Enter the Home Purchase Price and Down Payment.
- 2Input the Annual Mortgage Interest Rate and Loan Term (15 or 30 years).
- 3View your monthly principal & interest payment and total interest over the life of the loan.
Frequently Asked Questions
Common questions, expert insights, and tips about Simple Mortgage Calculator
A 15-year mortgage has higher monthly payments but substantially lower total interest costs compared to a 30-year mortgage.
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