Mortgage Payment Calculator
Calculate your monthly mortgage payments
$
$
20% of loan amount recommended
%
How Mortgage Calculation Works
A mortgage calculator helps you estimate your monthly mortgage payments based on the loan amount, interest rate, and loan term. The most common type is the equal payment method (amortization), where you pay the same amount each month.
Equal Payment (等额本息): Your monthly payment stays the same throughout the loan term. Early payments go mostly toward interest, while later payments go more toward principal.
Equal Principal (等额本金): Your principal payment stays the same each month, but the total payment decreases over time as the interest portion shrinks.
Mortgage Tips
- A larger down payment reduces your loan amount and monthly payments.
- Even a 0.5% lower interest rate can save you thousands over the loan term.
- Shorter loan terms mean higher monthly payments but less total interest.
- Consider additional costs: property tax, insurance, PMI, and HOA fees.
- Making extra payments can significantly reduce your total interest.
Calculation Formula
Equal Payment Formula:
M = P × [r(1+r)n] / [(1+r)n - 1]
Where M = monthly payment, P = principal, r = monthly interest rate, n = total number of months
Frequently Asked Questions
A mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on the loan amount, interest rate, and loan term.
Equal payment (equal installments) keeps your monthly payment constant. Equal principal keeps the principal portion constant, so total payments decrease over time.
No, this calculator only computes the principal and interest. You should add property tax, insurance, and other fees separately.
This calculator provides estimates based on standard formulas. Actual payments may vary depending on your lender's terms and conditions.