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Online Mortgage Payment Calculator
Calculate your monthly mortgage payments and understand the total cost of your fixed-rate home loan with our easy-to-use online mortgage payment calculator.
Result
Payoff length (Years, Months): 15Y, 6M
| IF MONTHLY EXTRA PAYMENT IS ($): 500.00 | |
|---|---|
| Monthly Payment ($) | 2,445.79 |
| Total Payments ($) | 571,647.26 |
| Total Interest ($) | 271,647.26 |
| Remaining Payments ($) | 454,899.86 |
| Remaining Interest ($) | 173,272.43 |
| THE ORIGINAL PAYOFF SCHEDULE | |
| Monthly Pay ($) | 1,945.79 |
| Total Payments ($) | 700,484.40 |
| Total Interest ($) | 400,484.40 |
| Remaining Payments ($) | 583,737.00 |
| Remaining Interest ($) | 302,109.57 |
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What Is This Tool?
This mortgage payment calculator helps users estimate their monthly payment amount for a fixed-rate mortgage. It also provides insights into the total amount paid over the life of the loan and the total interest paid based on the principal, interest rate, and loan term.
How to Use This Tool?
- Enter the principal loan amount, which is your home price minus the down payment
- Input the annual mortgage interest rate; the tool converts it to a monthly rate automatically
- Specify the loan term in years; this determines the total number of payments
- Click the calculate button to see your monthly mortgage payment
- Review the total payment and total interest amounts for the entire loan duration
Key Features
- Calculates monthly mortgage payments using standard amortization formulas
- Breaks down total payment and total interest over the loan term
- Allows input of principal loan amount, annual interest rate, and loan term
- Provides reliable, precise results suitable for long-term mortgage planning
- Browser-based, fast, and easy to use without any software installation
Examples
- For a loan amount of $280,000 with an annual interest rate of 5.5% and a 30-year term, the monthly payment is approximately $1,589.33.
- In this example, the total amount paid over 30 years would be around $572,158.80, with total interest paid amounting to about $292,158.80.
Common Use Cases
- Homebuyers estimating affordability before purchasing a home
- Real estate professionals advising clients on mortgage costs
- Lenders calculating payment amounts to offer loan options
- Financial planners helping clients understand long-term mortgage commitments
Tips & Best Practices
- Double-check the accuracy of your input values for principal, rate, and term
- Consider the impact of down payments on your principal loan amount
- Use the calculator results as part of a broader budgeting plan including other housing costs
- Remember that this calculator assumes a fixed interest rate over the entire loan term
- Regularly consult with mortgage professionals to incorporate any changing loan terms
Limitations
- Does not include additional housing expenses such as property taxes, homeowner’s insurance, or HOA fees
- Excludes private mortgage insurance (PMI) costs
- Calculations assume a fixed interest rate and do not account for adjustable-rate mortgages
- Does not factor in fees or changes to the loan terms beyond principal and interest
Frequently Asked Questions
- What inputs do I need to use this mortgage calculator?
- You need to provide the principal loan amount (home price minus down payment), the annual mortgage interest rate, and the loan term in years.
- Does the calculator consider taxes and insurance?
- No, this calculator does not include property taxes, homeowner’s insurance, PMI, or HOA fees—it only calculates principal and interest payments.
- Can I use this calculator for adjustable-rate mortgages?
- No, this tool is designed to calculate payments for fixed-rate mortgages only and does not accommodate adjustable rates.
Key Terminology
- Principal (P)
- The loan amount after subtracting the down payment from the home price.
- Monthly Interest Rate (r)
- The annual mortgage interest rate divided by 12 to reflect a monthly rate.
- Number of Payments (n)
- Total monthly payments over the loan term, calculated as loan term in years multiplied by 12.
- Monthly Mortgage Payment (M)
- The amount paid every month to repay the mortgage, calculated using the amortization formula.