Monthly payment--
Total interest--
Mortgage Calculator
Mortgage Calculator gives a practical planning estimate for monthly payments, interest, savings, or future value. Verify important financial decisions with lender or account documents.
Updated May 2026No signup requiredBuilt for mobile
Calculator
How to use this calculator
- Enter your values in the calculator fields.
- Check that the units and percent formats match what the label asks for.
- Click Calculate to update the result.
- Use Reset Calculator to restore the starting example.
Formula or calculation method
Monthly payment = P x r / (1 - (1 + r)^-n), where r is monthly interest rate and n is number of monthly payments.
Total interest = total paid - principal.
Optional monthly costs are added after principal and interest.
Worked example
A $20,000 loan for 60 months at 7% has a payment of about $396 per month before optional fees.
Practical planning tips
- Payment estimates
- Loan comparisons
- Budget planning
- Total interest checks
- Purchase decisions
Common mistakes to avoid
- Treating estimates as lender quotes
- Forgetting taxes, fees, or insurance
- Using APR rules incorrectly for special financing
FAQ
Mortgage Calculator questions
Is this calculator exact?
It is a practical estimate based on the values you enter. Verify important decisions with the official source, lender, school, product label, or professional guidance when needed.
Why did I get an error?
The calculator checks for blank fields, invalid numbers, impossible negative values, and divide-by-zero situations. Review the message and adjust the input.
Can I use this calculator on my phone?
Yes. The inputs, buttons, and result cards are built to work on mobile screens.
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