Money calculator
Mortgage payment calculator
Estimate a fixed monthly mortgage principal-and-interest payment from price, down payment, rate and term.
Formula
Monthly payment = P × r ÷ (1 − (1 + r)−n), where P is the home price minus down payment, r is the monthly interest rate and n is the number of monthly payments. This estimate excludes taxes, insurance and fees.
Worked example
A 300,000 home with 60,000 down leaves a 240,000 loan. At 6% for 30 years, the estimated monthly principal-and-interest payment is about 1,438.92. Taxes, insurance and fees are excluded.
Assumptions and limits
For general information only. Estimates depend on the values and assumptions described here; local rules and individual circumstances can affect the result.
Privacy
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