Tool
Mortgage Calculator
Estimate monthly mortgage payment from loan amount, rate, and term.
Real Estate Calculators
What this tool does
Estimate principal and interest payment for a fixed-rate mortgage. Helpful for affordability checks before making offers or comparing loan terms.
How to use
- Enter loan amount, annual interest rate, and term in years.
- Review the estimated monthly principal and interest payment.
- Add taxes, insurance, and HOA separately for full housing cost.
Formula
M = P × [r(1 + r)^n] ÷ [(1 + r)^n − 1], where P = loan amount, r = monthly rate, n = number of payments
Examples
30-year fixed loan
Input: Loan: $350,000, Rate: 6.5%, Term: 30 years
Output: Estimated monthly payment: $2,212.00
Standard amortizing payment formula with monthly compounding.
Assumptions
- Fixed-rate fully amortizing loan with monthly payments.
- Excludes property taxes, insurance, PMI, and HOA dues.
- Estimate only. Not financial advice or a lending quote.
Common use cases
- Estimate monthly payments while house hunting
- Compare 15-year versus 30-year terms
- Model refinance payment changes
FAQ
Does this include taxes and insurance?
No. This estimates principal and interest only.
Is this a loan offer?
No. Rates, fees, and approval depend on lender underwriting.
What if the rate is 0%?
The calculator falls back to loan amount divided by number of payments.
Source notes
- Uses standard amortization formula for fixed-rate mortgages.
- Verify payment amounts with your lender's official disclosure.
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Last reviewed: 2026-05-23