The Mortgage Calculator helps you calculate your estimated monthly mortgage payment. Simply fill in the fields above and click Calculate to get an instant result.
This calculator is part of Calculate Wiki’s Finance Calculators collection.
What You’ll Need
- Loan Amount ($)
- Annual Interest Rate (%)
- Loan Term (years)
- Annual Property Tax + Insurance ($)
Formula Used
Monthly Payment = P × (r × (1+r)ⁿ) ÷ ((1+r)ⁿ − 1)
where P = loan amount, r = monthly interest rate, n = number of monthly payments
Example Calculation
Using example inputs — Loan Amount = 300000 $; Annual Interest Rate = 6.5 %; Loan Term = 30 years; Annual Property Tax + Insurance = 3600 $ — the Mortgage Calculator returns:
| Value | Result |
|---|---|
| Principal & interest | $1,896.20/mo |
| Taxes & insurance (est.) | $300.00/mo |
| Total monthly payment | $2,196.20 |
| Total interest over loan term | $382,633.47 |
$2,196.20 / month. Principal & interest: $1,896.20/mo.
Helpful Information
Results from the Mortgage Calculator are estimates based on standard formulas used in the finance calculators field. For projects with significant cost, health, or safety implications, consider verifying results with a qualified professional.