Mortgage Calculator
Mortgage Calculator
Enter your values below and click Calculate
Your Result
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Formula: (principal * (rate/1200) * Math.pow(1+rate/1200, years*12)) / (Math.pow(1+rate/1200, years*12) - 1)
How to Calculate Your Monthly Mortgage Payment
Use this free mortgage calculator to estimate your monthly payment for a home loan. Enter the home price, your interest rate, and loan term to see your payment instantly.
Understanding the Mortgage Formula
The formula used is: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments. A $350,000 home at 6.5% for 30 years costs approximately $2,212/month in principal and interest.
What Affects Your Mortgage Payment?
- Home price: The purchase price minus your down payment equals your loan principal
- Interest rate: Even 0.5% difference can save tens of thousands over the life of the loan
- Loan term: 15-year loans have higher payments but save significantly on interest vs 30-year
- Property taxes and insurance: Add 1-2% of home value annually (not included in this calculator)
Current Mortgage Rate Trends
Mortgage rates fluctuate based on Federal Reserve policy, inflation, and bond markets. As of 2026, rates have settled in the 6-7% range for 30-year fixed loans. Consider locking your rate when you find a favorable one.