Finance
Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.
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Mortgage Calculator
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Monthly Payment
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—Total Payment
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Understanding Your Mortgage
A mortgage is a loan used to purchase real estate. The lender holds a security interest in the property until the loan is fully repaid. Key components include the principal, interest rate, loan term, and down payment.
Mortgage Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1]
Where M = monthly payment, P = loan principal, r = monthly interest rate, n = number of payments.
Fixed vs. Adjustable Rate
A fixed-rate mortgage keeps the same interest rate for the life of the loan, providing payment predictability. An adjustable-rate mortgage (ARM) starts with a lower rate that changes periodically based on a market index.