Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see how much you'll pay over the life of your loan.
How It Works
We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
Example
For a $300,000 mortgage at 6% interest for 30 years: monthly payment = $1,798.65, total interest = $347,514.
Frequently Asked Questions
How is mortgage payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is total number of payments.
What is a good mortgage interest rate?
Good rates vary by market conditions. In 2024, average 30-year rates are around 6-7%. Check current rates from multiple lenders.
Should I get a 15-year or 30-year mortgage?
30-year offers lower monthly payments but more interest. 15-year saves money overall but has higher monthly payments. Choose based on your budget.