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Mortgage payment calculator

Estimate a monthly mortgage payment with principal, interest, term, taxes, insurance, and optional extra payment.

  • Handles zero-interest loans
  • Shows principal and interest separately
  • Includes total interest and year-one balance preview
Calculate mortgage payment

Inputs

Mortgage Payment Calculator

Inputs

Use the purchase price or scenario price before financing costs.

Enter cash paid up front. Use 0 if there is no down payment.

Leave 0 to use home price minus down payment, or enter a custom principal.

%

Enter a monthly estimate. Use 0 if you only want principal and interest.

Enter a monthly estimate. Use 0 if it is handled outside the loan.

Optional extra principal payment. Leave 0 for the scheduled payment only.

Formula and method

Mortgage payment formula

payment = P × r × (1+r)^n ÷ ((1+r)^n − 1)

P is principal, r is the monthly interest rate, and n is the number of payments.

When the interest rate is 0, the calculator divides principal by the number of months.

Assumptions

  • The formula uses fixed-rate amortization.
  • Taxes and insurance are monthly estimates.
  • Extra payment is applied to principal in the payoff preview.

Practical examples

30-year fixed

$336,000 loan at 6.5% for 30 years

Principal and interest plus taxes and insurance

Zero interest case

$120,000 at 0% for 10 years

Payment is principal divided by months

FAQ

Is this a loan approval estimate?

No. It is a payment model, not a lender decision or approval.

Are taxes and insurance required?

No. Leave them at 0 if you only want principal and interest.

Does extra payment shorten the loan?

Yes. The result applies extra monthly payment to principal and updates estimated payoff months and interest.

Can I use another currency?

Yes. Currency affects formatting; the formula is the same.

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