Mortgage Calculator
Mortgage Calculator is a financial calculator that helps you calculate the monthly payment and total interest on a fixed-rate mortgage. The formula used is: M = P × r × (1+r)^n / ((1+r)^n − 1), r = annual rate ÷ 12, n = months. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
Formula
M = P × r × (1+r)^n / ((1+r)^n − 1), r = annual rate ÷ 12, n = months
- Formula: M = P × r × (1+r)^n / ((1+r)^n − 1), r = annual rate ÷ 12, n = months
- Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
- Assumes a fixed interest rate and equal periodic payments; taxes, insurance and fees are excluded unless stated.
Example Calculation
Enter your values and the calculator applies the formula (M = P × r × (1+r)^n / ((1+r)^n − 1), r = annual rate ÷ 12, n = months) and shows the results below. Change any input to update the result instantly.
Frequently asked questions
What is the Mortgage?
The Mortgage Calculator helps you calculate the monthly payment and total interest on a fixed-rate mortgage. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
When should I use this calculator?
Use this calculator whenever you need a quick, accurate result for calculate the monthly payment and total interest on a fixed-rate mortgage.
What should I enter?
Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
How accurate are the results?
Results are estimates based on the stated formula and assumptions. Verify against your own figures or an authoritative source before acting on them.
How can I verify the calculation manually?
Apply the formula (M = P × r × (1+r)^n / ((1+r)^n − 1), r = annual rate ÷ 12, n = months) and work through the numbers step by step. If your result differs, re-check units and rounding first.