Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule
Monthly Payment
$1,517
Loan Amount
$240,000
Total Interest
$306,107
Total Cost
$546,107
Frequently Asked Questions
How is a monthly mortgage payment calculated?▼
Monthly payment = P[r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
What is included in a mortgage payment?▼
A basic mortgage payment includes principal and interest (P&I). Your actual payment may also include property taxes, homeowners insurance, and PMI (Private Mortgage Insurance) if your down payment is less than 20%.
How does the loan term affect my payment?▼
A longer loan term (e.g., 30 years vs 15 years) results in lower monthly payments but significantly more total interest paid over the life of the loan.