# Mortgage Calculator

> Estimate mortgage payments, total interest, costs, and an amortization schedule.

Page: https://freecalculator.tech/tools/mortgage-calculator

## How do I work out my monthly mortgage payment?

A repayment mortgage payment comes from the amount borrowed, the monthly interest rate and the number of monthly payments in the term, using the standard amortisation formula.

## Formula

Monthly principal and interest uses M = P × [r(1+r)^n] ÷ [(1+r)^n−1]. Extra payments reduce principal after monthly interest.

- Monthly principal and interest uses M = P × [r(1+r)^n] ÷ [(1+r)^n−1]. Extra payments reduce principal after monthly interest.
- Inputs used: Home price, Down payment, Interest rate, Loan term, Annual property tax, Annual insurance, Upfront fees, Extra monthly payment.
- Edge handling: Home price is required.; Home price cannot be negative.; Home price must be no more than 1000000000000.; Down payment is required.; Down payment cannot be negative..

## Inputs

- Home price
- Down payment
- Interest rate
- Loan term
- Annual property tax
- Annual insurance
- Upfront fees
- Extra monthly payment

## Worked example: $400,000 home with 20% down

Estimate a 30-year mortgage at 6.5% with optional extra payments.
1. Start with Home price: 400000, Down payment: 80000, Interest rate: 6.5, Loan term: 30, Annual property tax: 4800, Annual insurance: 1800.
2. Apply the method: Monthly principal and interest uses M = P × [r(1+r)^n] ÷ [(1+r)^n−1]. Extra payments reduce principal after monthly interest.
3. Estimate a 30-year mortgage at 6.5% with optional extra payments.

## Common questions

### How do I work out my monthly mortgage payment?

A repayment mortgage payment comes from the amount borrowed, the monthly interest rate and the number of monthly payments in the term, using the standard amortisation formula. Check the formula, example, and limitations on this page before using the result for a real finance decision.

### Are taxes and insurance exact?

No. They are optional user-entered estimates and can change.

### How are extra payments applied?

They are applied monthly to principal after accrued interest. Check the formula, example, and limitations on this page before using the result for a real finance decision.

### How do I use the Mortgage Calculator?

Enter the required values for Home price, Down payment, Interest rate, Loan term, Annual property tax, and the other fields shown. The calculator applies the formula on this page and shows the main result with any supporting breakdown so you can check the arithmetic.

### What formula does the Mortgage Calculator use?

Monthly principal and interest uses M = P × [r(1+r)^n] ÷ [(1+r)^n−1]. Extra payments reduce principal after monthly interest. The visible formula section above lists the calculation path and the edge cases the page handles, so the result can be checked without relying on the form alone.

### Can the Mortgage Calculator be used for exact decisions?

Use it as a calculation aid, not as a substitute for checking the underlying rule, contract, policy, or professional advice that applies to your situation. When a result depends on local rules, personal details, prices, or dates, enter those values yourself and confirm them before acting.

## Limitations and assumptions

- Results are estimates for informational purposes only and are not financial advice.
- Inputs outside the supported range are rejected rather than forced into a result.
- The result depends on the values you enter for this mortgage calculator; it does not supply missing rates, rules, prices, dates, or assumptions for you.

## Cite this page

- APA: Free Calculator. (n.d.). Mortgage Calculator. https://freecalculator.tech/tools/mortgage-calculator
- MLA: "Mortgage Calculator." Free Calculator, https://freecalculator.tech/tools/mortgage-calculator.
- Link: Mortgage Calculator — Free Calculator, https://freecalculator.tech/tools/mortgage-calculator