Three ways to solve a mortgage
A fixed-rate mortgage ties together four variables: loan amount, interest rate, loan term, and monthly payment. This calculator lets you solve for any one of them when you know the other three. Switch between monthly payment, loan amount, and loan term modes using the segmented control.
To add property taxes, insurance, and HOA to your estimate, use the mortgage calculator with taxes and insurance. To see total interest over the life of the loan, try the mortgage interest calculator. To compare listings by size, normalize prices with the price per square foot calculator. To estimate annual property tax from market value and local assessment rules, use the property tax calculator.
Monthly payment formula
To find the loan amount from a target payment, rearrange the formula. To find the loan term, solve for n using logarithms.
Worked example
A $300,000 loan at 6.5% over 30 years produces a monthly payment of about $1,896.20. Over 360 payments you repay roughly $682,633, of which about $382,633 is interest.
Frequently asked questions
How do I calculate my monthly mortgage payment?
How much can I borrow for a given payment?
How long will it take to pay off my loan?
Does this include taxes and insurance?
Are my inputs stored on a server?
Resources and references
The formulas and methods in this calculator were checked against these independent sources.