Rocket Mortgage Payment Options Calculator

Calculate your mortgage payment options with varying terms and rates.

Loan Amount ($) Interest Rate (%) Loan Term (Years) Estimated Monthly Payment ($)

This Rocket Mortgage payment options calculator helps you estimate your monthly mortgage payment based on the loan amount, interest rate, and loan term you provide.

Mortgage Payment Formula

The monthly mortgage payment (M) is calculated using the formula:
M = P[r(1 + r)^n] / [(1 + r)^n – 1]
where:

P = loan amount
r = monthly interest rate
n = number of payments (loan term in months)

Example Calculation

If you borrow $250,000 at an interest rate of 3.5% for 30 years, your estimated monthly payment would be around $1,123.15.

Why It Matters

Understanding your mortgage payment can help you plan your budget and decide on the most suitable loan term for your financial situation.

Smart Strategy

Consider opting for a shorter loan term to pay off the mortgage faster and save on interest payments over time.

function calculateMortgagePayment() { const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseFloat(document.getElementById(“loanTerm”).value) * 12; if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || loanAmount <= 0 || interestRate <= 0 || loanTerm el.value = “”); document.getElementById(“monthlyPayment”).value = “”; }