This Fixed Rate Mortgage Calculator helps you estimate your monthly payments, interest, and total cost of your mortgage loan based on the loan amount, interest rate, and loan term.

Formula

Monthly Payment = Loan Amount × [Interest Rate / 12] / [1 – (1 + Interest Rate / 12)^(-Loan Term × 12)]
Total Loan Cost = Monthly Payment × Loan Term × 12

Example Calculation

$300,000 loan amount, 4.5% interest rate, 30-year term → Monthly Payment = $1,520.06, Total Loan Cost = $547,623.99.

Why It Matters

Understanding the monthly payment and total loan cost helps you make better financial decisions about your mortgage and affordability.

Smart Strategy

Consider a larger down payment to reduce the loan amount or opt for a shorter term to pay off the loan faster and save on interest.

FAQs

What is a fixed-rate mortgage? A mortgage where the interest rate remains the same for the entire term of the loan.

What if I want to pay off my mortgage early? You can make extra payments to reduce the principal, saving on interest.