Free Online Mortgage Calculator

Mortgage Calculator

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

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

This free online mortgage calculator helps you estimate your monthly payments and the total cost of your mortgage based on the loan amount, interest rate, and loan term.

Mortgage Calculation Formula

Monthly Payment = Loan Amount × [Interest Rate × (1 + Interest Rate) ^ Loan Term] ÷ [(1 + Interest Rate) ^ Loan Term – 1]

Example Calculation

For a $200,000 loan, 3.5% interest rate, and 30 years, the monthly payment is $898.09 and the total payment over the life of the loan is $323,110.49.

Why It Matters

Understanding your monthly mortgage payment is crucial to managing your finances effectively and ensuring that you stay within your budget.

Smart Strategy

Consider increasing your down payment to lower your loan amount, or opting for a shorter loan term to save on interest.

FAQs

Can I pay off my mortgage early? Yes, most lenders allow early payments, but some may charge a prepayment penalty.

What is a fixed-rate mortgage? A fixed-rate mortgage has an interest rate that stays the same for the entire term of the loan.