This home loan calculator helps you determine your monthly mortgage payment based on the loan amount, interest rate, and loan term in 2021.

Loan Calculation Formula

Monthly Payment = Loan Amount × Interest Rate / (1 – (1 + Interest Rate)^-Loan Term)

Example Calculation

Loan Amount: $200,000, Interest Rate: 3.5%, Loan Term: 30 years → Monthly Payment = $898.09

Why It Matters

Calculating your monthly mortgage payment is crucial to ensure that you can afford the home loan within your budget.

Smart Strategy

Consider adjusting the loan term or interest rate to fit your budget and long-term financial goals.

FAQs

How much can I borrow? Use our home loan affordability calculator to estimate the loan amount you qualify for.

Can I pay off the loan early? Yes, but check for any prepayment penalties with your lender.

Home Loan Calculator 2021