Mortgage Interest Calculator
Calculate your monthly mortgage payments, total interest paid, and amortization schedule. Compare different loan terms and interest rates to find the best mortgage option for your needs.
Step 1: Loan Details
Understanding Mortgage Terms
Longer loan terms reduce monthly payments but increase total interest paid. Shorter terms have higher monthly payments but save on interest over the life of the loan.
Step 2: Additional Parameters
About Mortgage Types
Fixed-rate mortgages have consistent payments, while adjustable rates can change. Interest-only loans have lower initial payments but require paying principal later.
Mortgage Calculation Results
Monthly Mortgage Payment
Loan Term Comparison
| Loan Term | Interest Rate | Monthly Payment | Total Interest |
|---|
Amortization Schedule (First 5 Years)
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Mortgage Payment Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where: M = Monthly payment, P = Loan amount, i = Monthly interest rate, n = Number of payments (loan term in months).
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