Monthly Mortgage Payment Calculator – Calculate Home Loan Payment
A monthly mortgage payment calculator shows your fixed payment for a home loan. You enter the loan amount, annual interest rate, and term in years; the calculator uses the standard amortization formula to give your monthly principal and interest payment. This article explains how it works and links to our mortgage calculator.
Quick Answer
| Label | Value |
|---|---|
| Loan amount | $250,000 |
| Rate | 6% |
| Term | 30 years |
| Monthly payment | $1498.88 |
How It Works
Monthly payment is calculated with the standard formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). For a $250,000 loan at 6% for 30 years, the monthly payment is about $1,499. This is principal and interest only; add property tax and insurance separately for full housing cost.
Additional Notes
Try different rates and terms to compare offers. Use our Mortgage Calculator for your own numbers.
Use Our Calculator
Try our Mortgage Calculator for your own numbers: /calculators/mortgage-calculator
Related Calculators
No. The result is principal and interest only. Add property tax and insurance (PITI) for full monthly cost.
We use the standard amortization formula with your loan amount, annual rate (as monthly decimal), and term in months.
This assumes fixed payments. Extra principal reduces the balance faster; use an amortization schedule for that.