How to use this mortgage calculator
Enter the requested values above and select Calculate. The result updates immediately on the page, so you can change one value and compare different scenarios without leaving the calculator.
Formula and method
Example
For a $300,000 loan at 6.5% for 30 years, the calculator estimates the monthly principal-and-interest payment and lifetime interest.
What this calculator is useful for
Estimate a fixed-rate mortgage payment, total interest and total of payments from the loan amount, interest rate and term. It is designed for quick estimates and everyday problem solving. When a calculation affects a contract, tax filing, medical decision or other high-stakes situation, verify the result with the appropriate professional or authoritative source.
Frequently asked questions
What does the Mortgage Calculator calculate?
Estimate a fixed-rate mortgage payment, total interest and total of payments from the loan amount, interest rate and term.
How does the calculation work?
Monthly payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where r is the monthly interest rate and n is the number of monthly payments.
Is this calculator free?
Yes. ERICH Calculators is free to use and no account is required.