Mortgage Calculator
Calculate your monthly mortgage payment
$
$
20% of home price
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Mortgage Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate
n = Number of payments
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate
n = Number of payments
Tips for Home Buyers
- 20% down payment - Avoid private mortgage insurance (PMI)
- 15-year vs 30-year - Shorter terms have higher payments but save on interest
- Interest rates - Even 0.5% difference significantly affects total cost
- Additional costs - Remember property taxes, insurance, and maintenance