How it works

Calculate your monthly mortgage payment and view your amortization schedule

The Formula

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
where:
M = monthly payment
P = principal loan amount
i = monthly interest rate
n = number of payments

Worked Example

1. Example Mortgage Loan

   For a $200,000 mortgage with a 30-year term and an interest rate of 4%, the monthly payment would be approximately $955

Tips, Assumptions & Limitations

• Use this calculator to compare different mortgage options and find the best one for you