Mortgage Payment Calculator
Principal and interest only. Property tax, insurance, fees, and HOA dues excluded.
Monthly principal and interest = P × r ÷ (1 − (1 + r)^−n)
Estimate monthly principal and interest for a fixed-rate mortgage.
Formula
Monthly principal and interest = P × r ÷ (1 − (1 + r)^−n)
Worked example
Mortgage principal: 200000
Annual interest rate: 6.5 %
Term: 30 years
With these inputs, the result is 1,264.13605 per month. Principal and interest only. Property tax, insurance, fees, and HOA dues excluded.
How to use this calculator
- Identify the quantity you want to calculate.
- Enter your measurements in the units shown on each field.
- Read the result, which updates as you change the inputs.
- Check the assumptions below before applying the result.
Assumptions and limits
A mathematical estimate, not a quote. Property taxes, insurance, lender fees, and adjustable rates are excluded.
Precision and checking
Results are rounded for display. Use the most accurate measurements available, and avoid rounding your inputs unnecessarily. Extra decimal places in a result do not make an estimate more reliable.
To check a result, substitute the same input values into the formula shown above. Change one value at a time to understand how the quantity responds.
Frequently asked questions
What assumptions does this calculation use?
A mathematical estimate, not a quote. Property taxes, insurance, lender fees, and adjustable rates are excluded.
Are my inputs sent to a server?
No. The calculation runs locally in your browser. The result updates as you edit the inputs.
Sources & references
- How mortgage lenders calculate monthly payments — Consumer Financial Protection Bureau
