🏠 Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and overall loan cost.
📖 How the Mortgage Calculator Works
This calculator uses the standard amortization formula for fixed-rate mortgages:
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.
The early payments are mostly interest. As the loan ages, more of each payment goes toward the principal — this process is called amortization.