How the Mortgage Calculator Works
This calculator estimates your exact monthly principal and interest payments using the standard fixed-rate amortization equation. Learn how adding an extra principal payment can significantly reduce cumulative interest over a 15 or 30-year term.
Mathematical Formula
Monthly Payment: M = P[r(1+r)^n]/[(1+r)^n - 1]
Frequently Asked Questions
Does this include property taxes? You can factor property tax escrow into your total debt-to-income ratio calculations.