# Mortgage Calculator

Want to figure out how much your monthly mortgage payment will be? For the mathematically inclined, here’s a formula to help you calculate mortgage payments manually:

Equation for mortgage payments: M = P[r(1+r)^n/((1+r)^n)-1)]

M = the total monthly mortgage payment.
P = the principal loan amount.
r = your monthly interest rate. Lenders provide you an annual rate so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167)
n = number of payments over the loan’s lifetime. Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30×12=360) Alternatively, you can use our mortgage calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.

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## \$1421

### Monthly Payment

Principal & Interest \$1421

Monthly Taxes \$1421

Monthly HOA \$1421

Monthly Insurance \$1421

## Things to Know Before Buying a House 