Mortgage Payment Calculator
Mortgage Payment Calculator: calculate payment with consistent units and explicit assumptions.
Inputs
currency
months
%
Results
- Monthly payment
- 1,199.10105 currency
- Annual nominal interest
- 6 %
- Total interest
- 231,676.37811 currency
- Total payments
- 431,676.37811 currency
Formula
Payment = principal × r ÷ [1−(1+r)^−months]; r = annual %/1200
Assumptions & limits
- Fixed-rate monthly amortization; no fees, taxes, insurance or prepayment. Interest-rate mode solves nominal APR, not fee-inclusive APR.
Worked example
For the example inputs: Monthly payment = 1199.101 currency; Annual nominal interest = 6 %; Total interest = 231676.4 currency.
Payment = principal × r ÷ [1−(1+r)^−months]; r = annual %/1200