Mortgage Calculator

The formula used in the calculation is:

Mortgage Calculation Formula

Where:
A = periodic payment amount
P = amount of principal (be sure to subtract any down-payments first!)
i = periodic interest rate
n = total number of payments (for a 30-year loan with monthly payments, n = 30 years x 12 months = 360)

Note that the interest rate is commonly referred to as an annual percent (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate i must be in terms of a monthly percent. Given interest originally in terms of an annual percent, obviously, just divide by 12.