Mortgage Calculations - Fixed Monthly Payments

This page helps you calculate fixed monthly mortgage payments. The formula being used is:

P = L[c(1 + c)n] / [(1 + c)n - 1]

Where:

P = Your fixed monthly payment.
L = The total loan amount.
c = The interest rate. NOTE: If c = 6%, c is calculated as 0.06/12 ==> 0.005
n = The term or number of months of the loan.

For more information about this formula, check out the Mortgage Professor's website.

For example, if your loan amount is $121,200, your interest rate is: 2.875%, and the term of your loan is 180 months (15 years), your fixed monthly payment will be $829.72 dollars. To run this scenario, press the Run Example Scenario button below.

To run your own mortgage scenario, enter the appropriate values below and press the Calculate Your Monthly Payment button.

Parameter Input: