Monthly Mortgage Payment Calculator

When calculating your monthly mortgage payment amount, there are a lot of things you need to factor in. How much you’re going to pay each month depends on the borrowed amount and the interest rate. Usually, during the first years of your mortgage payments will go more towards interest. This is one of the fundamentals that make up a monthly mortgage payment.

Before you apply for a mortgage, you should be able to see the monthly payment amount for every month during the course of your repayment. Your lender will present you options showcasing the monthly payment amounts. Since your down payment and the interest rate is going to be the deciding factor how much you pay every month, you will use these to calculate your monthly mortgage amount.

Whether the mortgage duration is 10-year, 20-year, or 30-year, you can use the same formula to find the monthly mortgage payment amount.

Here is an example you can use to calculate your monthly payment.


Let’s say you borrowed $200,000 with a 6% interest rate for 30 years. You will repay the loan monthly. By doing the math below, you can determine the monthly payment amount for yourself. Change the bold figures to what applies to your mortgage and proceed.

{200,000x (.06 / 12) x [1 + (.06 / 12)^12(30)]} / {[1 + (.06 / 12)^12(30)] – 1}

(200,000 x .005 x 6.022575) / 10.04515

6,022.576‬ / 3011.288 = 1,199.1‬0

So for a mortgage where the lender gives $200,000 to the borrower with a 6% interest rate for 30 years fixed, the monthly payment will be $1,199. As mentioned above, change the highlighted figures and replace them with yours. Once you punch the numbers correctly, you will know the exact monthly payment for your mortgage.

$200,000 = Borrowed Amount

.06% = Interest Rate

30 = Duration of the Mortgage

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