Mortgage Calculator
Calculate monthly payments, total payments, and total interest for mortgages with equal payment or equal principal methods.
Input
Result
How to Use
Enter the loan amount (principal), annual interest rate, and loan term (years), then select the repayment method. Monthly payment, total payment, and total interest are calculated automatically. Equal payment keeps the monthly amount constant; equal principal keeps the principal portion constant with gradually decreasing interest.
About the Formula
For equal payment: "Monthly payment = Loan amount x monthly rate x (1 + monthly rate)^n / ((1 + monthly rate)^n - 1)". For equal principal: the monthly principal is divided equally and interest is added based on the remaining balance. Bonus payments and prepayments are not supported — use this as a guide.
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