# Mortgage Payment Calculator

Leave the field blank that you wish to solve for.

## Description

This mortgage payment calculator determines the payment for a

**fixed-rate** mortgage. Leave the Payment field blank to solve for the payment, or enter the Payment and leave one of the other fields blank to solve for Loan Amount or Rate.

The payment includes Principal+Interest, but not Insurance and Property taxes. The calculator also estimates the **total interest** paid over the course of the loan. It does not take into account rounding, so the estimate may be off be a few dollars. Note also that the "bi-weekly" payment option is not the same as "accelerated bi-weekly" payments. This calculator assumes that **no extra payments** are made.

Solving for the **Rate** requires iteration, and there may be zero or more solutions. When the solver fails to converge, you'll get an error such as "Could not solve for Rate". The rate is rounded to the 6th decimal place.

**Loan Amount** - This is the amount that you have borrowed, not the sale price of the home.

**Annual Rate %** - This is the **annual interest rate** quoted by the lender. US mortgages are usually quoted based on a monthly compound period. Note that this value is NOT the same as "APR".

**Term of Loan** - The total number of months it will take to pay off the mortgage. Typical values: 30, 20, or 15 years (360, 240, or 180 months, respectively).

**Payment Frequency** - Used to specify the number of payments made per year (Monthly = 12 payments per year, Semi-Monthly = 24 per year, Bi-Weekly = 26 per year).

**Payment** - This is the PI (Principal + Interest) amount that you'll pay each period.

Note: Values returned by this calculator may not be exact, due to rounding or truncation errors.

**Disclaimer:** Your financial situation is unique, and circumstances vary, so don't depend on this Mortgage calculator to make your home financing decisions. Please consult a professional. This calculator is for informational use only and does not constitute tax or financial advice.