# Monthly Mortgage Payment Calculator

Use this Mortgage Calculator to calculate the monthly mortgage payment on a fixed-rate mortgage.

## What is the mortgage payment?

To calculate the monthly payment on a mortgage loan use the formula:

c = Monthly Payment

r = Monthly Interest Rate (in Decimal Form) =

(Yearly Interest Rate/100) / 12

P = Principal Amount on the Loan

N = Total # of Months for the loan ( Years on the loan x 12)

Example: Monthly mortgage payment for 30 year fixed-rate loan,

with a
principal of $250,000, and a yearly interest rate of 6.5%:

r = (6.5 / 100) / 12 = .005416667

P = 250,000

N = (30 x 12) = 360

The Monthly Mortgage Payment is $1580.17