* Actual results may change with different plans and parameters. Mortgage calculator is for educational purposes only.

Get answers to these questions:

- I know the loan amount and monthly payment. What will be the loan term?
- I know the monthly payment and loan term. What will be the loan amount?
- I know the loan amount and loan term. What will be the monthly payment?

Mortgage loan monthly payment calculation:

A is the monthly payment amount.

P is the loan amount or principal amount.

r is the (annual interest rate)/12.

n is the number of monthly payments to return the loan.

Calculate the monthly payment of $500,000 loan, interest rate of 5% and loan term of 20 years:

Solution:

*r* = 5% / 12 = 0.4166667% = 0.004166667

*n* = 20_{(years)} × 12_{(months/year)} = 240_{(months)}

*A* = $500000 × (0.004166667×(1+0.004166667)^{240}) / ((1+0.004166667)^{240}-1) = $3300

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