Reviewed by: David Chen, CFA
David Chen is a Certified Financial Analyst specializing in mortgages and personal finance.
David Chen is a Certified Financial Analyst specializing in mortgages and personal finance.
Enter the necessary values to calculate your mortgage payments or the other related values. This tool will help you determine your mortgage payments based on various factors.
Mortgage Calculator Canada RateHub Land Calculator
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Mortgage Formula
Monthly Payment = P × [r(1 + r)^n] / [(1 + r)^n – 1]
Formula Source: Investopedia
- P: Loan Amount
- r: Monthly Interest Rate
- n: Total Number of Payments
Related Calculators
What is a Mortgage?
A mortgage is a loan specifically for purchasing real estate. The borrower agrees to repay the loan amount plus interest over a set period, typically 15 to 30 years.
How to Calculate Mortgage Payment (Example)
- Step 1: Enter your loan amount, interest rate, and loan term.
- Step 2: Click “Calculate” to see your monthly payment.
Frequently Asked Questions (FAQ)
How does interest rate affect mortgage payments? A higher interest rate will result in higher monthly payments and more paid over the term of the loan.
Can I make extra payments on my mortgage? Yes, making extra payments can reduce the total interest paid and shorten the loan term.