You can easily calculate your approximate monthly mortgage payments using a simple amortization of the loan amount over a specific term and interest rate. Your actual monthly payment could be much higher or much lower than the amount that you calculate. Why? Simple, because Mortgage professionals and lenders can offer you a variety of programs with different loan amounts, interest rates and loan terms. The calculator is only for informational and entertainment purposes but can give you a fair approximation.

Here's how it works:
First, enter the number of payments you expect to make. Enter in the mortgage length, 15 or 30 for example. Next, enter an interest rate. You can enter the interest rate as a percentage or as a decimal. Finally enter the amount you plan to borrow, also called the principal and click compute. Your monthly payment will be displayed in the box.