Calculate your monthly mortgage payments for a $750,000 mortgage using our calculator. Input the annual interest rate, loan term, and other details to get an accurate estimate of your payments.
Mortgage Calculation Formula
The formula used to calculate the monthly mortgage payment is as follows:
Monthly Payment = P[r(1+r)^n]/[(1+r)^n-1]
Variables:
- P is the principal loan amount ($750,000)
- r is the monthly interest rate (annual rate divided by 12)
- n is the number of payments (loan term in years multiplied by 12)
To calculate the monthly payment, substitute the values into the formula and solve. The result will be the monthly payment amount, including