This page helps you calculate fixed monthly mortgage payments. The formula being used is:

P = L[c(1 + c)^{n}] / [(1 + c)^{n} - 1]

Where:

P = Your fixed monthly payment.

L = The total loan amount.

c = The interest rate.
NOTE:
If c = 6%, c is calculated as
(0.06 / 12) ==> 0.005

n = The term or number of months of
the loan.

For more information about this formula, check out the Mortgage Professor's website.

For example, if your loan amount is $121,200 (L = 121200), and your interest rate is: 2.875% (c = 0.02875/12), and the term of your loan is 180 months or 15 years (L = 180), then your fixed monthly payment will be $829.72 dollars, (P = 829.72)

To run this example scenario, press the
*Run Example Scenario* button on the right.

To run your own mortgage scenario, enter the appropriate values on the
right and press the *Calculate Your
Monthly Payment* button.

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