PMT Calculator: Save a Dollar on Your Mortgage Payment
Understanding your mortgage payment is crucial when planning your finances. Our PMT calculator helps you calculate your monthly mortgage payment, including principal and interest, with just a dollar off. This can help you budget effectively and make informed decisions about your loan.
- Enter the principal amount of your loan.
- Enter the annual interest rate of your loan.
- Enter the loan term in years.
- Click ‘Calculate’ to see your monthly mortgage payment.
The formula used in this calculator is the mortgage payment formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n — 1 ]
| Principal Amount | Annual Interest Rate | Loan Term (Years) | Monthly Payment |
|---|---|---|---|
| $200,000 | 4.5% | 30 | $1,075.00 |
| $300,000 | 3.5% | 20 | $1,610.46 |
| $150,000 | 5.5% | 15 | $1,266.82 |
| Interest Rate | Monthly Payment (30-year term) |
|---|---|
| 3.5% | $1,013.71 |
| 4.5% | $1,266.79 |
| 5.5% | $1,558.49 |
- Consider refinancing if interest rates drop significantly.
- Paying a little extra each month can save you thousands in interest.
- Use our calculator to plan for future rate changes.
What does PMT stand for?
PMT stands for Principal, Interest, and Taxes. However, our calculator only calculates Principal and Interest.
Can I use this calculator for other types of loans?
Yes, this calculator can be used for any type of loan that uses the mortgage payment formula.
For more information, see the Federal Reserve’s H.15 report and the Bureau of Labor Statistics’ Consumer Price Index.