Mortgage Calculator

M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]

P = loan principal · r = monthly interest rate (annual ÷ 12) · n = total payments (years × 12)

P = $300,000 · 6% annual · 30 years

1. 1r = 0.06 ÷ 12 = 0.005, n = 30 × 12 = 360
2. 2M = 300,000 × [0.005(1.005)³⁶⁰] / [(1.005)³⁶⁰ − 1]
3. 3(1.005)³⁶⁰ ≈ 6.0226 → M ≈ 300,000 × 0.00600
4. 4Monthly payment ≈ $1,798.65

Result: ≈ $1,798.65 / month