Calculator Nova

Mortgage Calculator

Updated for 2026

Quick Answer

Calculate your monthly mortgage payments with taxes and insurance. Use the interactive sliders to see how your loan balance changes over time. Use typical values to get quick results.

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Understanding Your Mortgage

Last updated: March 26, 2026

What is a Mortgage?

A mortgage is a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan.

The Formula

The formula for calculating a fixed-rate mortgage payment is:

M=Pr(1+r)n(1+r)n−1M = P \frac{r(1+r)^n}{(1+r)^n - 1}

Where:

  • M = Monthly payment
  • P = Principal loan amount
  • r = Monthly interest rate
  • n = Number of months