Cal11 calculator
Search calculator...

Mortgage Payment Calculator Without Escrow

Reviewed by Calculator Editorial Team

This mortgage payment calculator helps you estimate your monthly mortgage payments excluding escrow fees. Simply enter your loan amount, interest rate, and loan term to calculate your monthly payment.

How to Use This Calculator

To use this mortgage payment calculator without escrow:

  1. Enter your loan amount in the "Loan Amount" field.
  2. Enter your annual interest rate in the "Interest Rate" field.
  3. Select your loan term in years from the dropdown menu.
  4. Click the "Calculate" button to see your monthly payment.

The calculator will display your estimated monthly payment, total interest paid, and total amount paid over the life of the loan.

Formula Used

The monthly mortgage payment is calculated using the standard mortgage formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]

Where:

  • M = Monthly payment
  • P = Principal loan amount
  • i = Monthly interest rate (annual rate divided by 12)
  • n = Number of payments (loan term in years multiplied by 12)

This formula calculates the fixed monthly payment required to pay off the loan over the specified term.

Worked Example

Let's calculate a monthly mortgage payment for a $200,000 loan with a 4.5% annual interest rate and a 30-year term.

  1. Convert the annual interest rate to a monthly rate: 4.5% ÷ 12 = 0.375% or 0.00375 in decimal form.
  2. Calculate the number of payments: 30 years × 12 = 360 payments.
  3. Plug the values into the formula:

    M = $200,000 [ 0.00375(1 + 0.00375)^360 ] / [ (1 + 0.00375)^360 - 1 ]

  4. The calculation yields a monthly payment of approximately $1,073.64.

Using this calculator, you can quickly see how changes in loan amount, interest rate, or loan term affect your monthly payment.

Frequently Asked Questions

What is a mortgage payment?
A mortgage payment is the amount you pay each month to repay your mortgage loan. It includes principal, interest, and sometimes escrow fees.
How is the monthly payment calculated?
The monthly payment is calculated using the standard mortgage formula that accounts for the principal, interest rate, and loan term.
What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has the same interest rate for the entire loan term, while an adjustable-rate mortgage has an interest rate that can change over time.
How does the interest rate affect my monthly payment?
A higher interest rate will result in a higher monthly payment, while a lower interest rate will result in a lower monthly payment.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has lower monthly payments but higher total interest, while a 30-year mortgage has higher monthly payments but lower total interest over the life of the loan.