Use our free money helper mortgage payment calculator to find how much mortgage you will pay each month based on the price and how much deposit. You can easily use this calculator by giving some inputs and clicking on the calculate button you will get error-free results.

**Mortgage Payment Tools: **Interested to take a loan and troubling to calculate how much loan you need to pay every month? Don't worry!! we are providing you with a wonderful tool that you can calculate the payment you want to pay each month by giving some details. Get a free online tool, by giving some inputs you will get an output easily. And also we are providing some steps to follow along with some solved examples.

Let us see a formula to find the mortgage payment.

**PMT = PVi(1+i) ^{n}/ (1+i)^{n}-1**

Here,

n = number of months.

PMT = monthly payments.

PV = mortgage amount.

i = interest rate.

Look into the inputs, what is the information we need to give, and the complete meaning of them.

**Mortgage Amount: **

The total amount that you need to spend on your loan.

**Mortgage Term:**

The time left when calculating a mortgage.

**Interest:**

The annual interest rate that you need to pay on your loan.

**Monthly payment:**

The amount you need to pay each month is based on your loan.

Steps you need to follow to calculate the monthly payment of your mortgage.

- Let us take all the details like mortgage amount, mortgage term, interest rate.
- Then, you need to apply the formula, and then you need to apply all the details in the formula.
- After applying the details to the formula, simplify it.
- Finally, after doing all this you will get the monthly payment.

**Example:**

**Question: **Suppose you wish to take a car loan of $46400 with 3% interest and the mortgage term in 5 years.

**Solution:**

Given, mortgage amount = $46400, mortgage term = 5 years, interest rate= 3%

The formula of the Mortgage payment,

**PMT = PVi(1+i) ^{n}/ (1+i)^{n}-1**

**=** $46400 * 0.03/12(1+ (0.03/12)^{60}) /(1+ (0.03/12)^{60}) -1

= $833.75

Therefore, the monthly payment is $833.75.

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**1. What is the best tool that calculates the monthly payment?**

A mortgage payment calculator is the best tool to calculate the monthly payment.

**2. What is the formula to use mortgage payment?**

For calculating Mortgage payments we use, PMT = PVi(1+i)^{n}/ (1+i)^{n}-1.

**3. How to use the mortgage payment calculator?**

Simply give the inputs click the calculate button and get the answer in a blink of an eye.