Fixed Rate Mortgage Calculator

Introduction: A Fixed Rate Mortgage offers stability with a consistent interest rate throughout the loan term. Our Fixed Rate Mortgage Calculator simplifies the process of determining your monthly payment, helping you plan your budget effectively.

Formula: The monthly mortgage payment for a Fixed Rate Mortgage is calculated using the standard formula for amortizing a loan. The formula is: Monthly Payment=Loan Amount×Monthly Interest Rate1−(1+Monthly Interest Rate)−Loan TermMonthly Payment=1−(1+Monthly Interest Rate)−Loan TermLoan Amount×Monthly Interest Rate​

How to Use:

  1. Enter the loan amount in US Dollars ($).
  2. Input the annual interest rate (e.g., 3.5 for 3.5%) as a percentage.
  3. Enter the loan term in years.
  4. Click the “Calculate” button.
  5. The estimated monthly mortgage payment will be displayed.

Example: Suppose you want to borrow $250,000 with an interest rate of 4.5% for a 30-year fixed-rate mortgage. By clicking “Calculate,” you can find out that your estimated monthly mortgage payment is $1,267.64.


  1. What is a Fixed Rate Mortgage?
    • A Fixed Rate Mortgage is a type of mortgage where the interest rate remains constant throughout the entire term of the loan.
  2. How does a Fixed Rate Mortgage differ from an Adjustable Rate Mortgage (ARM)?
    • Unlike an ARM, a Fixed Rate Mortgage has a constant interest rate, providing predictable monthly payments.
  3. Why choose a Fixed Rate Mortgage?
    • Borrowers choose Fixed Rate Mortgages for stability, knowing that their interest rate and monthly payments won’t change.
  4. What is the typical loan term for a Fixed Rate Mortgage?
    • Common loan terms for Fixed Rate Mortgages include 15, 20, and 30 years.
  5. Can I pay off a Fixed Rate Mortgage early?
    • Yes, many Fixed Rate Mortgages allow for early repayment without penalties. Check your loan terms.
  6. How does the interest rate impact the monthly payment?
    • A higher interest rate results in a higher monthly payment, while a lower interest rate leads to a lower monthly payment.
  7. Is the monthly payment the same throughout the loan term?
    • Yes, the monthly payment remains constant for the entire term of a Fixed Rate Mortgage.
  8. Are property taxes and insurance included in the monthly payment?
    • The calculated monthly payment typically includes principal and interest. Property taxes and insurance may be additional.
  9. Can I refinance a Fixed Rate Mortgage?
    • Yes, refinancing allows you to replace your current mortgage with a new one, potentially securing a lower interest rate.
  10. What is the difference between a Fixed Rate Mortgage and a Variable Rate Mortgage?
    • A Fixed Rate Mortgage has a constant interest rate, while a Variable Rate Mortgage (such as an ARM) can change over time.

Conclusion: Our Fixed Rate Mortgage Calculator empowers you to make informed decisions about your home financing. Use this tool to estimate your monthly payment and gain clarity on your financial commitments throughout the life of your Fixed Rate Mortgage.

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