wikiHow Mortgage Interest Calculator A mortgage interest calculator helps you determine how much interest you'll pay on a mortgage, based on the principal amount, interest rate, and loan term. To calculate the mortgage interest, you can use the following formula: Mortgage Interest = (Loan Amount x Interest Rate x Loan Term) / 12 where: * Loan Amount is the amount you're borrowing for the mortgage * Interest Rate is the annual interest rate on the mortgage * Loan Term is the term of the mortgage in years Note that the loan term is divided by 12 to calculate the monthly interest. For example, let's say you're taking out a mortgage of $250,000 at an interest rate of 4% for a 30-year term. To calculate the monthly mortgage interest, you would use the following formula: Mortgage Interest = (250,000 x 0.04 x 30) / 12 Mortgage Interest = $1,000 So you would pay $1,000 in mortgage interest every month on a $250,000 mortgage at a 4% interest rate over a 30-year term. Keep in mind that this is just the interest portion of the mortgage payment, and you'll also need to consider the principal amount and any additional costs, such as property taxes and insurance. Page