Wells Mortgage Calculator

How the Wells Mortgage Calculator works

Formula. Monthly payment M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the annual rate divided by 12, and n is years × 12. Total paid is M × n, and total interest is total paid minus P.

Example. A $200,000 loan at 6% for 30 years uses r = 0.06 / 12 = 0.005 and n = 360. The monthly payment is $1,199.10. Total paid is $431,676.38, so interest is $231,676.38.

Limitation. The payment assumes a fixed rate and a full amortization with no taxes, insurance, or extra principal payments. Idaho uses this same formula.