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Many calculators allow you to save or print the results for future reference or discussions with your lender.
Use the results to compare loan options, negotiate better interest rates, or decide on a loan term that fits your budget.
To use a mortgage calculator, enter your loan amount, interest rate, loan term, and any additional costs like taxes or insurance. Click “Calculate” to see your estimated monthly payment and payment breakdown. Adjust inputs to explore different scenarios.
A mortgage calculator helps estimate affordability based on your income, debts, and down payment. Typically, lenders recommend that your mortgage payment not exceed 28–31% of your gross monthly income.
Mortgage payments typically include:
Use this formula or a mortgage calculator:
M=Pr(1+r)n(1+r)n−1M = P \frac{r(1+r)^n}{(1+r)^n-1}
Where:
Alternatively, a mortgage calculator does this automatically.
Input your income, debts, and desired monthly payment into the calculator. It estimates the maximum home price you can afford, considering your down payment and current mortgage rates.
A mortgage calculator is an online tool that estimates your monthly mortgage payment based on loan amount, interest rate, loan term, and additional costs like taxes or insurance.
PMI (Private Mortgage Insurance) protects lenders if a borrower defaults. It is required when your down payment is less than 20% and adds to your monthly payment.
Closing costs are fees paid when finalizing a home loan, usually 2–5% of the loan amount. They include:
Mortgage rates fluctuate due to:
A high mortgage payment can be caused by:
Amortization shows how each payment is split between principal and interest over time. It helps you:
Top options include:
Interest goes to the lender as a cost of borrowing money. Early in the loan, most of your payment goes toward interest; later, more goes toward the principal.
Mortgage payments usually start one month after closing. For example, if you close in June, the first payment is due in July.
First-time homebuyers, individuals planning to refinance, and anyone comparing loan terms benefit the most, as it helps them make informed financial decisions.
Banks, financial institutions, and reputable websites like Bankrate, NerdWallet, and Zillow generally provide the most accurate calculators.