Mortgage Calculator

How to Use Mortgage Calculator

So, you’re thinking about buying a home or maybe refinancing, and you want to know what your monthly payments might look like. No worries, we’ve got you covered with a handy mortgage calculator. Here’s how to use it:


Home Price or Current Value

If you're buying, enter the home price. If you're refinancing, enter the current value.

Down Payment

Down Payment

For buyers, put in the amount you plan to pay upfront. If you're refinancing, enter your home equity.

Interest Rate

Interest Rate and Loan Term

On a computer, type in the interest rate and adjust the loan term in years. On mobile, tap "Refine Results" to find the rate field and adjust the loan term.


Additional Costs

You can add your own estimates for property taxes, homeowners insurance, and association fees.


Comparison and Amortization

Click "Compare common loan types" to see different loan terms. Click "Amortization" to track changes in principal, equity, and interest over the years.

How This Helps You

How This Helps You

Decide the loan term that suits you. Consider if an adjustable-rate mortgage (ARM) makes sense. Determine if you're eyeing a home within your budget. Figure out the right down payment for you.

Lenders Decide

How Lenders Decide

Lenders look at your debt-to-income ratio (keep it around 36% or less).

Monthly Payment

What's in Your Monthly Payment

Principal (the amount you borrow). Interest (what the lender charges). Property taxes and homeowners insurance. Mortgage insurance if your down payment is less than 20%.

Lower Payments

How to Lower Payments

Extend the loan term. Consider a smaller loan. Aim for a 20% down payment to avoid mortgage insurance. Try for a lower interest rate.


Watch Out for

Rising property taxes or insurance premiums. Late payment fees. Adjustable-rate mortgages if rates go up.


Formula for Monthly Payment

Monthly Payment (M) = Principal (P) × [ Monthly Interest Rate (i) × (1 + i)^n ] / [ (1 + i)^n – 1] Where i = Monthly Interest Rate (annual rate ÷ 12) and n = Total Number of Payments.

There you go! Play around with the calculator and see what works best for you. Happy house hunting!

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