Use our free mortgage payment calculator to determine what your monthly payment will be based on your loan amount, interest rate and mortgage term. This mortgage payment calculator is a simple way to ensure you’ve selected the perfect match for your specific needs. The calculator computes parameters related to loan and property information in order to calculate your potential monthly payment. Tax and insurance information is also taken into consideration. Input these numbers and you’ve got a quick estimate of whether or not the loan is in your budget.
Our free mortgage calculator is simple to use. The first step includes four fields for loan amount, interest rate, length and home value. The loan amount is how much you’ll need to borrow, the interest rate is the rate advertised by the lender, the length is the amount of time it takes to repay the loan (generally 15 or 30 years) and the home value is the estimated price.
When you use the mortgage calculator, the main fields to keep your eye on are the interest rate and the length. If you input a lower rate, you can expect your monthly payment to go down. Just how much an interest rate decrease affects your monthly balance depends on the size of your loan. Choose a loan with a shorter term, and you can expect your monthly payment to rise. Consider that you’re paying off the same loan in a shorter period of time.
This quick overview is great for comparing lenders, loan programs and different loan scenarios. It’s the first step to finding a mortgage that matches your budget.
Should you refinance?
Try our free Refinance Calculator to find out how long it will take to recoup the cost of your refinance by lowering your monthly payment.