How to use mortgage calculator

July 22nd, 2014

Video Transcript:

Looking to buy a home? The mortgage payment calculator can help you estimate your future monthly payment. It can also help you determine how much house you can afford, how much to save for a down payment, or what your payment could be if interest rates change.

Let’s say the house you’re interested in is listed for $200,000, and you have 20 percent or $40,000 set aside for a down payment. That means you would need to finance $160,000.

In the calculator, enter the mortgage loan amount and the interest rate you would like to use for your estimate. Then decide on a repayment period or loan term. Thirty years is a common length, but you can also try 10, 15, or 20 years to see how that would affect your monthly payment.

Select New Home Loan and click Calculate.   

In this example, the calculator estimates your monthly payment at $718. And your expected interest payment over the 30-year loan is $98,650, which means the total amount paid over 30 years is $258,650.

Now that you have your monthly payment estimate, you can apply for a mortgage and compare rates lenders are offering today. When you enter your ZIPCode, you’ll see specific rates in your area for various loan terms and you can refine the results to contact your lender directly.

If you need to do more planning, you can always review our catalog of helpful articles.

You can use our Mortgage Monthly Payment calculator @

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