How to Use the Mortgage Payment Calculator

Our mortgage loan payment calculator calculates monthly mortgage payments using interest rates & loan amounts you enter. Change the interest rates and loan values to compare different payments.

This mortgage calculator is helpful if you're thinking about refinancing your mortgage, or getting a new home loan, and want to know how much you can afford to borrow or what your payments will be.

Making the monthly payment is an important consideration when shopping for a mortgage or refinancing. Using a monthly payment calculator can help you estimate monthly payments and avoid surprises.



Target Your Loan Amount Before Contacting Lenders

Using this mortgage payment calculator can help you target a loan amount that provides a comfortable monthly payment. Using the calculator only requires three simple entries:
  • Enter a mortgage loan amount, interest rate, and repayment term (how long you'll be repaying the loan).
  • The calculator brings up the results, which show your monthly Priciple & Interest (P&I) payment, the total amount you'll repay over the entire loan term, and how much interest you'll pay over the entire loan term.
  • Not only do you learn whether the monthly payment is feasible, but you'll get an idea of how much a specific loan can cost.
  • It's important to note that mortgage calculator tools, including the loan comparison calculator and amortization calculator, do not include amounts that may be required by your lender for payment of taxes and insurance. Remember to budget for these costs when calculating your monthly budget for housing expenses.

The Big Picture: What Your Loan Can Cost

Another benefit of using our monthly payment calculator is learning how much you can save by refinancing into a shorter loan repayment term; or, if you currently have a 15 year mortgage and want to convert to a 30 year loan, you can see how much your monthly. payments will decrease. Entering different loan amounts, interest rates, and repayment terms can help you discover how to save on a mortgage loan with terms that accommodate your budget.

If you're comparing several loan offers, use the loan comparison calculator to view loan features side by side. Mortgage calculator tools are free to use and can help you keep on track when shopping for potential mortgage options. Having a few facts and figures on hand will help you and potential lenders focus on appropriate mortgage or refinance options.

Be sure to use all the tools available for your disposal when you are shopping for a new home loan or considering refinancing, including comparing rates. Your home may be the biggest purchase you make in your lifetime, so be sure you are getting the best deal you can. You can compare lenders' best rates available to you here (up to 4 free quotes from competing mortgage lenders), for absolutely no fee and no obligation.

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Comments

Ann

2010-01-31 13:43:00

I am so glad that you don\'t charge for this service. It is very helpful Thank You


Jerry

2009-05-08 07:16:00

It comforting to know I did not have to provide any info (phone#, email address etc) to use this site and its many tools. It helped me plan for our home purchase without any hassle and no hidden agenda. Great Tool!


Charles

2009-04-22 09:59:00

Thanks for putting this together - it's simple and useful.


Lisa

2009-04-21 21:41:00

I so appreciate this tool!! Thank you for making it available for a quick and easy way to check what loan offers are affordable.


Mike

2009-03-27 12:12:00

This is great stuff!!


T

2009-02-09 18:41:00

This is a great site and has been very helpful in helping us decide if we can afford our new house.


YER-MOM

2008-12-18 23:07:00

THIS IS A GREAT AND EASY TO USE TOOL!


mindy

2008-12-18 16:25:00

Very easy to use, thank you.


B.

2008-11-26 12:44:00

Cool tools! There should be a tool for projcting a payment with and without an impound account for taxes and insurance. This would be particularly nice since now being forced into an impound account by my morgage company and I believe they have way over projected my coming year's taxes on my property. Last year, my property taxes were $2,300 for the year. My mortgage company says that they have projected that the payment for the coming year will be $6,500! - - - - EDITOR'S REPLY: Nice suggestion. However, taxes and insurance can vary from one zip code to the next. Property taxes can be assessed by Cities, Counties, School Boards... a whole range of entities. The impound account can also cover insurance if you have less than 20% equity. But the good thing is, the bank does not keep the difference for long if they have overestimated. They will lower (or raise) your monthtly contribution to correct it if they miscalculated the right amount to withhold. Just ask your lender to walk you through their math. They'll be happy to explain where there number is coming from.


true

2008-11-19 23:33:00

a very useful tool!!


Stout

2008-11-16 20:39:00

Thank you so much. The info has been great and easy to use.


sharon

2008-11-09 06:20:00

very helpful


Thatguywiththeproject

2008-10-29 15:22:00

I have read most of these comments and most of them say thank you. Well, im sure whoever came up and invented this calculator is a genius and is really cool for making this up. So....THANK YOU - - - EDITOR'S COMMENT: Thanks for the complement, but anyone with a basic understanding of algebra could create a nice mortgage calculator if they put enough time and attention into it and focus more on user experience then on making a buck. I'm glad you approve of the result.


UNIKA

2008-10-22 10:46:00

LOVE IT!


Georgie

2008-10-17 11:14:00

Great Tool! - I determined how fast I can pay back my loan ahead of my contract - Thank U!


VICTOR S

2008-10-03 13:41:00

APPRECIATE THE CALCULATORS, THANKS.


ed

2008-09-24 11:13:00

thank you


yolanda

2008-09-03 16:38:00

This is the best motgage calculator ever! I saved this in my favorites!


Willie S.

2008-08-18 19:18:00

GREAT SITE!!! The calculators and amortization options are awesome! Keep up the great work!


trell

2008-07-16 11:32:00

I love this website. It really helped me calculate several mortagage payments without a lot of hassle and questions.


Penny Freeman

2008-07-13 10:22:00

Thanks


Rachel

2008-07-09 12:41:00

Extremely useful! Thanks for not asking a bunch of personal questions!!


mark

2008-06-27 17:40:00

Thanks for offering a simple site without intruding questions and bombarding me with offers.


melissa

2008-06-25 10:27:00

this is so awesome i saved it to my favorites~! thank you for creating this tool, i absolutely love it.


Becky

2008-06-09 20:39:00

Great tool. Fast. Easy. Just what I was looking for vs. those sites that ask you to provide 3 pages of information so they can contact you later. I just wanted an estimate. Thanks again!


cbibbs

2008-06-01 16:18:00

this calc was right on target. very useful!!


ganges

2008-05-26 21:24:00

excellent


Ray

2008-05-25 16:43:00

Question? Does this estimate interest and escrow into the monthly payment or is this in addition to the estimated quote? That makes a big difference. - - - - EDITOR'S COMMENT: This calculator includes interest, of course, but I believe you're wanting to know if it estimates insurance and property taxes, which are often collected monthly through an escrow account and then paid out from that account annually. Please note that insurance, taxes, and other commonly-escrowed items are NOT included in the calculations. There is no magic formula for estimating these costs, as the cost of taxes and insurance here in the US can vary wildly from one area to another. Insurance varies with the risk of floods, fires, and other disasters (which differs for each region of the country). Some areas of the country don't charge property taxes at all. Others charge a significant amount. Talk to your realtor or someone you know who owns a home to find out how much to expect these costs to run in your area.


Tony

2008-05-21 20:10:00

thankyou


cheryl

2008-05-19 17:00:00

thanks


Peter Chast

2008-05-13 08:25:00

this calculator will not work with a 0% interest. - - - - EDITOR'S COMMENT: True - it cannot divide by zero so the formula breaks down. Just put in a negligible interest rate such as 0.00000000001%. It rounds numbers to the nearest cent, so it will work out like 0% interest, and you'll be able to view an accurate amortization schedule!


Shawnika Stuckey

2008-05-12 10:37:00

I looked at this calculator and tried it for accuracy and it worked just fine. This is a very nice site and I think that you should keep it running for a while. - - - - EDITOR'S COMMENT: THANKS, WE WILL!!


amit

2008-05-03 03:31:00

thanks for this


HomeBoy

2008-04-26 08:44:00

WOW- easy. also easy to see how much the Interest rapes you. Thanks!


Ryan

2008-04-21 16:34:00

great!


Steve

2008-04-18 15:32:00

Thanks it is great!


Tina

2008-04-15 12:12:00

Very helpful & convenient. Thanks


Linda

2008-04-12 20:04:00

Question: Loan Amount would be $20,000.00 @ 6% with monthly pymts of $500.00 for 12 months and then lump sum balloon payment. How would I calculate this? - - - - EDITOR'S COMMENT: I'd have to see the loan paperwork, but here's an overview for you. During the 12-month period you'll make $6,000 in payments (12 months X $500 per month). 6% annual interest on the first 12 months of a $20,000 loan comes to $1,066. The remaining $4,934 of your payments will be applied to principal. At the end of 12 months, you will have a principal balance of $15,066. If the loan requires a larges lump sum balloon payment than that at the end fo the term, the difference is additional fees. If you want to see the amortization schedule, use the amortization calculator and put in 3.72835 as the repayment period. That will give you a monthly payment of $500 and you can see how each month's payment is applied to interest and principal.


ann

2008-04-02 14:23:00

thanks


Armen

2008-03-20 23:30:00

very useful and practical tool


Donna

2008-03-10 05:08:00

Just what we were looking for. Very handy for a fast and easy calculation.


Irina

2008-03-07 10:48:00

Nice & easy. will be better if current interest rate will be displayed, what we enter is just a guess. EDITOR'S COMMENTS: Interest rates vary by region, and they vary considerably depending on your credit rating and the amount of points you buy. Since you're closer to your situation than we are, your guess is actually better than ours could be. However, if you want a real interest rate, use the form we provide on the home page of our site ("Get Free Home Loan Quotes Now"). That tool will help you request free loan quotes from pre-screened lenders that serve your area and loan type. This will allow you to get a realistic interest rate to use for your calculations, and ensure that you get the best possible loan offer for your situation.


becky rickett

2008-03-06 15:28:00

this is amazing


Rao

2008-03-05 16:14:00

It will be good if you can also show the Principle and Interest payments - - - - EDITOR'S COMMENTS: Done :-) Just click on "View Amortization." Thanks for the suggestion.


Mary G.

2008-02-29 08:02:00

Excellent site. No gimmicks. I love it.


steve williams

2008-02-26 13:30:00

i just want to know the monthly payment amount. EDITOR'S COMMENTS: No problem! Just fill in the loan amount, interest rate, and repayment period and the mortgage payment calculator will tell you the monthly payment amount in about a quarter of a second! Give it a try!


Bobby

2008-02-26 11:28:00

Great tool! Easy and fast


KimDongJun

2008-02-21 14:25:00

its nice. very usefuL. nice invention.


Josh

2008-02-21 13:53:00

THIS IS FINALLY HELPFUL!!!


Keenan D.

2008-02-20 15:57:00

Way cool; very easy to use and I did not have to give my social security number or sign my life away. EDITOR'S COMMENT: Thanks, Keenan. We won't let you sign your life away, but you can name your firstborn "Calc" if you'd like :-)


tony c

2008-02-17 19:02:00

thanks for a legitimate calculator not a trick to get my personal info.


David M.

2008-02-12 16:17:00

Excellent. Thank you


John Smith

2008-02-09 15:48:00

good quick tool. easy to use.


Richard

2008-02-08 09:59:00

Excellent, thank you.


doz

2008-02-07 14:20:00

easy to find and to use Thank you


Johnny

2008-02-04 04:44:00

Great easy tool. thanks


bobby

2008-02-01 12:28:00

great site with no applications to fill out!!!


ANIL

2008-02-01 09:33:00

THIS IS VERY SIMPLE AND FAST.


Veera

2008-01-29 22:14:00

Great!!!


DRL

2008-01-23 20:16:00

Thank you for use! Great tool!


D.

2008-01-18 18:24:00

This is amazing!!! I didnt have to go through the BA-Zillion questions just to get a message telling me someone would call me with the results!! THANKS YOU FROM ALL OF US!


Donna

2008-01-18 09:25:00

Thanks


Lena

2008-01-12 11:08:00

So helpful, thanks!


Joe Bishop

2008-01-02 18:10:00

Real cool deal!


Ben D

2007-12-31 16:18:00

I luv it! It helps alot!!


Princilla Richardson

2007-12-27 13:11:00

This was alife saver,thank you.


Yehuda

2007-12-21 09:04:00

Thank you.


Rope

2007-12-19 04:22:00

This is very handy. Thanks


Robin

2007-12-18 10:09:00

Extremely helpful. Thank you so much.


Linda

2007-12-17 08:54:00

Thanks this is a great tool not like other sites-I just wanted an idea not a loan


chris

2007-12-15 17:53:00

These calculators are handy!


PS

2007-12-13 20:08:00

This is a great site.


Robin

2007-12-11 12:15:00

Thanks, what a help! I keep it in my favorites.


MIKE

2007-11-28 11:09:00

THIS SITE IS GREAT. THANK YOU, CWM PROCESSING DEPT.


Erny

2007-11-17 10:46:00

Great Site!! - Thanks loads.


Jimmy

2007-11-04 18:03:00

thanks for this site...nice and easy


bubba

2007-10-29 07:37:00

i love this site


Michelle

2007-10-29 07:29:00

thanks helped me with my school work :-) love ya long time ---- Michelle


Afmo

2007-10-26 22:45:00

Thank you for creating this valuable resource! Much Appreciated! God Bless!


Linda

2007-10-22 06:37:00

Thank you for this quick, easy, and understandable calculation


Ron

2007-10-18 15:23:00

Thanks, I love it


Nancy

2007-10-14 19:48:00

I agree with everyone Thanks


Brad

2007-10-09 11:54:00

Thank you for such an easy calculation. It was very helpful.


maurice

2007-09-23 16:27:00

Great tool


Karen Fessler

2007-09-10 02:04:00

Very helpful and super fast!


Paul Mullen

2007-09-06 13:17:00

Thanks


Rod

2007-08-29 12:55:00

Thank you!


Lynn Stewart

2007-08-28 12:20:00

Wonderful tool. A must have


TITA

2007-08-24 11:41:00

This is great!!!! Compartelo y tratalo, Chao


Sonny B

2007-08-14 09:18:00

I am a high school teacher and this is great for me and my students! Thanks!!


Mike Butte

2007-08-09 15:49:00

Love it


Melissa Smith

2007-08-04 11:36:00

Very Helpful thanks!!!


WTH

2007-08-01 09:22:00

Thanks, this Mortgage Calculator to be very efficient and easy to use. Way to go! Thank you. Everyone keep in mind whatever payment you get be sure and double it to pay for taxes and insurance and possibly P.M.I ( private mortgate insurance).


gabriel

2007-07-26 22:36:00

very good,but you also need a 40 year mortgage amortization calculator - - - - EDITOR'S COMMENT: We have expanded the calculator. It will now calculate amortization for any length of home loan, even a 40-year mortgage. Enjoy!


Peary

2007-07-17 15:57:00

I have found this Mortgage Calculator to be very efficient and easy to use. Way to go! Thank you.


debbie

2007-07-11 17:43:00

GREAT SERVICE. IT HELPED US A GREAT DEAL. THANKS


Ron

2007-07-11 17:12:00

thanks alot very easy


Allan

2007-07-09 08:01:00

Thanks! Truly FREE ... no veiled requirements.


Rand

2007-07-02 10:03:00

If only I had the capital to actually buy the properties I put through this calculator!


ANGELA

2007-06-21 07:34:00

QUICK AND EASY. THANK YOU


Tony

2007-06-16 14:28:00

this is wonderful.....easy, fast, and not 100 questions asked


Sue

2007-06-14 17:50:00

Great - short and to the point, no frills!


Bee

2007-06-12 09:14:00

This is absolutely perfect, I love it...Wonderful idea


Pam

2007-06-04 15:39:00

Da Bomb!!! No hassel, somebody finally got it!!....Thanks


Jared

2007-06-04 13:18:00

thanks.. but everyone keep in mind you will have taxes and insurance and possibly P.M.I ( private mortgate insurance) All together could add several hundred dollars to payment shown here..


BILLY PLAYY

2007-06-03 17:37:00

great


Randy

2007-05-28 12:25:00

love this site, didnt have no BS to go through very easy thanks.


Carol

2007-05-23 14:35:00

Wonderful site, user friendly! Many thanks


jed

2007-05-22 07:41:00

Thanks, Just what I was looking for Not someone trying to sell me something


Andre

2007-05-20 06:52:00

Fantastic !!


Kim

2007-05-17 15:53:00

Thanks


cassidy

2007-05-16 21:16:00

very nice.


Jeanne

2007-05-15 16:05:00

Thanks -- nice not to have to answer three pages of questions and give too much personal info.


max

2007-05-14 05:31:00

Thanks, Just what I was looking for Not someone trying to sell me something


Vicki

2007-05-11 23:30:00

Ditto! Thanks for making this so easy and quick!


Dave

2007-05-09 22:58:00

Bitchn


Yvonne

2007-05-09 10:03:00

Quick and easy. Thank you very much.


cal

2007-05-08 11:28:00

Great site


Pamela

2007-05-07 06:07:00

I saved this in my favorites a few years ago. I use it often and absolutely love it!!!


robert

2007-05-06 12:30:00

great job, I use this all the time


jo

2007-05-05 11:55:00

all ok


Karl

2007-05-04 14:41:00

Nice, but remember to add the taxes and insurance for the most accurate monthly figure.


nov

2007-05-04 13:48:00

this is one of my fav site.


K&K

2007-05-01 19:21:00

This was handy, easy and fast! Thank you


Bishop

2007-04-29 19:41:00

i love it!!!


Laura

2007-04-27 20:05:00

I have this saved on Favorites....I use it all the time when buying and selling property or consolidation! THANK YOU


Jack

2007-04-26 08:46:00

thank you I like that we can get an answer rather then 100 questions I will go with you before anyone else because of this service!!


dec

2007-04-23 17:58:00

nice and simple


GM

2007-04-21 19:40:31

Thank you this is great. The other sites want to sell you a loan not provide you a simple calculation.


Jermaine

2007-04-20 22:01:06

Thank you


ly

2007-04-20 07:05:11

good. Thanks.


sal

2007-04-17 17:24:10

thank you


gina

0000-00-00 00:00:00

EASY TO USE, EVERYTHING IS HERE ALL IN ONE PLACE.


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