Mortgage Payment Calculator

Mortgage Payment Calculator

User Rating : 1 Stars 2 Stars 3 Stars 4 Stars 5 Stars (19 votes, average: 4.05 out of 5)

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.

Mortgage Payment Calculator


How to use the Mortgage Payment calculator

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.

133 Responses to "Mortgage Payment Calculator"
  1. B. 26, Nov, 2008

    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.

  2. TRUE 19, Nov, 2008

    a very useful tool!!

  3. Stout 16, Nov, 2008

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

  4. sharon 09, Nov, 2008

    very helpful

  5. Thatguywiththeproject 29, Oct, 2008

    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.

  6. UNIKA 22, Oct, 2008

    LOVE IT!

  7. Georgie 17, Oct, 2008

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

  8. VICTOR S 03, Oct, 2008



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