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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

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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. Becky 09, Jun, 2008

    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!

      Reply»  
  2. cbibbs 01, Jun, 2008

    this calc was right on target. very useful!!

      Reply»  
  3. ganges 26, May, 2008

    excellent

      Reply»  
  4. Ray 25, May, 2008

    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.

      Reply»  
  5. Tony 21, May, 2008

    thankyou

      Reply»  
  6. cheryl 19, May, 2008

    thanks

      Reply»  
  7. Peter Chast 13, May, 2008

    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!

      Reply»  
  8. Shawnika Stuckey 12, May, 2008

    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!!

      Reply»  

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