Use our free Mortgage Calculator to estimate your monthly home loan payments, total interest, and overall cost based on your loan details.
What Is a Mortgage Calculator and How Does It Work?
This helpful financial tool allows you to calculate the estimated monthly payment based on loan amount, interest rate, loan term, and down payment. It’s popular among homebuyers, real estate agents and financial planners who want to know how various loan scenarios affect affordability.
Mortgage calculators need you to input simple information like the price of the home, interest and loan term (in years) and the amount of the initial down payment. With this information, the calculator can quickly figure your estimated monthly payments, total loan cost and how much interest you’re going to pay over the life of your loan. Higher-end calculators can also factor in property taxes, insurance and HOA dues.
A mortgage calculator provides you with a good estimate of these numbers, but remember that your final loan terms will likely differ with your credit score and the lender’s fee, as well as by market conditions. As a result, one should interpret the results as estimations and not exact numbers.
Today’s mortgage calculators can be found online and frequently feature tools such as amortization schedules, interest rate comparisons and refinancing breakdowns. Whether you’re a first-time home buyer or shopping for a refinance, our calculators are a great perquisite to help ease your mind on the financial side of the home-buying process.