May 25, 2024

Mortgage Calculator

Calculate your monthly mortgage payments effortlessly with our user-friendly Mortgage Calculator. Simply input your loan amount, interest rate, and loan term to instantly estimate your monthly payment.

Enhanced Mortgage Calculator

Enhanced Mortgage Calculator

Amortization Schedule:

Month Payment Principal Interest Remaining Balance

Unlock the power of our Mortgage Calculator – the ultimate ‘home loan calculator’ for all your financial needs. Whether you’re exploring mortgage options, ‘reverse mortgage calculator’ for seniors, ‘VA loan calculator’ for veterans, ‘equity release calculator’ for homeowners, or ‘refinance calculator’ to optimize your home financing, our versatile tool has you covered. Calculate ‘VA home loan’ scenarios, explore ‘remortgage’ possibilities, and estimate monthly payments with our ‘mortgage payment calculator.’ Maximize your financial insights with our ‘cash-out refinance calculator.’ Make informed decisions on home financing with our accurate and reliable mortgage calculator tool. Try it now!

How to Use Mortgage Calculators

Most mortgage calculators are user-friendly and follow a similar format. You’ll typically enter essential details, including:

  • Home price or loan amount
  • Down payment
  • Loan term (in years)
  • Interest rate

In some cases, you may also be able to input additional monthly payments or one-time costs.

Once you’ve provided the necessary information, the calculator will generate results that include:

  • Your estimated monthly payment
  • A breakdown of principal and interest
  • Other potential costs like property taxes and insurance

For more specialized calculators, such as reverse mortgage or equity release calculators, you’ll input unique data related to those specific financial products.

The Power of Mortgage Calculators

Mortgage calculators are versatile tools that help you gain insights into your potential home financing options. Let’s explore how they can assist you in various scenarios:

Home Loan Calculator

A “home loan calculator” is a broad term that encompasses tools for a wide range of scenarios. Whether you’re buying your first home, upgrading to a new one, or downsizing, a home loan calculator can provide you with a clear picture of your potential mortgage terms.

Mortgage Calculator

A “mortgage calculator” is a more specific tool that focuses on traditional home loans. You can calculate your monthly mortgage payments, estimate interest rates, and visualize your amortization schedule.

Reverse Mortgage Calculator

For senior homeowners looking to tap into their home equity, a “reverse mortgage calculator” is indispensable. It helps you understand how a reverse mortgage works and provides estimates of loan amounts, interest rates, and payout options.

VA Loan Calculator

If you’re a veteran or an active-duty service member, a “VA loan calculator” is tailored to help you determine your eligibility and potential loan terms for a VA home loan. These calculators take into account the unique features of VA loans.

Equity Release Calculator

As homeowners age, they may explore options for unlocking the equity in their homes. An “equity release calculator” can assist you in understanding how much equity you can access and what the financial implications might be.

Refinance Calculator

Considering refinancing your mortgage? A “refinance calculator” can help you evaluate whether refinancing is a financially sound decision. You can compare your existing loan with a new one, assess interest rates, and estimate savings.

VA Home Loan Calculator

Similar to the VA loan calculator, a “VA home loan calculator” focuses on the specific benefits of VA loans for veterans and active-duty military members. It helps you understand how these loans can make homeownership more accessible.

Remortgage Calculator

If you’re in the UK, you may be exploring “remortgage” options. A “remortgage calculator” is designed to assist you in evaluating the potential costs and benefits of switching to a new mortgage deal.

Mortgage Payment Calculator

A “mortgage payment calculator” is perfect for those who want to know exactly how much their monthly mortgage payments will be. You can enter your loan amount, interest rate, and loan term to get a precise estimate.

Cash Out Refinance Calculator

Cash out refinance calculator” is ideal for homeowners who want to leverage their home equity to access cash. It allows you to estimate how much money you can extract from your property.

Understanding Mortgage Payments

Mortgages can be complex, but our goal is to simplify this process for you. Whether you’re a first-time homebuyer or considering refinancing, our Mortgage Calculator will be your trusted companion. Here’s how it works:

1. Home Price and Down Payment

The starting point is the “Home price” and “Down payment.” If you’re buying, enter the purchase price. If you’re refinancing, input the current value of your home. In the “Down payment” section, specify the amount you’re paying upfront (for buyers) or the equity you have (for refinancers). Your down payment is the cash you pay upfront for your home, while home equity is the home’s value minus your outstanding mortgage balance.

2. Length of Loan

Select the term for your loan, usually 30, 20, 15, or 10 years. Our calculator will automatically adjust the repayment schedule according to your choice.

3. Interest Rate

In the “Interest rate” box, enter your expected interest rate. While our calculator defaults to the current average rate, feel free to adjust it as necessary based on your unique situation. The rate you receive will depend on whether you’re buying or refinancing.

As you input these figures, the calculator will provide you with the principal and interest amount, along with estimates for property taxes, homeowners insurance, and homeowners association fees. These additional costs may vary, and you can edit or ignore them as needed.

Breaking Down Mortgage Costs

To fully grasp the impact of a mortgage, it’s essential to understand the components of your monthly payment:


The principal is the amount you borrowed from the lender. It represents the initial debt you owe.


Interest is the cost of borrowing money from the lender and is expressed as an annual percentage. It’s a significant part of your monthly payment.

Property Taxes

Local authorities assess an annual property tax. If you have an escrow account, you pay a portion of this tax with each mortgage payment.

Homeowners Insurance

This insurance covers damage and financial losses from various events. You pay a portion of your annual premium with each mortgage payment.

Mortgage Insurance

If your down payment is less than 20 percent of the home’s purchase price, you’ll likely be required to pay mortgage insurance, which is also included in your monthly payment.

Mortgage Payment Formula

For those who prefer to crunch the numbers manually, here’s a formula to help calculate mortgage payments:

  • M = Monthly Mortgage Payment
  • P = Principal Loan Amount
  • r = Monthly Interest Rate (divide the annual rate by 12)
  • n = Number of Payments (loan term in years multiplied by 12)

This formula can help you determine how much house you can afford and whether adjustments to your down payment or loan term are necessary. However, we recommend using our Mortgage Calculator for convenience and accuracy. It’s always a wise move to compare offers from multiple lenders to ensure you’re getting the best deal available.

How a Mortgage Calculator Can Help

Determining your monthly house payment is a critical step in setting your housing budget. It’s essential, as it’s likely to be your most significant recurring expense. Bankrate’s Mortgage Calculator empowers you to estimate your mortgage payment and explore various scenarios. Here’s how it can assist you:

Choosing the Right Loan Length

If your budget is stable, a 30-year fixed-rate mortgage may be the best choice. While it offers lower monthly payments, it accumulates more interest over the loan’s life. On the other hand, a 15-year fixed-rate mortgage reduces total interest payments but comes with higher monthly installments. The calculator helps you make an informed decision.

Evaluating Adjustable-Rate Mortgages (ARMs)

As interest rates fluctuate, you might consider an adjustable-rate mortgage (ARM). These often feature lower initial rates, making them attractive. However, they come with adjustments in the future, affecting your monthly payment. Use the calculator to assess the potential changes.

Staying Within Your Budget

The Mortgage Calculator provides a comprehensive view of your expected monthly expenses, including taxes and insurance. It’s an invaluable tool for ensuring your mortgage aligns with your financial capabilities.

Determining the Down Payment

Contrary to the traditional belief of a 20 percent down payment, many borrowers now opt for as little as 3 percent. The calculator will help you decide how much you should put down.

28/36 Percent Rule

Not sure how much of your income should go towards housing? Follow the 28/36 percent rule. It recommends not spending more than 28 percent of your gross income on housing and 36 percent on overall debt. Our example illustrates how to apply this rule effectively.

Once you determine your affordable range, you’ll be prepared for the next steps, ensuring that your mortgage aligns with your budget and future financial goals.

Lowering Your Monthly Mortgage Payment

If the monthly payment seems challenging, here are some strategies to make it more manageable:

Choose a Longer Loan Term

Opting for a longer loan term will reduce your monthly payment, but it will also increase the total interest paid over the loan’s life.

Spend Less on the Home

Borrowing less results in a smaller monthly payment.

Avoid Private Mortgage Insurance (PMI)

A down payment of 20 percent or more eliminates the need for private mortgage insurance, saving you money.

Shop for a Lower Interest Rate

While lower interest rates are appealing, be mindful of any additional costs associated with super-low rates, such as paying points upfront.

Make a Bigger Down Payment

Increasing your down payment decreases the loan amount, leading to a lower monthly payment.

Alternative Uses of the Mortgage Calculator

Apart from estimating mortgage payments, our Mortgage Calculator can serve other purposes:

Paying Off Your Mortgage Early

Use the “Extra payments” functionality to explore how additional payments can shorten your loan term and save you money over time.

Assessing Adjustable-Rate Mortgages

Compare ARM rates to conventional fixed-rate mortgages to make an informed choice.

Determining When to Eliminate Private Mortgage Insurance

The calculator can help you find out when you’ll have 20 percent equity in your home, enabling you to request the removal of private mortgage insurance.

Key Information for Using the Mortgage Calculator

To utilize the calculator effectively, you’ll need the following information:

  • Home price
  • Down payment
  • Loan amount
  • Loan term (in years)
  • Interest rate
  • Loan start date

By entering these details, you can quickly and accurately predict your monthly mortgage payment and the total interest you’ll pay over the life of your mortgage.


Navigating the complexities of mortgage payments becomes much simpler with the assistance of our Mortgage Calculator. Whether you’re a first-time homebuyer or a savvy homeowner exploring refinancing options, our tool empowers you to make well-informed decisions. We believe that understanding the intricacies of your mortgage is essential to financial success, and we are here to provide you with the knowledge and tools you need to secure your future. Take control of your mortgage journey today with Our Mortgage Calculator.