Mortgage calculators provide instant payment computations.
If you’re buying a home or wondering how much you can save by refinancing, a mortgage calculator is the ideal financial tool.
Using a mortgage calculator, you can quickly estimate the amount of your monthly loan payment.
About Mortgage Calculators
Lending professionals, such as mortgage brokers, bankers, Realtors, builders and real estate developers use mortgage calculators to determine the monthly payment for their clients and for a variety of projects.
Now, you can use a mortgage calculator to estimate your monthly housing payment, too.
You’ll need to input specific values to perform a monthly payment calculation.
Number of Months
The term, also known as the number of months that it will take for you to repay your mortgage loan.
Popular loan terms are 30-year fixed rate mortgages, 15-year fixed, 10/1 adjustable-rate mortgages, 5/1 adjustable-rate mortgages, 2/1 adjustable-rate mortgages and 1/1 adjustable-rate mortgages.
Loan Amount
Your loan amount represents the balance owed after you’ve deducted your down payment, escrowed funds, gifts or other items.
Interest Rate
The annual rate of interest that your lender charges you to borrow money for a home loan.
This rate will vary, depending on your use of the money, such as for buying a home, refinancing an existing mortgage loan or for a home equity loan.
Payment
Once the above inputs are entered, the “Calculate Payment” button will provide you with a monthly payment.
This amount is an estimate of your monthly mortgage payment.
Your actual payment amount could change, according to your mortgage interest rate, down payment, credit score, loan term and program terms.
Estimate Your Monthly Payment Via a Mortgage Calculator
A mortgage calculator will generate monthly payment that represents the principal and interest portions of your loan repayment amount.
Other portions of your monthly payment could include property taxes and homeowners insurance. This amount is referred to as your PITI payment (Principal, Interest, Taxes, Insurance).
Additionally, your PITI payment could also include homeowner association dues (HOA) and a mortgage insurance premium (MIP).
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