Our Mortgage Calculator and How to Use It

A mortgage calculator is a tool that helps homebuyers and homeowners estimate the monthly payments associated with a mortgage. These calculators take into account various factors such as the home’s purchase price, the down payment amount, the interest rate, the loan term, and other costs like property taxes and insurance premiums.

Mortgage Loan Calculator

Price of Real Estate?:

Down Payment Percent?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Number of Payments? (#):

Annual Interest Rate?:

Points?:

Annual Property Taxes?:

Annual Insurance?:

Private Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment Amount:

Down Payment Amount:

Total Interest:

Total Principal & Interest:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

Using a mortgage calculator is a valuable step in the home buying or refinancing process. Here’s how you can utilize one:

Determine the home price: Start by inputting the price of the home you’re interested in purchasing. This will be the starting point for the mortgage calculation.
Enter the down payment: Next, add the amount you plan to put down as a down payment. A higher down payment usually results in a lower monthly mortgage payment.
Select the loan term: Mortgage terms typically range from 15 to 30 years. Shorter loan terms typically have lower interest rates but higher monthly payments, while longer terms have lower monthly costs but higher overall interest paid.
Input the interest rate: Mortgage interest rates can vary based on factors such as the current market conditions, your credit score, and the type of loan you’re applying for. You can research current rates or use an estimated rate.
Consider additional costs: Many mortgage calculators also allow you to input estimates for property taxes, homeowner’s insurance, and homeowner’s association (HOA) fees. These additional costs can significantly impact the overall monthly payment.

Once you’ve entered all the necessary information, the mortgage calculator will provide an estimate of your monthly mortgage payment. This can help you determine how much house you can afford and ensure your monthly budget can accommodate the new home expense.

Remember, mortgage calculators are tools to provide estimates and guidance. The actual monthly payment may differ due to factors like closing costs, fluctuating interest rates, and the final terms of the loan. It’s always best to consult with a mortgage lender or financial advisor to get a more accurate assessment of your specific situation.

Mortgage Calculator Help

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