Mortgage Payment Calculator
How to calculate your monthly mortgage payments
The calculations behind mortgage payments can be complicated, but our Free Online Mortgage Calculator makes it both quick and easy to see what your monthly mortgage payment would be based on your Purchase Price, Down Payment, Interest Rate & Amortization Period (length of the loan). Follow the steps below to get the most accurate payment estimations.
TOTAL AMOUNT ($): In this box, type in the price of the home you’re purchasing. If you are calculating for a refinance, type in your current loan balance, plus any cash out you’re hoping to add to the loan (if applicable).
DOWN PAYMENT ($): For a purchase, type in the amount you plan on putting down for your new home loan. A down payment is the cash you pay upfront for the home. If refinancing, you can leave this at $0.
INTEREST RATE (%): Enter the rate you expect to pay for your new home loan. Our calculators default to 4.49%, but you can adjust the percentage accordingly.
AMORTIZATION PERIOD (YEARS): Choose the term – usually 30 years, but perhaps 20, 15, or 10 – and our calculator will adjust the repayment schedule.
Once you click ‘Calculate’, you will see your estimated monthly mortgage payment. This consists of the principle & interest payment only for the loan terms you entered. Click the graph icon next to the payment amount to see a breakdown of the payments over time, payoff date, and the total principle & interest split. This calculator does not take into account other costs that will affect your monthly mortgage payment such as taxes & insurance or mortgage insurance.
