Easy-To-Use Free Calculator For Mortgage Payments

To Estimate Your Monthly Mortgage, use our Easy-to-Use Free Calculator for Mortgage Payments. 

With only a few pieces of information, our calculator for mortgage payments can help you quickly and precisely forecast your monthly mortgage payment.

You’ll find it simple to account for interest rates and break down payments.

Our online mortgage calculator will help you answer your question “How Much House Can I Afford?” and plan for your future effectively.

With the right input, you’ll also find the total amount you will pay in interest, taxes, insurance, and more.

Our payment breakdown will show you how paying bi-weekly vs monthly can reduce the time till your mortgage is paid off.

Keep in mind that the outputs of this loan payment calculator are provided solely for comparison purposes.

They will be a close approximation of real loan repayments if available from a financial institution at the terms selected. 

This is supplied so that you can plan your next loan application.

How to Calculate Payment on Mortgage

The math behind mortgage payments can get pretty complex on paper, but Beyond Box Gifts’ Free Calculator for Mortgage Payments simplifies the process.

First, enter the home value of the house you’re purchasing or the current value of the property you are refinancing in the section labeled “Home Value.”

Fill in the amount of your down payment when purchasing or the amount of equity you have when refinancing in the “Down payment” column.

A down payment is an amount you pay for a home out of your pocket, and home equity is the worth of the home less what you owe.

You can enter the exact amount or you can use the slider to see how differing amounts will affect your mortgage payment and amortization

The loan amount will automatically populate as your Home Value and Down Payment sections are populated.

In the next section, enter the exact interest rate you desire or have been quoted by your financial institution.  

You may enter the interest rate manually or use the slider to see how the varying interest rates affect your mortgage loan.

Fill in the loan term in years that equal the total length of your loan.  This amount is most commonly 30, however, there are shorter periods such as 20, 15, or 10 that can also be used.

Next, In the start date section, enter the month and year you plan to begin paying on your mortgage.

In the PMI section, enter the amount of the private mortgage insurance required by some conventional loans.  This insurance is designed to protect the lender— not you, in the event, you default on your loan.

The PMI section also provides a slider for you to adjust and compare how PMI can affect the terms of your mortgage.

The Home Insurance section requires the amount you will pay or currently pay annually for homeowners insurance. This is the insurance that protects you in case of property loss.

Next, fill in the membership fees in the HOA section, if you are required to be a part of a Home Owners Association.

If you don’t trust our free calculator for mortgage payments and are a helpless paper pusher, here is a fairly simple formula for calculating your mortgage payment in general.

The principal would be the Home Value or balance left that you are refinancing. 

Rate equals your interest rate and months equals the term it will take you to pay off your mortgage by paying the stated amount on your loan.

For example, a 30-year loan would be 360 months, 20 years would be 240 months, and so on.

Today’s Mortgage Rates

Check out today’s mortgage rates based on the national average index to provide you with the most up-to-date information when buying or looking to unlock equity benefits by refinancing a house.

Powered by MortageCalculator.org

How Our Calculator For Mortgage Payments Helps You

A house payment provides you with one of your most crucial needs, a home to live in.  However, a mortgage is or will be your largest recurring payment.

Our calculator for mortgage payments with amortization allows you to compare various scenarios to help you make the best decision for your individual circumstance.

The Mortgage Calculator gives you an idea of how much you’ll pay each month, including taxes and insurance before you commit to any terms.

This prevents you from spending more than you have.

How Much House Can I Afford?

Obviously, this answer depends on your budget, but, there is a good rule of thumb that keeps you in the ballpark.

A time-tested guideline for finding out how much house you can afford is the 28/36 rule.  

Most financial advisors agree that your mortgage should be 28 percent or less of your total monthly gross income.

The 36 side of the rule accounts for your total debt, including mortgage, car loans, credit cards, student loans, and any other recurring expenses that you have.

How to Lower My Mortgage Payment

The best thing about our calculator for mortgage payments is that you can play around with the digits by making adjustments in varying sections to see how your payment is affected.

Try a longer payment plan.  Longer terms lower payments however, you will be spending more on interest over time.

Eliminate your PMI.  Choosing a down payment of 20% or more will keep you free and clear of private mortgage insurance.

Shop online for lower a lower interest rate.  One caution here, exceptionally low-interest rates may require you to pay points which will result in a pre-loan expense.

Just like purchasing a car, larger down payments will lower your monthly mortgage payment.  But don’t expect the differential to be the same as a vehicle loan.

On a vehicle, the rule of thumb is about 20 dollars per $1000 down payment.  On a mortgage, you can expect more like $2 per $1,000 down. 

Again you can play with the down payment in our mortgage calculator to see what effect it may have on your specific circumstance.