What is a mortgage calculator?

Our mortgage calculator can help you estimate your monthly mortgage payment. This calculator estimates how much you’ll pay for principal and interest. You can also opt to includes your taxes and insurance in this payment estimate. How do I use the mortgage calculator?

How do I calculate my monthly mortgage payment?

You can calculate your monthly mortgage payment by using a mortgage calculator or doing it by hand. You'll need to gather information about the mortgage's principal and interest rate, the length of the loan, and more. Before you apply for loans, review your income and determine how much you’re comfortable spending on a mortgage payment.

How do you calculate monthly mortgage payments on a fixed-rate loan?

For you home gamers, here’s how we calculate your monthly mortgage payments on a fixed-rate loan: P = the principal, or the initial amount you borrowed. i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year.

Do you need a mortgage calculator?

A mortgage is often a necessary part of buying a home, but it can be difficult to understand what you can actually afford. A mortgage calculator can help borrowers estimate their monthly mortgage payments based on the purchase price, down payment, interest rate and other monthly homeowner expenses. Check your rates today with Better Mortgage.