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A loan payment calculator like the one below can help you gauge the costs of your mortgage — both monthly and over the entire life of your loan. It can also help inform your homebuying decision, guiding you toward the right price range, as well as helping you understand how much you might need to save and budget for before making your move.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ home loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the mortgage.


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How to use our mortgage loan payments calculator

There are many use cases for a mortgage loan payments calculator. It can help you calculate your estimated monthly payment, set your homebuying budget, and more.

Here are just a few ways to use it:

  1. Calculate your monthly payment. If you find a house you like, enter in the loan amount you’d need to buy it (the home’s price minus your down payment). Add in your estimated interest rate and loan term, and you’ll see your estimated monthly payment. Is it within budget? If it is, you might have just found that dream home. If not, it’s back to the drawing board.
  2. Set your homebuying budget. You can also use the calculator to determine your budget. Enter a few different loan amounts until you see a monthly payment you can afford.
  3. Compare different loan options. If you’re considering loans from different lenders (or a 15-year vs. a 30-year home loan), you can also use the calculator to help. Enter in both loan details, and see which one has the payment and total costs to fit your needs.
  4. Determine your long-term costs. If you want to know how much it costs to buy a house, the calculator can help. Enter the details of your mortgage loan, and you’ll see both your total payments and the total interest you’ll pay over time. For a full look at how much you’ll pay every year, you’ll want a mortgage amortization schedule.

If you’re not sure what to put in for the interest rate on the calculator, scroll down and see what mortgage rates you can expect in today’s market. You can also apply for rate quotes from several different lenders below.

Learn More: How Your Credit Score Impacts Mortgage Rates

Credible allows you to compare all of our partner lenders in the table below at once, all by filling out just one simple form.

What you can learn from a mortgage loan payment calculator

With a mortgage loan payment calculator, you can determine:

  • Your monthly payment
  • The total cost of your loan over time
  • The total amount of interest you’ll pay to borrow the money

This can help you make a smarter, more informed decision for your finances.

Mortgage loan payment calculators aren’t just for homebuyers, either. You can use one when considering a home equity loan, HELOC, or refinance to help gauge your options and calculate your costs.

Tip: Keep in mind that mortgage insurance is not included in this calculator. If you’re choosing a loan that requires mortgage insurance, your monthly payment may be slightly higher.

Learn More: Mortgage Points: What Are They and Are They Worth It?

What is your DTI or debt-to-income ratio?

Your debt-to-income (DTI) ratio indicates how much of your income is accounted for by debt — like credit cards and student loans.

Mortgage lenders use your DTI to determine what sort of monthly payment you can comfortably afford. In general, they want to see a DTI of 43% or less, though it can be higher or lower depending on the lender and loan product.

For example: If your total debt includes $600 a month in student loans and a monthly car payment of $400, and your income is $5,000 every month, your DTI would be 20%.

$600 + $400 = $1,000

$1,000 is 20% of $5,000

Should I take out a 15-year or 30-year fixed mortgage?

The loan payment calculator can also help you determine your loan terms. Just enter your expected home price and interest rate, and see what the costs come to for both a 15-year and a 30-year term.

  • The 30-year term will come with a lower monthly payment, but you’ll pay more in interest over time.
  • The 15-year loan will mean less in interest, though you’ll have a higher monthly payment.

The right decision depends on your budget and what you can manage financially, given your income and existing debts.

Find Out: How to Know If You Should Buy a House

How to qualify for a mortgage

To ensure you have the best shot at qualifying for a loan, you should:

  1. Review your credit. Settle any late or overdue payments, pay down some debts, and report any errors on your credit report. This will help you get the best mortgage rate, too.
  2. Save for a decent down payment. Down payment requirements vary by loan type, but generally, bigger down payments will make it easier to qualify for a mortgage.
  3. Lower your DTI. A low DTI ratio indicates you have ample cash to afford your new monthly mortgage payment.
  4. Have steady employment. Lenders usually like to see at least two years of employment history.
  5. Come prepared with docs. Get your financial documents organized, too. You’ll need these when applying.

Keep Reading: How to Find the Best Mortgage Lender

Compare rates

When getting a mortgage, it’s always important to get pre-approved. You should also compare rates, mortgage APR, and fees.

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