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Mortgage Calculator

Calculate a price range for your budget, estimate how much interest you’ll pay over time, and understand the cost of your mortgage insurance, taxes, and other expenses.

    How to calculate your mortgage payments

    To use our mortgage calculator, you’ll need a few pieces of information. If you haven’t found a property yet, you can use estimates. Simply pull up the listing for a comparable home in a neighborhood you like and plug in those numbers to give you an idea of how much you will pay.

    You’ll need the following details:

    • Home price: The total price of the home.
    • Down payment: How much of your own money you plan to spend on the home upfront. 
    • Loan term: How long your loan lasts — expressed in years. The most common mortgage terms are 15 and 30 years.
    • Credit score: Select your credit range from the dropdown menu to get an estimated interest rate, or input a specific rate.
    • Annual interest rate: You can select an amount based on the current interest rate to give you a more realistic idea of your monthly payment.
    • ZIP code: Enter your ZIP code to see estimates for property taxes in your area.
    • Property taxes: If you know the amount of property taxes you’ll pay annually, you can input that figure in this field. Otherwise, enter your ZIP code to see estimates in your area.
    • Homeowners insurance: Homeowners insurance provides you with coverage if your home is damaged or involved in an accident. This is the annual premium you’ll pay. You can usually get a quote in just a few minutes with most insurers.
    • HOA fees: If you know what you’ll pay in HOA fees every month, you can input that figure in this field.
    • Monthly private mortgage insurance (PMI): If you put down less than 20%, you’ll need to pay for private mortgage insurance. This usually costs $30 to $70 per month for every $100,000 that you borrow.

    Keep Reading: How to Apply for a Mortgage

     

    What you can do with a mortgage calculator

    Using a good mortgage calculator is the first step in the home-buying process. Here are the main ways our mortgage calculator can help you in your home search:
     

    Determine how much house you can afford

    Many people are surprised by how much homeownership actually costs once you factor in things like insurance, taxes, and other monthly costs. Our calculator can help you hone in on an affordable monthly mortgage payment — including all the extra costs. Then, you can begin to budget accordingly.

    Learn More: How Much Does It Cost to Buy a Home?

    Compare mortgage rates for different loan types

    When getting a mortgage loan, you can choose from several loan terms. 15-year loans and 30-year loans are the most common options, while 10-year loans and 20-year loans are also available.

    Find out which term is best for your budget by adjusting the “Loan Term” section of the calculator. A longer term generally means a lower monthly payment, but a higher interest rate (and thus, more interest paid over time), whereas a shorter term often comes with a higher monthly payment and lower interest rate.

    COMPARE HOME LOAN RATES

    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table shows current mortgage interest rates and APRs by loan term.

    ProductInterest rateAPR

    Last updated on Apr 21, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

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    How your monthly mortgage payment is calculated

    To determine your mortgage payment — or the amount you’ll pay each month, not including taxes and insurance — you’ll need your loan amount, interest rate, and the number of months in your loan term.

    The actual formula looks like this:

    M = P [ i(1 + i)n ] / [ (1 + i)n – 1]

    Here’s what each of these variables stand for:

    M = Mortgage payment

    P = Principal (your loan amount)

    i = Your monthly interest rate, expressed as a decimal

    n = The number of months on your loan term

    Here’s how it would break down with a $450,000, 30-year loan with a 6% interest rate (divided by 12 equals .005 per month):

    $450,000 [.005(1.005)360 / (1.005)360 - 1]


    The equation is a bit complicated, so it’s best to use an automatic mortgage calculator to streamline the calculations.

    How to get a mortgage

    Once you have an estimate of your monthly payment, you’ll want to get pre-approved for a mortgage. Doing so can help give you a leg up over other buyers — especially in a bidding war.

    Make sure to compare several lenders when seeking pre-approval. Mortgage rates can vary widely from one lender to the next, so shopping around ensures you get the absolute best deal and loan for your needs.

    Credible can be a big help when trying to find the best interest rate. You can easily compare our partner lenders and see prequalified rates in as little as three minutes — all without leaving our platform.

     

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    FINANCIAL EDUCATION

    Need more info about getting a mortgage?

    Getting pre-approved for a mortgage

    Getting pre-approved for a mortgage is a great first step in the home-buying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one.

    5 MIN READ

    Learn more

    How to buy a house - a step by step guide

    There are more steps in the home-buying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.

    5 MIN READ

    Learn more

    Tips for first-time home buyers

    From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.

    5 MIN READ

    Learn more

    How to qualify for the best mortgage rate

    You really have to do your research if you want to get the best mortgage rate. Here’s how to find the best rate for your situation.

    5 MIN READ

    Learn more
    For education purposes only

    The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.

    Mortgage FAQs

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    By Amy Fontinelle

    Amy Fontinelle is a personal finance journalist with work featured in Forbes Advisor, The Motley Fool, Investopedia, International Business Times, MassMutual, and more.

    Edited by Brian O'Connell

    Brian O'Connell is a best-selling author and authority on business, personal finance, and financial education. His work has appeared on TheSreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, Fox News, and many other national finance and business platforms.

    Reviewed by Angela Brown

    Angela Brown is a student loan, personal finance, and real estate authority and a contributor to Credible. Her work has appeared in Fox Business, LendingTree, FinanceBuzz, and Yahoo Finance.

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