By using this free mortgage calculator you can quickly calculate your monthly mortgage payments and see how you can save hundreds or even thousands of dollars in interest costs. Based on the principal amount borrowed, the term of the loan and the annual interest rate, the calculator will compute your mortgage loan’s monthly payment.
To use this mortgage calculator, you will need to specify the following information:
1. Loan Term
This is the length of the mortgage loan. In case you are considering to buy a new home, you may want to opt for a mortgage that lasts 30 years. On the other hand, borrowers, who are into home refinancing, may prefer to choose a shorter-term loan.
2. Interest Rate
This is the rate of interest charged on a mortgage, that must be paid to the lender, in addition to the principal. Use our featured mortgage rate comparison tool to compare current mortgage rates from top lenders.
3. Loan Amount
The amount of debt on which the monthly mortgage payment is calculated.