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Mortgage Calculator

Calculate mortgage repayments for your home in seconds

  • Created by Sarah Martinez
  • Reviewed by Michelle Carter

Monthly Repayment

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* Loan expires on

* Loan expiry date is based on the loan term that you enter and should be used as an approximate date only.

The greatest debt-to-income (DTI) ratio that a borrower may have while still qualifying for a mortgage is 43 percent.

Free Mortgage Calculator

Calculate your mortgage affordability with this FREE online mortgage calculator. It is safe, secure and easy to use.

It allows you to set the interest rate, the loan amount, the length of the loan and other financial variables to calculate a monthly mortgage payment. This mortgage calculator is fully functional and free.

Payment Schedule
Year Principal Interest Balance

Why use a mortgage calculator?

Using a financial calculator like a mortgage calculator or home loan calculator allows you to plan your finances more effectively. The cost of purchasing your first home can be significant. Most first time home buyers require a home loan which is normally provided by mortgage lenders such as banks and other financial institutions.

Mortgage payment calculators make it easier to calculate your monthly mortgage payments and simplify the process of planning for the life of the loan.

Calculate your monthly payments with the most popular mortgage types provided by Calculator Suite. This calculator will help you determine which mortgage best meets your needs. It will also show you how much you can afford to borrow and how much you will need to pay each month, based on your income, your down payment, and the loan term you choose. You may be surprised at how much of your paycheck you will be spending on the cost of your home, so make sure you know exactly how much you can afford to spend before you start shopping for a property.

Benefits of a Mortgage Payment Calculator

The mortgage loans calculator makes understanding the financial commitments of taking a home loan much more transparent. By using a mortgage affordability calculator, you can quickly see the monthly mortgage repayments and gain a better understanding of the amount you will need to pay each month.

Another benefit to using the mortgage loan calculator is that it shows you how much of the total payment is from the principle, and how much is being paid to the bank as interest on the home loan.

How to Calculate your Credit Score

Whether you are applying for a mortgage or a car loan, you will need to know your credit score. A good credit score can save you a lot of money! There are lots of companies out there that will give you a free credit report. However, they will not give you a free credit score. If you are planning on buying a new home, you should know your credit score.

Your credit score is important and is used by lenders to determine whether you get approved for a loan or not. Lenders see this number as a way to assess how good of a customer you are. Your credit score is a number between 300 and 850, which is a way of profiling your financial history.

Credit scores are also used by financial institutions to determine your suitability for financial products, along with the interest rate for home loans and personal loans. The higher your score, the better your chances of getting approved for a loan.

What is the most accurate mortgage calculator?

Home loan calculators need to into account your initial purchase price, mortgage down payment, duration of loan and interest rate. Adding these details makes it possible to get an accurate understanding of the financial requirements before purchasing a property.

Which type of home loan is best?

There are multiple loan options for home owners. Probably the most popular is the conventional loan, which can offer attractive rates, flexible loan terms and multiple down payment options. There are two loan types that you may sound fimiliar, they are adjustable rate mortgages and fixed rate mortgages.

Deciding which loan type is best depends on your circumstances and there are lots of articles online that discuss the pros and cons of fixed and adjustable rate loans.

How much is mortgage interest rate?

At the time of writing, the national average mortgage interest rate in 2021 for the U.S. is set at 3.30% APR with a 30-year fixed term. This interest rate is based on the current financial climate in our economy and how people are handling their finances as well as governmental policies when it comes to managing consumer debt levels so this figure could change over time.

How is mortgage interest calculated?

When buying a home, the loan interest calculation is based on the loan term. For most home loans, the length of the loan is either 30 years or 35 years. For longer term loans, you will pay more interest on the property than a short loan term of 15 years or 20 years.

The main benefit to having a longer loan term, is that you will have lower monthly repayments for the duration of the loan. It is a good idea to select the loan term based on your own personal financial situation.

What is the monthly repayment on my mortgage?

A mortgage is a loan that is secured against the value of property. The property serves as collateral and the lender will take possession of the property if the mortgage payments are not made on time. The monthly payment is the amount that is required every month in order to pay both the principal and interest on the mortgage.

The monthly payment is determined by the total amount of the loan, the interest rate and the term of the loan. The monthly payment is also known as the amortization. The lending institution calculates the monthly payment and it is usually shown in the mortgage offer. The monthly payment is the most important component of the mortgage contract. It is one of the ways to compare mortgages. A good mortgage calculator will allow you to estimate the monthly payment.

The amount highlighted in the monthly repayment depends on the duration of the loan (loan term) and the total loan amount. A larger loan with a short loan term will lead to higher monthly repayments.

What is a mortgage loan?

A mortgage loan is a loan that gives you access to money that you can use to buy a house. The bank or other financial institution that agrees to lend you the money is called a mortgage lender. Mortgage loans usually have a fixed interest rate and a fixed term. You pay the loan back over a specific period of time, usually five to 30 years, depending on your financial situation, your credit history and the type of mortgage you get. If you're planning to purchase a house, it's important to understand mortgage loans and how they work, so you can figure out how to get the best deal for your money.

When purchasing real estate, most home buyers will take out a conventional loan with a bank. The terms of this loan often depends on the buyers credit score. If you are in good standing with the bank or mortgage provider, it is possible to get a loan for up to 90% of the purchase price.

How to choose a mortgage term: 15-year vs 30-year loan - which is best?

The number of years on your loan normally has 2 main outcomes: a longer loan term means higher interest paid over the duration of the loan. A longer loan such as the 30-year loan also means you will pay lower monthly repayments. Whether you choose the 30-year or the 15-year depends on your debt to income ratio.

If you are comfortable making larger monthly repayments, then a 15-year or 20-year loan would reduce the interest paid on the property. For low income earners, the most common choice is the 30-year loan as it is more affordable on a monthly basis.

Photo of two men discussing mortgage breakdown

How much income do I need for a 200k mortgage?

How much income do I need for a 200k mortgage? As with any loan, it is important to determine what you can afford, and the lender will want to determine the same thing. But lenders will also be looking at your debt-to-income ratio.

This ratio is the amount of monthly debt you have (including any mortgage payments you will make) divided by the amount of income you have. Your debt-to-income ratio will help the lender determine if you can afford a loan.

Assuming a home buyer takes a 200k mortgage with a fixed interest rate of 3.25% for a duration of 35 years. They would pay approximately $800 per month on home loan repayments.

Why use a Mortgage Calculator?

A mortgage calculator is a handy tool to help you determine how much money you will need to earn in order to afford your mortgage payments. The calculator will take into account the amount of your mortgage payments, the interest rate on your mortgage, your credit score, the length of the mortgage, and the length of time you expect to make your payments. It will also factor in an estimate for taxes and other expenses that will be associated with your new home.

By entering the additional income you expect to make each year, the calculator will determine how much income you will need to earn to afford your monthly mortgage payments on your new home.

The calculator is set up to estimate a 30-year mortgage, but if you are looking to purchase a shorter term home, you can reduce the length of the mortgage and increase the length of time you plan to make payments.


A Mortgage Calculator is a tool that helps individuals estimate their monthly mortgage payments based on factors like loan amount, interest rate, and loan term. It provides a quick way to understand the financial implications of a potential mortgage.

To use a Mortgage Calculator, you typically need the following information:

  • Loan amount (the amount you're borrowing)
  • Interest rate (the annual interest rate on the loan)
  • Loan term (the number of years over which the loan is repaid)
  • Down payment (if applicable)

A Mortgage Calculator calculates the monthly mortgage payment, which includes both the principal amount (the initial loan amount) and the interest accrued over the loan term. It may also factor in property taxes and homeowners insurance if applicable.

Some advanced Mortgage Calculators may provide additional information, such as estimated closing costs, property taxes, homeowners insurance, and potential private mortgage insurance (PMI) costs. However, the level of detail may vary depending on the calculator.

The result from a Mortgage Calculator provides an estimate based on the information you input. It does not account for other potential costs like homeowner association fees, maintenance, or fluctuations in interest rates. It's advisable to consult with a mortgage professional for a more detailed and accurate assessment.

Yes, some Mortgage Calculators allow you to select different types of mortgages, including fixed-rate and adjustable-rate options. This enables you to compare the potential payments and costs associated with different loan types.

Yes, there are various online Mortgage Calculators provided by financial websites, banks, and mortgage lenders. These calculators are user-friendly and can help individuals evaluate their potential mortgage payments and costs.