Mortgage payment calculator: find out how much you’ll pay
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A loan repayment calculator like the one below can help you estimate your mortgage costs, both monthly and over the life of your loan. It can also help you inform your decision to buy a home, point you towards the right price range, as well as help you understand how much you might need to save and budget before you move.
Enter your loan information to calculate how much you could pay
mortgage, you will pay
monthly and a total of
interest over the life of your loan. You will pay a total of
over the term of the mortgage.
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How to use our mortgage payment calculator
There are many use cases for a mortgage loan repayment calculator. It can help you calculate your estimated monthly payment, budget for your home purchase, and more.
Here are some ways to use it:
- Calculate your monthly payment. If you find a house you want, enter the loan amount you would need to buy it (the price of the house minus your advance payment). Add your estimated interest rate and the length of your loan, and you’ll see your estimated monthly payment. Is it in the budget? If so, you may have just found your dream home. Otherwise, it’s back to the drawing board.
- Establish your home buying budget. You can also use the calculator to determine your budget. Enter a few different loan amounts until you see a monthly payment that you can afford.
- Compare the different loan options. If you are considering loans from different lenders (or a 15 year loan versus 30 years mortgage), you can also use the calculator to help you. Enter the details of both loans and see which one has the payment and total costs to meet your needs.
- Determine your long-term costs. If you want to know how much there cost of buying a house, the calculator can help you. Enter your mortgage details and you’ll see both your total payments and the total interest you will pay over time. For a complete overview of how much you will pay each year, you will need a mortgage amortization hourly.
If you are not sure what to enter for the interest rate on the calculator, scroll down and see what mortgage rates you can expect in the market today. You can also request quotes from several different lenders below.
Learn more: How Your Credit Score Affects Mortgage Rates
Credible allows you to compare all of our partner lenders in the table below at once, by filling out just one simple form.
What you can learn from a mortgage payment calculator
With a mortgage payment calculator, you can determine:
- Your monthly payment
- The total cost of your loan over time
- The total amount of interest you will pay to borrow money
It can help you make a smarter, more informed decision for your finances.
Mortgage payment calculators aren’t just for home buyers. You can use one when considering a home equity loan, HELOC, or refinance to help you assess your options and calculate your costs.
What is your DTI or debt to income ratio?
Your Debt-to-Income Ratio (DTI) shows how much of your income comes from debt, like credit cards and student loans.
Mortgage lenders use your DTI to determine what type of monthly payment you can comfortably afford. Typically, they want to see a DTI of 43% or less, although it could be higher or lower depending on the lender and the loan product.
Should I take out a 15 or 30 year fixed mortgage?
The loan repayment calculator can also help you determine the terms of your loan. Just enter the price and interest rate for your home and see how much it costs for a 15 and 30 year term.
- The 30-year term will come with a lower monthly payment, but you will pay more interest over time.
- The 15-year loan will mean less interest even though you will have a higher monthly payment.
The right decision depends on your budget and what you can manage financially, given your income and existing debt.
How to qualify for a mortgage
To make sure you have the best chance of qualifying for a loan, you should:
- Review your credit. Settle any late or late payments, pay off certain debts, and report any errors on your credit report. This will help you get the best mortgage rate, too much.
- Save for a decent down payment. Down payment requirements vary depending on the type of loan, but generally larger down payments will make it easier to qualify for a mortgage.
- Lower your DTI. A low DTI ratio indicates that you have enough cash to pay your new monthly mortgage payment.
- Have a stable job. Lenders generally like to see at least two years of employment history.
- Come prepared with docs. Organize your financial documents as well. You will need it to apply.
Keep reading: How to find the best mortgage lender
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