Use Money’s mortgage calculator to estimate your monthly payments based on home price, current mortgage rates and loan type.
You can also use our calculator to assess how much you will pay according to your credit score and what you have saved for a down payment. Input your information, see the results, and find out how much house you can afford.
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Money Mortgage Calculator
Mortgage Calculator Guide
Our mortgage calculator allows home buyers to see how different inputs — purchase price, credit score, interest rate and down payment size — impact their total payment to help determine how much real estate they can comfortably afford.
When looking for a new home, keep in mind that mortgage rates change every day and vary from lender to lender, so use this loan calculator to get a ballpark estimate and then make sure to get quotes from multiple lenders. (We recommend one of Money’s best mortgage lenders of the year.)
Once you start actively looking for a home, make sure to get pre-approved, so you can move quickly once you find a home you want to bid for. Your starting mortgage balance will be the price you pay for the house minus your down payment.
How to calculate your mortgage payment
Three main factors determine your monthly mortgage payment: loan size, interest rate, and loan term. Your credit score and your home’s location will also affect your interest rate and, in turn, how much you pay.
Additional expenses such as homeowner’s association (HOA) fees, closing costs, property taxes and homeowners insurance should be factored in with your monthly housing expenses.
Formula to calculate your monthly mortgage payments
While our calculator takes the computing out of your hands, math whizzes can do it themselves with the following formula:
M = P*[(i/12*(1+i/12)n)]/[(1+i/12)n-1]
M – your monthly mortgage payment
P – the principal loan amount
i – the monthly interest rate, which should be divided by twelve (corresponding to the months of the year) since lenders give an annual rate
n – the number of payments over the life of the loan (number of years), or …….