Mortgage Calculator

Mortgage Definition

When you are ready to buy a new home or investment property, money is definitely going to be an issue. You really need to figure out exactly how much the mortgage is going to cost you, and our free calculator lets you do just that. The calculator is very simple to use, and the only information you need to know is:

• Home price
• Down payment
• Years of payment
• Interest rate
• Property taxes
• Insurance

Once you have all of that information gathered, our calculator will figure out exactly how much your monthly payment will be. Once you get your monthly payment, you can multiply that by the number of months of repayment to get the total cost of the loan.

How to Use the Calculator

To use the calculator, all you need to do is put the information into the correct boxes. You do this by clicking on the box and inputting the numbers. Once all of the figures are in the correct boxes, click the calculate button. A window will come up and show you your monthly payment.

There are additional features as well. Many people may not know the cost of insurance and taxes, so the calculator will give you the estimated cost of the loan as long as you have the loan cost and interest rate.

Once your payment has been calculated, you can click on the back button to change the terms of the loan. This quick feature allows you to get a better estimate of how much you can afford to pay for a mortgage each month.

Benefits of the Calculator

The primary benefit of our free calculator is the fact that you can figure out quickly how much you can afford to pay for a home. You can also use it to determine how low of an interest rate you need to get. The other great feature is that you can use this information to possibly decrease the length of your loan and save thousands of dollars in time.

Another benefit of the calculator is that it gives you some necessary information before you go into the actual pricing game. You will know what your bottom line is for a home, and you may be able to use this information as leverage to get the buyer to reduce the cost of the home if needed.

The calculator is free to use, and it provides you with real life information instantly. There are a variety of different options available to choose from, so all you need to do is get an idea of what you want and then plug in the information. This is one of the easiest and most reliable ways to gather financial information about a possible home purchase or home refinance.

Check out the rest of our financial calculators here!

How to Calculate Mortgage

Let's be honest - sometimes the best mortgage calculator is the one that is easy to use and doesn't require us to even know what the mortgage formula is in the first place! But if you want to know the exact formula for calculating mortgage then please check out the "Formula" box above.

Add a Free Mortgage Calculator Widget to Your Site!

You can get a free online mortgage calculator for your website and you don't even have to download the mortgage calculator - you can just copy and paste! The mortgage calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!