?Calculator Information

# Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it's important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

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## Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week -- and why.

## How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

## Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

## Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

## Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

## 15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

## Debt ratio Calculator

Your debt-to-income ratio can be a valuable number -- some say as important as your credit score. View Calculator

### Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you'll pay over the life of your mortgage. To use this calculator, you'll need the following information:

Home price

The dollar amount you expect to pay for a home.

Down payment

The down payment is money you give to the home's seller. At least 20% down typically lets you avoid mortgage insurance.

Mortgage Amount

If you're getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home's price. If you're refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you're considering. For example, if you're buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Interest Rate

Estimate the interest rate on a new mortgage by checking Bankrate's mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

### Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the "Extra payments" functionality of Bankrate's mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan's principal each month, every year or even just one time.

To calculate the savings, click "Show Amortization Schedule" and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click "Apply Extra Payments" to see how much interest you'll end up paying and your new payoff date.

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2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won't cut their monthly payments as much as they think.

To get an idea of how much you'll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM -- or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.