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Mortgage Payment Calculator

Calculate your monthly mortgage payment using the free mortgage 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.

Mortgage amount $
Mortgage term in years
or
Term in months
Interest rate per year %
Mortgage start date
$ Monthly payments

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A mortgage calculator can be used for purposes other than estimating a new mortgage payment.

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An online mortgage calculator can quickly predict your mortgage payment and amortization schedule.

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:

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.

(Optional) Extra Payments

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

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