Calculate your monthly home loan payments, estimate how much interest you’ll pay over time, and understand the cost of your mortgage insurance, taxes, and other expenses.
To use our mortgage calculator, you’ll need a few pieces of information. If you haven’t found a property yet, you can use estimates. Simply pull up the listing for a comparable home in a neighborhood you like and plug in those numbers to give you an idea of how much you will pay.
You’ll need the following details:
Keep Reading: How to Apply for a Mortgage
Using a good mortgage calculator is the first step in the home-buying process. Here are the main ways our mortgage calculator can help you in your home search:
Many people are surprised by how much homeownership costs once you factor in things like insurance, taxes, and other monthly costs. Our calculator can help you hone in on an affordable monthly mortgage payment — including all the extra costs. Then, you can begin to budget accordingly.
When getting a mortgage loan, you can choose from several loan terms. 15-year loans and 30-year loans are the most common options, while 10-year loans and 20-year loans are also available.
Find out which term is best for your budget by adjusting the “Loan Term” section of the calculator. A longer term generally means a lower monthly payment, but a higher interest rate (and thus, more interest paid over time), whereas a shorter term often comes with a higher monthly payment and lower interest rate.
COMPARE HOME LOAN RATES
Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table shows current mortgage interest rates and APRs by loan term.
Product | Interest rate | APR | ||||
---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
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To determine your mortgage payment — or the amount you’ll pay each month, not including taxes and insurance — you’ll need your loan amount, interest rate, and the number of months in your loan term.
The actual formula looks like this:
M = P [ i(1 + i)n ] / [ (1 + i)n – 1]
Here’s what each of these variables stand for:
M = Mortgage Payment
P = Principal (your loan amount)
i = Your monthly interest rate, expressed as a decimal
n = The number of months on your loan term
Here’s how it would break down with a $450,000, 30-year loan with a 6% interest rate (divided by 12 equals .005 per month):
$450,000 [.005(1.005)360 / (1.005)360 - 1]
The equation is a bit complicated, so it’s best to use an automatic mortgage calculator to streamline the calculations.
CALCULATORS
REFINANCE CALCULATORS
Once you have an estimate of your monthly payment, you’ll want to get pre-approved for a mortgage. Doing so can help give you a leg up over other buyers — especially in a bidding war.
Make sure to compare several lenders when seeking pre-approval. Mortgage rates can vary widely from one lender to the next, so shopping around ensures you get the absolute best deal and loan for your needs.
Credible can be a big help when trying to find the best interest rate. You can easily compare our partner lenders and see prequalified rates in as little as three minutes — all without leaving our platform.
FINANCIAL EDUCATION
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From not saving enough for a down payment to skipping pre-approval, don’t fall victim to these first-time homebuyer mistakes. Here’s how you can avoid them.
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Getting pre-approved for a mortgage is a great first step in the home-buying process. Here’s what you need to know about qualifying for a pre-approval and the benefits of getting one.
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There are more steps in the home-buying process than you might think. Review our checklist of steps to buying a house so you don’t forget anything along the way.
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Learn moreThe information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
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Amy Fontinelle is a personal finance journalist with work featured in Forbes Advisor, The Motley Fool, Investopedia, International Business Times, MassMutual, and more.
Brian O'Connell is a best-selling author and authority on business, personal finance, and financial education. His work has appeared on TheSreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, Fox News, and many other national finance and business platforms.
Angela Brown is a student loan, personal finance, and real estate authority and a contributor to Credible. Her work has appeared in Fox Business, LendingTree, FinanceBuzz, and Yahoo Finance.
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