Check out this free Mortgage Calculator - Comparewise

Mortgage calculator

Jumpstart your dreams with the lowest rates available.

Purchase price ($50,000-$2,000,000)

Down Payment:

*Second time home owners are required to put down 20%

Mortgage term (1 Year - 10 Year)

Amortization period (5 Year - 30 Year)

You could be paying as little as

Monthly

Bi-Weekly
Weekly

*The calculation is based on the information you provide and is for illustrative and general information purposes only. This should not be relied upon as specific financial or other advice.

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Mortgage Calculator

Use the calculator to get an idea of how much you can borrow and what your monthly or biweekly repayments would be depending on the loan term you choose. You can change the fields as many times as you want and recalculate to find out how much different mortgage amounts and types will cost.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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June 29, 2022
Fact Checked

FAQs about our
Mortgae Calculator

Have a different question? Contact us today.

How do you use a mortgage calculator?
  1. Enter your loan details, including down payment, loan term and your estimated interest rate.
  2. Provide your monthly income. This includes your monthly wages as well as any other sources of income, like alimony, Social Security or investment property income.
  3. Add your monthly expenses. Include any car payments, credit card payments, alimony or child support or other forms of debt.
  4. Hit Calculate to learn how much home you can afford.
What’s in a mortgage payment?

Your mortgage payment includes quite a bit more than what you’re paying for the actual loan, and there’s a simple acronym to remember the components. PITI stands for Principal, Interest, Taxes and Insurance, which includes the following:

  • Principal. The amount you pay towards your actual loan.
  • Interest. The amount the lender charges you to make the loan.
  • Property taxes. The county uses your home’s assessed value to determine your property taxes, but the amount of your tax is based on where you live.
  • Homeowners insurance. Your lender will require a specific level of coverage, but you add to that as you see fit. The cost depends on the coverage you get and your insurer.
  • Private mortgage insurance (PMI). If you put less than 20% down on your loan, you’ll probably have to buy PMI until you can build up enough equity to discontinue it. PMI can cost between .50% and 1.0% of your loan amount annually but is broken up and added to your monthly payment.
How do I estimate an affordable property price?

Once you have an idea of how much you can afford monthly, you’re one step closer to knowing the properties you should focus on. Tapping the experience of a real estate professional, like an agent or broker, can further help you narrow down a realistic price range.

Most online real estate sites include mortgage loan calculators that adjust your potential monthly loan repayment based on a property’s price, how much you’re putting down, the rates and terms you can reasonably expect and taxes.

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