Mortgage Calculator: Find Your Monthly Payment

With our mortgage calculator, you can easily determine your monthly mortgage payment.

Illustration of a house, coin, calculator and man holding a pencil.
(Image credit: Getty Images)

Determining your monthly mortgage payment is essential, as it’s usually the largest recurring expense you’ll have to budget for. With the help of our mortgage calculator, you’ll be able to easily estimate how much your monthly mortgage payment will be.

With the calculator, you’ll be able to view your mortgage payment for a variety of scenarios — different home prices, down payment amounts, terms and mortgage rates. Also try our new tools, in partnership with Bankrate, to compare mortgage rates available today.  

How to use the mortgage calculator 

Understandably, you may be struggling with determining just how much you’ll owe on your mortgage, as the mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]. However, with our mortgage calculator, you can forego all the complicated calculations and simply enter in a few pieces of information. 

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First, you'll enter in the overall price of your home, if you’re buying, or the current value of your home if you’re refinancing. You’ll also include either the down payment (the cash you plan on paying upfront towards the home) or the amount of equity you have (the value of the home, minus what you owe on it). 

After this, you’ll enter in the term length of your loan. If refinancing, enter how many years are remaining in your current loan. Typically, most mortgages are 30-year mortgages, but you can choose between several term lengths to decide which loan term is right for you. You can then compare how different interest rates will affect your monthly payment. Entering in your annual household income and credit score will show you how much you'll be able to reasonably afford.

Using the mortgage calculator can also help you determine how much to put down on your home. While it's recommended to put down 20% to get the best rates, it's not necessary, and you can play with this number to see how it affects your mortgage rate.  

Saving on your mortgage rate

Lenders consider many factors when determining the interest rate on your mortgage, including down payment, loan term and the price of the property. The biggest factor they take into consideration, however, is your credit score. Boosting your credit score could potentially save you thousands of dollars on your home mortgage. The chart below, from MyFICO, shows how much you can expect to pay depending on where your credit score stands, based on a 30-year fixed mortgage of $350,000.  

Swipe to scroll horizontally
FICO ScoreAPRMonthly PaymentTotal Interest Paid
760-8506.941 %$2,315$483,294
700-7597.163 %$2,367$502,119
680-6997.34 %$2,409$517,247
660-6797.554 %$2,460$535,674
640-6597.984 %$2,564$573,138
620-6398.53 %$2,699$621,511

 Here are a few other tips that can help you get a low mortgage rate.  

  • Increase your down payment: The higher your down payment, the less principal and less interest you'll have to pay over the life of the loan. You'll likely need a 20% down payment to get the best rates. 
  • Shop around: Because different lenders offer different rates, it's important to get at least three quotes when shopping for a mortgage in order to take advantage of the lowest rates. 
  • Consider an adjustable-rate mortgage (ARM): An ARM could be a good option for you, especially if you plan on selling your home sometime in the future. These mortgages offer fixed interest rates that are often lower than those for traditional mortgages for a set number of years. With this tool, you can see how much your monthly payments will be during the fixed period of an ARM, as well as when the introductory period expires. Once the fixed period is over, your mortgage rate can go up or down based on the market.

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.