How Does This Advanced Mortgage Calculator Work?

This tool does more than just give you your monthly mortgage payment. You can also include an extra payment toward your principal. Making extra payments means you can pay off your loan faster and save on interest over time.

Once you click "Calculate," the calculator figures out your monthly payment based on the loan amount, interest rate, and term. Then, it builds a detailed amortization schedule that shows you exactly how much of each payment goes toward interest, the regular principal, and any extra principal payment you make.

Why use a Mortgage Payment Calculator?

Buying a home is one of the biggest financial decisions you'll ever make. Understanding your monthly mortgage payments upfront helps prevent surprises later. This calculator helps homebuyers see how changing their loan amount, interest rates, or loan duration impacts their monthly payments and overall costs.

Additionally, this mortgage calculator can help homeowners thinking about refinancing. It quickly lets you see how much money you could save monthly or over the life of the loan by lowering your interest rate or adjusting your loan terms.

How to interpret the Mortgage Calculator results?

The number displayed after calculating is your estimated monthly mortgage payment. Remember, this typically includes just principal and interest. Your actual mortgage payment may also include property taxes, homeowner's insurance, and possibly mortgage insurance, depending on your loan.

To get the complete picture, you might need to add those costs separately. Keep in mind the interest rate you enter should match what your lender quotes, as even a small difference can significantly affect your monthly payment.