What Will Your Monthly Payment Be?
A house is most likely the largest purchase you will ever make in your lifetime, so it’s important to calculate what your mortgage payments will be and determine how much you are able to afford. If you are thinking about buying a new home, refinancing, or paying off your current mortgage early, a mortgage calculator is one of the first tools you should use.
Mortgage calculations usually require a lot of math, so a mortgage calculator can make it easier for you to compare loan options, allow you to see a full amortization schedule, and more. Before using the assistance of a mortgage calculator, it is important to have some numbers on hand first, like the loan amount, interest rate, and loan term.
Here are some bits of information a mortgage calculator can help you determine:
- How much your monthly payments will be, giving you a good idea of how much home you can afford
- How much interest you’ll have to pay over the life of the loan
- Whether it is a wise choice to refinance
When using a mortgage calculator, there are three numbers that you should pay attention to:
- Your monthly cost, this will make you determine whether you can afford the home
- Your total cost, this will allow you compare different loans
- Your break even point, this lets you know how long it will take for your savings to become equal to what you have spent to get the loan
Use the calculator below to estimate what your
monthly payment will be.