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Mortgage Calculator from Bankrate.com - Calculate Payments with Ease? Calculator Information
Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it's important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.
Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:
1. Planning to pay off your mortgage early.
Use the "Extra payments" functionality of Bankrate's mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan's principal each month, every year or even just one time.
To calculate the savings, click "Show Amortization Schedule" and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click "Apply Extra Payments" to see how much interest you'll end up paying and your new payoff date.Show Less
2. Decide if an ARM is worth the risk.
The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be
appropriate for some borrowers, others may find that the lower initial interest rate won't cut their monthly payments as much as they think.
To get an idea of how much you'll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM -- or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.Show More
3. Find out when to get rid of private mortgage insurance.
You can use the mortgage calculator to determine when you'll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.
Simply enter in the original amount of your mortgage and the date you closed, and click "Show Amortization Schedule." Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you'll reach 20 percent equity.Show More
Category: Bank mortgage