Mortgage and home finance tools

Mortgage calculators for buying, refinancing and building equity

Estimate mortgage payments, home affordability, refinancing costs, down-payment needs, loan-to-value and available home equity. Each calculator answers a different part of the home-financing decision and lets you compare scenarios using your own figures.

Use these results as planning estimates. A lender’s official figures can differ because of credit, verified income, property eligibility, mortgage insurance, fees, taxes, insurance and underwriting requirements.

Which mortgage calculator should you use?

Choose a calculator based on the question you are trying to answer. The mortgage payment calculator starts with a home price and loan assumptions. The affordability calculator starts with income, debts and available cash. The refinance calculator compares an existing mortgage with replacement offers.

Down-payment, LTV and home-equity calculators focus on the relationship between the property value, cash contribution and secured balances. Using several tools together can give you a clearer view than relying on one monthly-payment estimate.

How to compare mortgage scenarios

1

Start with the full cash requirement

The down payment is only part of the money needed for a purchase. Allow for lender and third-party closing costs, prepaid items, moving expenses and an emergency reserve.

2

Estimate the complete monthly cost

Principal and interest do not represent the entire housing budget. Include property taxes, homeowners insurance, mortgage insurance and association charges when relevant.

3

Test different rates and terms

Compare higher and lower rates as well as shorter and longer terms. A longer mortgage can reduce the required payment while increasing total interest and delaying payoff.

4

Check the result against your budget

Mortgage qualification and personal affordability are different. Leave room for maintenance, utilities, healthcare, transportation, savings and changes in income or expenses.

How mortgage payments are calculated

A fixed-rate, fully amortizing mortgage generally uses the loan balance, monthly interest rate and number of scheduled payments to calculate a level principal-and-interest payment. Early payments usually contain more interest, while later payments apply more money to principal as the balance declines.

The mortgage payment shown by a calculator might not include every housing expense. Property taxes, insurance, homeowners association fees and mortgage insurance can change independently and do not reduce the mortgage principal.

Home price, down payment and loan-to-value

The down payment reduces the amount financed. Loan-to-value divides the mortgage balance by the property value. For example, a $320,000 mortgage on a $400,000 home has an 80% LTV before considering other secured borrowing. A lender may use the lower of the purchase price and accepted appraisal for a purchase transaction.

A lower LTV can affect product availability, pricing and mortgage-insurance requirements, but it does not establish that the payment is affordable or that a loan will be approved.

Mortgage interest rate, APR and total cost

The note rate is used to calculate scheduled mortgage interest. APR is a disclosure measure that incorporates certain finance charges and can help compare offers, but it does not mean that every fee is included. Compare the interest rate, APR, cash to close, monthly payment and cost over the period you realistically expect to keep the mortgage.

Buying versus refinancing

A purchase mortgage finances a home acquisition, while refinancing replaces an existing mortgage. Refinancing can reduce the rate, change the term or provide cash from equity, but closing costs and a restarted term can offset the benefit. The break-even period is especially important when you might sell or refinance again within a few years.

Mortgage estimates are not loan approval

Online calculators cannot verify income, assets, credit, employment, occupancy, property condition or mortgage-program eligibility. They also cannot predict the interest rate or fees a lender will offer.

Use calculator results to prepare questions, compare assumptions and identify figures that need confirmation. For a real transaction, review the lender’s Loan Estimate and Closing Disclosure and ask about any amount you do not understand.

Frequently asked questions

Mortgage calculator questions

How much mortgage can I afford?

Affordability depends on income, recurring debts, down payment, interest rate, taxes, insurance, household spending and lender criteria. Use the affordability calculator for a planning range, then compare it with your own monthly budget.

What information do I need for a mortgage payment estimate?

Enter the property price, down payment, mortgage term and annual interest rate. Add realistic property-tax, insurance, association-fee and mortgage-insurance figures for a broader monthly-cost estimate.

Does the mortgage calculator include closing costs?

The payment calculator focuses primarily on the mortgage and recurring housing costs. Purchase and refinance fees vary by transaction, so use the dedicated cash and refinance inputs where available and confirm actual charges from official disclosures.

Is a 20% down payment required?

Not for every mortgage. Some eligible borrowers use a smaller down payment, but that can increase the loan, LTV, monthly payment and potential mortgage-insurance cost. Product availability depends on borrower and property eligibility.

How can extra payments reduce mortgage interest?

An extra payment applied to principal reduces the balance earlier. If the rate and other assumptions remain unchanged, that can shorten the payoff period and reduce future interest. Check the mortgage terms for payment-processing rules and prepayment charges.

When does refinancing make sense?

Compare the new payment, fees, remaining and new terms, break-even period, payoff date and balance at the time you expect to move or refinance again. A lower monthly payment does not automatically create a lower total cost.

What is the difference between LTV and home equity?

LTV expresses mortgage debt as a percentage of property value. Equity is the property value minus secured balances. They describe related information from opposite perspectives.