Mortgage Calculators
When you’re shopping for a home, it’s important to have a clear idea of how much you can afford to spend. A mortgage calculator can help you determine your monthly payments and get a better sense of how much house you can afford. Mortgage calculators use your home price, down payment, interest rate, and loan term to calculate your monthly payments. They can also estimate your total interest costs over the life of your loan and help you compare different mortgage scenarios.
There are many different mortgage calculators available online, each with its unique features. To help you find the best one for your needs, I have compiled a list of the best free mortgage calculator websites.
- Mortgage Payment Calculator from Bankrate.com
- Mortgage Affordability Calculator from Zillow
- Mortgage Loan Calculator from Credit Karma
- Refinance Calculator from NerdWallet
- MortgageCalculator.com
- Bankrate Mortgage Calculator
- Quicken Loans Mortgage Calculator
- NerdWallet Mortgage Calculator
- Mortgage Coach Total Cost Analysis
- Redfin Mortgage Calculator
- Trulia Mortgage Calculator
- Realtor.com Mortgage Calculator
If you’re not sure where to start, try using a mortgage calculator to see what kind of monthly payment you can afford. From there, you can work with a lender to find a loan that fits your budget. If you’re thinking about taking out a mortgage, you’ll want to use a mortgage calculator to determine how much you can afford to borrow. This helpful tool will allow you to input your income, debts, and other financial information to get an estimate of what size mortgage you can qualify for.
There are many different types of mortgage calculators available online, so be sure to shop around and find one that meets your needs. Once you’ve found a calculator you like, input your information and hit the “calculate” button. You’ll then see an estimated monthly payment amount, as well as how much interest you can expect to pay over the life of the loan. With this information in hand, you’ll be one step closer to getting the perfect mortgage for your new home.
Reasons for Mortgage Calculator
Borrow Amount
There are many reasons to use a mortgage calculator when considering a home loan. A mortgage calculator can help you determine how much you can afford to borrow, and it can also give you an estimate of your monthly payments.
Budget
If you’re not sure how much you can afford to borrow, a mortgage calculator can help you figure out a realistic budget. You can input your income, debts, and other financial info to get a clear picture of what you can afford.
Monthly Payments
A mortgage calculator can also help you estimate your monthly payments. This is important information to have when you’re shopping for a home loan. By knowing how much your monthly payment will be, you can better compare different loans and choose the one that’s right for you.
Types of Mortgage Calculators
There are various types of mortgage calculators available online. Some of the most popular include:
1. The Mortgage Payment Calculator
This calculator helps you calculate your monthly mortgage payment, including taxes and insurance.
2. The Mortgage Affordability Calculator
This calculator helps you determine how much house you can afford, based on your income and debts.
3. The Mortgage Interest Rate Calculator
This calculator helps you compare different mortgage interest rates to find the best deal.
4. The Bi-weekly Mortgage Calculator
This calculator helps you compare the costs of making bi-weekly mortgage payments instead of monthly payments.
5. The Mortgage Tax Savings Calculator
This calculator helps you estimate the tax savings you could realize by deducting your mortgage interest on your taxes.
6. The Mortgage Insurance Calculator
This calculator helps you estimate the cost of private mortgage insurance (PMI) if you need it.
7. The Home Equity Loan Calculator
This calculator helps you determine whether a home equity loan is a good idea, based on current interest rates and other factors.
Online Calculators
I would like to share some of the best free online mortgage calculators that are available to all those with wi-if access:
Mortgage Payment Calculator from Bankrate.com
This calculator can help you estimate your monthly mortgage payments, and also shows how much interest you’ll pay over the life of the loan.
Mortgage Affordability Calculator from Zillow
This calculator helps you estimate how much house you can afford, based on your monthly income and debts. In addition to calculating your monthly mortgage payment, this calculator from Zillow also provides estimated taxes and insurance costs.
Mortgage Loan Calculator from Credit Karma
This calculator lets you estimate your monthly mortgage payments, including principal and interest, taxes, insurance, and PMI (if applicable).
Refinance Calculator from NerdWallet
This calculator can help you determine if it makes sense to refinance your mortgage, based on your current interest rate, loan term, and monthly payment
MortgageCalculator.com
This website offers a variety of mortgage calculators, including a home affordability calculator, a refinance calculator, and a mortgage payment calculator.
Bankrate Mortgage Calculator
This mortgage calculator from Bankrate allows you to calculate your monthly payment as well as estimate your closing costs.
Quicken Loans Mortgage Calculator
This mortgage calculator from Quicken Loans allows you to calculate your monthly payment, estimate your closing costs, and see how much house you can afford.
NerdWallet Mortgage Calculator
This mortgage calculator from NerdWallet helps you calculate your monthly payment and estimate your closing costs.
Mortgage Coach Total Cost Analysis
This calculator from Mortgage Coach provides a side-by-side comparison of different loan scenarios so you can see the total cost of each option.
Redfin Mortgage Calculator
This calculator from Redfin allows you to estimate your monthly payment, compare different loan scenarios, and see the estimated interest you’ll pay over the life of your loan.
Trulia Mortgage Calculator
This mortgage calculator from Trulia can help you estimate your monthly payment, compare different loan scenarios, and calculate how much house you can afford.
Realtor.com Mortgage Calculator
This mortgage calculator from Realtor.com can help you estimate your monthly payment, compare different loan scenarios, and estimate your closing costs.
Now that you know about some of the best free mortgage calculator websites, start shopping around and comparing different calculators to find the one that best meets your needs.
Discuss With Expert
If you have questions or concerns about your mortgage results, it’s important to discuss them with a qualified professional. Your local mortgage lender or broker can help you understand the implications of your results and offer guidance on what to do next.
In addition, talking to a housing counselor or financial advisor can give you impartial advice and help you explore all of your options. When you’re making such a big financial decision, it’s important to get as much information and advice as possible.
So don’t hesitate to reach out to a professional if you have questions about your mortgage results. With their help, you can make the best decision for your financial future.
Accuracy
Are online mortgage calculators accurate? This is a question that many home buyers ask when they are shopping for a new home. The answer is that it depends on the calculator and the information that you input into it.
However, if you use a mortgage calculator that is not provided by a lender, there is no guarantee that the calculations are accurate. This is because different lenders use different methods to calculate mortgage payments. Additionally, the information that you input into the calculator may not be accurate. For example, if you do not know your exact credit score, the calculator may give you an estimate that is too high or too low.
To ensure that the online mortgage calculator is accurate, you should input the same information that you would use if you were applying for a mortgage. This includes your credit score, the loan amount, the interest rate, the term of the loan, and the down payment. By inputting this information, you can be sure that the calculator is giving you an accurate estimate.
A mortgage calculator is a great tool to use when you are shopping for a new home. However, you should not rely on the calculator alone. You should also speak with a lender to get an accurate payment estimate.
