Mortgage Calculator

The calculus behind mortgage payments is complicated, but our app Mortgage Calculator makes this math problem quick and easy.

First, next to the space labeled "Home price," enter the price (if you're buying) or the current value of your home (if you're refinancing).

In the "Down payment" section, type in the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe. You can enter either a dollar amount or the percentage of the purchase price you're putting down.

Next, you'll see “Length of loan.” Choose the term — usually 30 years, but maybe 20, 15 or 10 — and our calculator adjusts the repayment schedule.

Finally, in the "Interest rate" box, enter the rate you expect to pay. Our calculator defaults to the current average rate, but you can adjust the percentage. Your rate will vary depending on whether you’re buying or refinancing.

As you enter these figures, you will see your Monthly Pay, also the total of mortgage payments you will have to pay (number of months). And a detailed list of everymonth Balance of Capital and Interests you will pay.