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Simple Mortgage Calculator: Find Your Payment Fast

simple mortgage calculator

Find your monthly payments by moving the sliders.

Contact us to get pre-approved.

Simple Mortgage Calculator Help

This simple mortgage calculator shows the principal and interest portion of a monthly mortgage payment. This calculator is fast and easy, thus ideal to use during the initial home buying stages. Getting a more precise loan estimate requires consideration of many factors such as your credit score and the type of loan program you intend to use.

This calculator does not include fees such as closing costs or origination. It also excludes things like HOA dues, property taxes, homeowners insurance and mortgage insurance. It’s set up for a quick, thumbnail sketch to help folks see a reasonably close approximation of their monthly mortgage costs.

Simple Mortgage Calculator Inputs

Mortgage Amount

The mortgage amount is the principal of the loan. It’s how much is borrowed to purchase or refinance a home. Principal can be the purchase price or the loan amount after applying the down payment.

Example: Purchase price minus down payment

  • $500,000 purchase price
  • $100,000 down payment
  • $400,000 mortgage amount (principal)

Interest Rate

Loan interest is the cost of the principal. It’s the portion of the monthly mortgage payment that is the charge for money loaned to you. It is expressed as a percentage rate. There are many factors that impact the interest rate for loan, such as:

  • Market conditions
  • Loan-to-value (LTV) ratio
  • Borrower’s credit score
  • Type of mortgage program (FHA, VA, USDA, etc.)

Term

The term is the length of time for paying back the mortgage. Terms have an impact on interest rates. The most popular loan terms are 30 years and 15 years. 30-year mortgages carry a slightly higher interest rate than 15-year mortgages.

Simple Mortgage Calculator Outputs

Monthly Payments

The monthly payment is the amount of principal plus interest paid each month.

Total Cost of Mortgage

If you carry the mortgage to term (e.g. 30 years), the total cost of the mortgage is the principal plus interest paid over time.