Mortgage Calculator — Calculate Your Mortgage Loan Payments
Written by: Kristy Welsh
Use Our Mortgage Calculator and See Your Monthly Payment
Enter the required information.We'll show you your monthly mortgage payment. It's that easy.
This is your principal + interest payment, or in other words, what you send to the bank each month. But remember, you will also have to budget for homeowners insurance, real estate taxes, and if you are unable to afford a 20% down payment, Private Mortgage Insurance (PMI). These additional costs could increase your monthly outlay by as much 50%, sometimes more.
Are you tired of renting and throwing away money every month on something you don't own? Have you come to a point in your life when you are ready to buy a home of your own? If so, the next big question is how much home can you afford and what monthly mortgage payment will you be able to make each month.
Our mortgage calculator lets you input the amount of money you plan to borrow, the length of the mortgage in years, and the interest rate. You will then be presented with your monthly mortgage payment based on that information. The biggest factor in buying a house is the interest rate and that depends on how good or bad your credit score is. So, if you are set on buying a house for $250,000 but your credit is bad, you are going to qualify for a loan with a much higher interest rate than say someone with excellent credit. Our advice, if you are thinking of buying a home in the next 6 months, start repairing your credit and increasing your credit score. This way, you will qualify for a lower interest rate which will save you thousands of dollars in interest each year.
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