Online Mortgage Calculator!

Calculate your monthly mortgage payment

This calculator will determine your monthly mortgage payment. If you need to decrease your payment, try decreasing the interest rate (for example: 7.00% to 6.125%), increasing your down payment (from 5% of the purchase price to 15% of the purchase price) or increasing the term of the loan (number of years, converted to months, that you will finance the loan, for example 15 years/180 months to 30 years/360 months). Conversely, the payment will increase if your increase the interest rate, decrease the down payment or decrease the term of the loan.

Mortgage Calculator Instructions

Enter the loan principal (the amount needed to borrow without commas). Next, enter the down payment (the amount of earnest money plus cash you will put into the transaction. If this is a refinance transaction leave blank). Enter the term of the loan as the number of monthly payments that will be made (10 yr. / 120 months; 15 yr. / 180 months; 20 yr. / 240 months; 25 yr. / 300months and 30 yr. / 360 months) and the interest rate (rates are calculated in 1/8^th intervals for example 6.000, 6.125, and 6.250). Click on Calculate and your monthly payment will be calculated for you. You may adjust any numbers and recalculate the monthly payment amount as you wish.