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Mortgage Calculators

A mortgage calculator is a must if you’re even thinking about shopping for a home.

Without one, trying to figure out monthly housing payments or how much one can afford, will be next to impossible.

Fortunately, I’ve created dozens of easy-to-use calculators to help you navigate the process and be better prepared.

They are grouped into sections to below depending on what your goals/needs are.

Chances are you’ll want to use several of these before you consider buying real estate.

Choose a Calculator

Buying a Home

Loan Types

Mortgage Rates

Refinancing a Mortgage

Paying Off a Mortgage Faster

Home Equity and Second Mortgages

Specialty Mortgage Calculators

  • Assumable mortgage calculator – Compare taking over a seller’s existing VA, FHA, or USDA loan against getting a brand-new mortgage at today’s rate.
  • Escrow shortage calculator – Figure out why your mortgage payment went up and estimate your new monthly escrow payment.
  • FHA MIP removal calculator – Find out whether your FHA mortgage insurance ever cancels on its own and compare to a conventional refinance.
  • Mortgage recast calculator – A mortgage recast reduces your monthly payment via a lump-sum principal payment without the need to refinance. Calculate the possible interest savings.
  • House hacking calculator – See what it actually costs to house hack a duplex, triplex, or fourplex.
  • PMI calculator – Estimate your monthly private mortgage insurance (PMI) cost and find out exactly when PMI is eligible for removal.

Which Mortgage Calculator Should I Start With?

You may want to start with the classic mortgage payment calculator, which as the name implies, allows you to calculate a monthly mortgage payment.

This is ultra-basic, but also a good first step in determining how much a given loan amount will set you back. And this is before we even factor in insurance, taxes, and utilities. It can really add up.

You can use it to calculate a 30-year fixed mortgage, a 15-year fixed, or any other loan term of your choosing. It’s very simple to use and is a good starting point on your mortgage journey.

If you’re a first-time home buyer or a seasoned pro looking to buy a second or third home, the how much house can I afford calculator might be just the ticket to narrow down your real estate search.

And if you’re already a homeowner and have an existing mortgage, you can check out my refinance calculator, which will factor in your current home loan and proposed refinance loan to determine if it’s more or less a good deal.

It doesn’t always make sense to refinance, depending on your unique situation, so taking the time to run the numbers might be a good idea before you dive in.

Once you do find that forever home, you might be interested in paying off your mortgage early.

If that’s your goal, check out the early mortgage payoff calculator, which allows you to plug in extra payments in a variety of different ways to see how quickly you can pay off your mortgage, and more importantly, how much you can save on interest over the life of the loan.

Conversely, you might be interested in tapping equity, in which case my suite of second mortgage calculators could be useful as well.

Lastly, there’s the question of accuracy, as some may underestimate the true cost of homeownership.

I’d say they more often underestimate rather than overestimate, which is an obvious problem for would-be home buyers, especially first-timers who may also downplay the many hidden costs involved.

So make sure you err on the high side. Treat every result as a starting point. Even if the payment looks comfortable, add a cushion anyway. Better to be pleasantly surprised than short at closing.

[Searching for a home loan? See your options with dozens of lenders fast.]
Colin Robertson
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