How to Use the Mortgage Calculator

Our Mortgage Calculator is a powerful tool to help you plan your home financing, whether you’re exploring mortgage rates in the U.S. or calculating your loan costs. Follow these step-by-step instructions to estimate your monthly payments, total costs, and payoff timeline.

Step 1: Enter the Home Price

Input the price of the home you’re considering. For example, enter “300000” for a $300,000 home. This is the starting point for your calculations with the Loan calculator.

Step 2: Specify Your Down Payment

Enter your down payment, either as a dollar amount or a percentage of the home price. For example, input “60000” for $60,000 or “20” for 20%. This helps determine your loan amount using the mortgage calculator u.s..

Step 3: Set the Loan Term

Input the duration of your loan, either in years or months. For example, enter “30” for a 30-year loan term, which is common when exploring mortgage rates.

Step 4: Input the Interest Rate

Enter the annual interest rate for your mortgage. For example, input “4.5” for a 4.5% rate. This is a key factor in calculating your payments with the Mortgage Calculator.

Step 5: Define Interest Rate Scenarios

Input high and low interest rate scenarios to see how your payments might vary. For example, enter “5.5” for a high rate and “3.5” for a low rate, similar to features in a Google mortgage calculator.

Step 6: Set the Start Date

Select the start date of your mortgage, such as “2025-05-23”. This helps calculate your payoff date, a feature also found in a Mortgage Payoff Calculator.

Step 7: Input Property Tax

Enter your property tax, either as a percentage of the home price or a dollar amount per year. For example, input “1.2” for 1.2% or “3600” for $3,600 annually.

Step 8: Add Homeowner’s Insurance

Input your annual homeowner’s insurance cost, such as “1200” for $1,200 per year, to ensure your monthly payment reflects all costs.

Step 9: Include HOA Fees

Enter any monthly HOA fees, such as “0” if none apply, or “100” for $100 per month, a feature often seen in tools like the Zillow mortgage calculator.

Step 10: Specify PMI Rate

If your down payment is less than 20%, enter the PMI rate as a percentage of the loan amount per year, such as “0.5” for 0.5%. This adjusts your monthly payment.

Step 11: Add Extra Payment (Optional)

Input any extra monthly payment to pay off your mortgage faster, such as “0” or “200” for $200 per month, a key feature in a Mortgage Payoff Calculator.

Step 12: Calculate Your Mortgage

Click the Calculate button to see your results with the Mortgage Calculator.

Step 13: Review Your Results

• Monthly Payment: Your total monthly payment, including principal, interest, taxes, insurance, and fees, such as “$1,897.54”.
• Loan Amount: The amount you’re borrowing, like “$240,000.00”.
• Total Interest Paid: The total interest over the loan term, such as “$143,114.40”.
• Total Cost of Loan: The overall cost, including interest and fees, like “$383,114.40”.
• Payoff Date: When you’ll pay off the loan, such as “May 23, 2055”.
• High Rate Scenario: Monthly payment at a higher rate, such as “$2,036.52 at 5.5%”.
• Low Rate Scenario: Monthly payment at a lower rate, such as “$1,762.54 at 3.5%”.

Step 14: Explore the Monthly Payment Breakdown

The Monthly Payment Breakdown section shows a pie chart illustrating the proportion of your monthly payment from principal and interest, property tax, insurance, HOA fees, and PMI.

Step 15: Analyze Principal vs. Interest Over Time

The Principal vs. Interest Over Time section displays a bar chart showing how much of your payment goes toward principal and interest each year, a feature similar to those in RBC mortgage calculator or BMO mortgage calculator.

Step 16: Review Amortization Schedule

The Amortization Schedule table provides a yearly breakdown of principal, interest, and remaining balance. Use the Expand All or Collapse buttons to view more or fewer rows, and download the data as a CSV file using the Download CSV button.

Step 17: Print or Reset

Click the Print button to print the schedule, or the Reset button to clear all inputs and start over.

This Mortgage Calculator helps you make informed decisions by providing a clear view of your mortgage costs and payoff timeline.