Mortgage Calculator

WE HAVE A MORTGAGE SOLUTION FOR YOUR UNIQUE SITUATION

A Mortgage Calculator or mortgage estimator is a handy tool that helps you determine the mortgage payments on a loan you are considering, so can see how much house you can afford to purchase, and stay in your budget.

Before you can calculate your mortgage payments, you need the following information:

  • Purchase cost of the property
  • The down payment required
  • The interest rate
  • Amortization period

Once you have filled in those fields, click “Calculate”.

mortgage payment calculator

Please note that this mortgage calculator is for illustrative purposes only, and does not include homeowners insurance, property taxes, or mortgage insurance.

While a mortgage calculator is typically used for determining mortgage payments, you can also use it to:

Determine if an adjustable rate mortgage (ARM) is worth it – In most cases, a fixed interest loan is the way to go especially if you have a fixed income or if you plan to live in your home for more than 5 years. On the other hand, an ARM can be beneficial in certain cases. To know whether it is justifiable for you to take out an ARM with its low initial interest rate, use a mortgage calculator.

Find out how much you can save by shortening the term of your mortgage – The longer the mortgage term, the higher the interest payments you need to make. Thus, if you can pay more money towards the loan’s principal, you can net big savings and shorten the term.

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