Advanced Mortgage Loan Calculator

This calculator is the ideal tool for a home buyer who is looking seriously at mortgages right now. We call it the advanced loan mortgage calculator because it includes all loan details (like closing costs and points) in its evaluation.

Looking for something different? We've probably got you covered. Use our quick mortgage calculator guide to find the right tool for you.

Using the advanced loan mortgage calculator

This flexible tool allows you to try out different payment, term, balance, and rate combinations to find the perfect mortgage.

It will also calculate your payment total (that's a lot different from your loan principal!) and total interest bill. You even get an amortization schedule of your mortgage Here's how it works:

Fill out three of the following:
  • length of the loan
  • monthly payment amount
  • principal amount
  • interest rate
.

Loan term. Enter the length of the loan you desire.

Principal amount. Pretty straightforward. But, if you're buying new and want to include taxes and fees in your principal, leave yourself some leeway. If you want to use the advanced loan mortgage calculator to see how large a loan you can afford, leave this space blank.

Monthly payment. Fill in a figure you could reasonably budget towards mortgage payments each month. Don't enter your absolute maximum (or minimum), just a number that fits your budget well.

Interest rate. Unless you've already been approved for a loan, just guess here. Interest rates vary, depending on your credit (excellent to fair), but borrowers with very poor credit may have to pay up to 20%.

More loan payment calculator tips

This loan payment calculator is intended for estimation purposes. Don't budget too tightly, and be sure and leave some wiggle room on loan amount and interest rate, especially if you haven't already been approved.

Consider applying before you use the loan payment calculator. (We know that's the opposite of what we said earlier - unfortunately, it works both ways.) That way you can nail down an interest rate and use the loan payment calculator to design your loan around it.

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