Mortgage Calculator

young couple moving to apartment building The mortgage calculator tool is integrated by default with the Real Estate theme by SeoToaster. Users can compare lenders serving in their areas and come up with the most cost-effective option. Give your users the chance to discover how much money they can save, when choosing a lender.

Should You Rent or Own?

This calculator will help you figure out if you will be better off renting or owning a home.

How Much Home Can You Afford?

Find out how much your mortgage payments should be.

Mortgage Payment Calculator

Have you found a home you'd like to purchase, but wonder what your paym

15 Year vs. 30 Year Mortgage Calculator

Find out which is better for you.

Refinancing Calculator

Should you refinance your current mortgage?

Equity Calculator

How much equity do you have on your current home loan?

FHA Loan Calculator

Can you qualify for an FHA loan?

Monthly vs. Biweekly Payment Calculator

Find out how biweekly payments affect your mortgage.

Points vs. Interest Calculator

Which Loan is Better?

Both of these calculators compare two mortgages: one with a lower interest rate, and one with fewer points.

Closing Cost Calculator

Estimate your closing costs here.

Am I Better Off Renting or Purchasing?
Believe it or not, sometimes you may be better off renting than owning your own home. This calculator will give you a general idea. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	What is your monthly rent?
	Estimate your tax bracket.
	What is the purchase price of the home you are interested in?
	What percentage of the purchase price do you want to put down on the new home purchase?
	What is the interest rate of the new home loan?
	What is the term of the mortgage? (number of years financed).
	This is what your calculated monthly payment would be.
	What are the yearly property taxes on the new home?
	What does the homeowners insurance cost per year?
	This is your total monthly payment with taxes and insurance.
	How many years do you plan to stay in the house? (Average is 7 yrs.)
Based on the number of years you plan on staying in the house, and additional information you provided above, the following determinations were made. This is very general. Please consult a financial advisor for a more specific determination.
	You will pay out this total in rent payments over the number of years you indicated above.
	You will pay out this total in mortgage payments (less tax savings) over the number of years you indicated above.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Can I really afford to buy a home?
This calculator will give you a general idea how much of a mortgage you can afford based on your down payment and what you want your monthly payments to be. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	How much money can you afford to put down on the purchase of a new home?
	How much can you afford to pay a month?
	How many years do you want to finance the mortgage?
	What is the interest rate that you hope to get a loan for?
Based on the information you provided above, you would be able to afford a home that costs

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

I found a home - what will my payments be?
Have you found a home you'd like to purchase, but wonder what your payments will be? This calculator will help you find out. If you need to adjust your payment, try varying your percent down or the number of years you will finance the loan. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	What is the purchase price of the home you are interested in?
	What percentage of the purchase price do you want to put down on the new home purchase?
	What is the interest rate of the new home loan?
	What is the term of the mortgage? (number of years financed).
	This is what your calculated monthly payment would be.
	What are the yearly property taxes on the new home?
	What does the homeowners insurance cost per year?
	This is your total monthly payment with taxes and insurance.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Which is better - a 30 or 15 year mortgage?
This loan comparison calculator will compare a 30 and 15 year mortgage. If you'd like, you can also enter your own mortgage terms. As you will see, a 15 year mortgage will allow you substantial interest savings. However, the increased monthly payment might not be affordable. Consult a financial advisor for a more specific estimate of the benefits to you. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
		Loan Information
		How much do you plan to borrow?
		What is the interest rate of the new home loan?
30 Year Mortgage	15 Year Mortgage
		What is the term of the mortgage? (number of years financed). What is the term of the mortgage? (number of years financed).

		This is what your calculated monthly payment would be. This is what your calculated monthly payment would be.
		This is the total amount you will pay per year. This is the total amount you will pay per year.
		This is the total amount you will pay over the term of the loan. This is the total amount you will pay over the term of the loan.
		This is the total amount of interest you will pay on the loan. This is the total amount of interest you will pay on the loan.
As you can see, the total interest you pay over the life of a loan decreases as you decrease the number of years the loan is amortized. There is a serious drawback, though. Your monthly payment can increase significantly, therefore, weigh your options very carefully. Talk to a financial advisor who can help you decide what's best for you.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Should I refinance my current mortgage?
This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. It will also show you how many months it will take to break even on your closing costs. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	What is the balance, or payoff amount, on your current mortgage?
	What is your current monthly mortgage payment?
	What is the interest rate of your current mortgage?
	What is the interest rate of the new mortgage if you refinance?
	How many years will you refinance the mortgage for?
	What are your refinance closing costs?

	This would be your new monthly payment if you refinance.
	If you refinance at a lower rate, this is the amount of money you will save per month.
	It will take you this many months to break even on closing costs if you refinance.
	This is the total interest you will pay under your current payment plan.
	This is the total interest you will pay under your refinanced monthly payment plan.
	This is the amount you will save in interest if you refinance at the lower rate.
	This is your net refinance savings. (interest savings minus closing costs).

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

I already own a home - how much equity do I have?
Equity represents the owner's interest in a property, or simply the dollar amount you could sell your home for, minus the dollar amount you still owe on it. Get a quick estimate of your equity using this calculator. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	What is the current market value of your home?
	What is the Principal of your first mortgage (plus any other liens against your home)?
	This is the maximum amount of equity you have in your home.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

What is FHA and can I qualify for an FHA loan?
The Federal Housing Administration (FHA) is a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA's primary objective is to assist in providing housing opportunities for low to moderate income families. FHA has both single family (1-4 unit homes) and multi-family (5 or more units) mortgage lending programs. The agency does not generally provide the funds for the mortgages, but rather insures home mortgage loans made by private industry lenders such as mortgage bankers, savings and loans and banks. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested. FHA Mortgage Limits For Your Area (Please contact a local FHA mortgage lender to find out the maximum mortgage for your area.)
	What is your gross annual income?
	What are your monthly expenses?
	At what interest rate do you hope to secure this loan?
	You could probably qualify for this amount of money.
	You would have to come up with this amount of cash to close the mortgage.
	This is what your monthly payments would be.
	This is what mortgage points and insurance would cost you.
	This is what taxes, insurance and other FHA loan closing costs would be.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Which is better - monthly or biweekly payments?
A biweekly mortgage allows you to make a mortgage payment every 2 weeks resulting in 26 payments per year versus 12 monthly payments per year, or the equivalent of 13 monthly payments. The result is a considerable reduction in the term of the mortgage, as well as savings in total interest paid. We have rounded these figures according to standard mathematical practices. For exact figures, please consult a broker or financial advisor. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
		Loan Information
		What is the purchase price of the home you are interested in?
		Please enter an interest rate between 6 and 16.
		What is the interest rate of the new home loan?
Monthly Payments	Biweekly Payments
30		This is the term of the mortgage. As you can see, on a 30 year mortgage, making biweekly payments will substantially reduce the term of the loan.
		This is what your payment would be. This is what your payment would be.
		This is the total amount you will pay per year. This is the total amount you will pay per year.
		This is the total amount you will pay over the life of the loan. This is the total amount you will pay over the life of the loan.
		This is the total interest you will pay on the loan. This is the total interest you will pay on the loan.
		This is the amount of interest you will save making biweekly payments.

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Pointers on points - Should I pay them?
Points are fees paid to lenders. Each point is equal to 1% of the loan amount. On a $100,000 loan, 1 point is $1000. Points may be further classified into origination points or discount points. Origination points are fees paid to a lender for processing a loan application. The origination fee is stated in the form of points. Discount points are fees paid to lenders and each point is equal to 1% of the loan amount. The loan discount points may vary from 1 to 6% or more of the loan amount and, therefore, can account for a large portion of the closing costs. If you're confused, don't feel alone. Understanding points can be confusing. For additional information please consult a broker/lender. This calculator will compare two mortgages: one with a lower interest rate and one with fewer points. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
Mortgage A (Lower interest rate)		Mortgage B (Fewer points)
	Monthly Payment		Monthly Payment
	Years You Plan on Living in the House		Years You Plan on Living in the House
	Prepayment Penalty		Prepayment Penalty
	Dollar Amount of Points		Dollar Amount of Points
	Foregone Interest (To pay the points, you presumably have to take money out of the bank. Therefore, you will lose some interest. Estimate the lost interest.)		Foregone Interest (To pay the points, you presumably have to take money out of the bank. Therefore, you will lose some interest. Estimate the lost interest.)
	Principal Remaining When You Vacate Premises		Principal Remaining When You Vacate Premises
	Total Cost		Total Cost

If the total cost for each of the two mortgages is reasonably close, choose the one with the lower annual percentage rate (APR). However, if the APR's are close and there is a significant difference in the total cost, you are probably better off choosing the mortgage with the lower long-run cost.
Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Which loan is better?
This calculator will compare two mortgages: one with a lower interest rate and one with fewer points. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
Mortgage A (Lower interest rate)		Mortgage B (Fewer points)
	Monthly Payment		Monthly Payment
	Years You Plan on Living in the House		Years You Plan on Living in the House
	Prepayment Penalty		Prepayment Penalty
	Dollar Amount of Points		Dollar Amount of Points
	Principal Remaining When You Vacate Premises		Principal Remaining When You Vacate Premises
	Total Cost		Total Cost

If the total cost for each of the two mortgages is reasonably close, choose the one with the lower annual percentage rate (APR). However, if the APR's are close and there is a significant difference in the total cost, you are probably better off choosing the mortgage with the lower long-run cost.
Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

What are closing costs and why do I have to pay them?
Closing costs are expenses, usually paid by the buyer, that are incurred when transferring ownership of property. Depending on the city, county and state where the property is located, the cost for items such as transfer tax, recording fees, title insurance and other related services will vary. Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.
	Loan Origination Fee
	Loan Discount
	Appraisal Fee
	Credit Report
	Lender's Inspection Fee
	Mortgage Broker Fee
	Tax Related Service Fee
	Processing Fee
	Underwriting Fee
	Wire Transfer Fee
	Mortgage Insurance Premium
	Hazard Insurance Premium
	Tax and Assessment
	Closing or Escrow Fee
	Notary Fee
	Attorney Fee
	Title Insurance
	Recording Fees
	City/County Tax/Stamps
	State Tax/Stamps
	Pest and Other Inspection Fees
	Other Fees Not Listed Above
	Total Fees

Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.