Mortgage calculator tools are computer-assisted tools that allow users to calculate the financial consequences of changing one or more variables in a mortgage financing agreement. Consumers use mortgage calculators to calculate monthly payments, while mortgage lenders use them to assess a house loan applicant’s financial appropriateness. Although the Consumer Financial Protection Bureau has created its own public mortgage calculator, these type of tools are routinely found on for-profit websites. This makes it a bit hard to find the top tools in the field that will give you genuine information and assistance without any covert promotional motives.

Luckily, we’ve got you covered in that respect. We’ve got for you well-curated list of the top 20 mortgage calculator tools that will really do you good when charting out your mortgage plans.

1. Zillow.com Home Mortgage Calculator

The loan calculator on Zillow.com has a variety of mortgage calculation choices, including predicting your mortgage payment, including taxes and insurance. Simply enter the home’s price, including your down payment, and any loan data to calculate your mortgage payment split, timeline, and interest rate charges, among other things.

Key Features:

• Easy to use interface.

• Can also get pre-qualified for a house mortgage.

• Easier to negotiate with mortgage lenders.

Cost: Contact company.

2. USMortgage Home Loan Calculator

The USMortgage home loan calculator evaluates not only your expected monthly payments, but also critical “extras” like home insurance, property taxes, and homeowner association fees.

Key Features:

• calculates the principal and interest components of your monthly payment, as well as property taxes, PMI, homeowner’s insurance, and HOA fees.

• During the full amortization period, it also calculates the total of all payments, including the one-time down payment, total PITI amount, and total HOA fees.

• gives a detailed payment schedule for your mortgage.

Cost: Free of cost.

3. Truila Mortgage Calculator

Trulia walks you through estimating mortgage costs for non-traditional house loans such as veterans’ loans, FHA 30- and 15-year home loans, and adjustable-rate home loans. It also has some enticing aspects that you may not have thought of. For instance, the Trulia calculator requests your zip code in order to determine how local tax rates affect your house mortgage (which impacts monthly and total home mortgage costs).

Key Features:

• provides a user-friendly, hands-on mortgage calculator.

• Consider the basics, such as monthly and total loan costs, as well as interest rates.

Cost: Contact company.

4. The Dave Ramsey.com Mortgage Calculator

The Dave Ramsey.com Mortgage Calculator is very user-friendly, and it can quickly compute your monthly mortgage payment and total house mortgage amount. Simply enter the value of your property, the amount of your down payment, the kind of mortgage, and the interest rate.

Key Features:

• When you’ve finished estimating all of your house buying costs, the mortgage also includes a specific feature to help you choose a suitable local real estate agent.

• The UI is basic and easy to use.

Cost: Contact company.

5. The Veterans United Mortgage Calculator

The Veterans United Mortgage Calculator, which is designed specifically for current and past members of the United States military, guides VA loan customers through the whole process of determining home loan costs. It handles your predicted mortgage payments with ease and assists you in calculating taxes, homeowners’ insurance, and veterans’ loan costs.

Key Features:

• There is no deposit required.

• Assists you in calculating your credit score.

• If you’re a qualified disabled veteran, the site will tell you if you’re eligible for a veterans’ home mortgage loan.

Cost: Contact company.

6. FHA Mortgage Payment Calculator

The FHA payment calculator calculates the FHA upfront mortgage insurance premium, monthly FHA mortgage insurance, property taxes, and homeowner’s insurance to produce an appropriate FHA mortgage payment.

Key Features:

• calculates the impact of a minimal house down payment on overall loan costs and monthly home payments.

• provides a link to determine if you are eligible for an FHA home loan.

Cost: Contact company.

7. Karl’s Mortgage Calculator

Karl created his mortgage calculator in the 1990s. It’s not as fancy and elegant as some of today’s mortgage calculators. But it can also be used for other purposes. It helps you to calculate how spending extra on your mortgage will reduce your debt, how quickly you’ll be able to pay it off, and how much interest you’ll save, for example.

Key Features:

• Your monthly payments will be generated as a result of this.

• It also creates an amortization chart to show you how your debt will be paid off over time.

• will show you how your loan term will be shortened and how much money you’ll save on interest.

Cost: Free of cost.

8. Mortgage Pal – Calculator

Understanding your home loans with a mortgage pal-loan calculator will help you shape a brighter future. “Mortgage Pal – Calculator” includes two functions in one app: a mortgage payment calculator and a mortgage affordability calculator. Check out the latest mortgage rates and trends. You can use their mortgage calculator tools to calculate all of your loan and mortgage calculations, including PMI, tax, and other mortgage fees.

Key Features:

• can assist you in reducing mortgage interest fees and better planning your mortgage payments.

• There’s also a mortgage affordability calculator on the site.

• can also assist you in determining how much of a mortgage or loan you can afford based on your income and other factors.

• It’s also simple to email your mortgage payments and affordability estimates.

Cost: Free of cost.

9. Calculator.net Mortgage Calculator

The Calculator.net mortgage tool is a program that takes six numeric inputs and solves for two unknown values, such as the loan amount and monthly payments. This solves the most significant issue with amortization schedules by providing an amortization schedule based on the factors provided. Because the loan amount, rate of interest, and other variables in a mortgage company can change, it gives an amortization schedule based on the true value of the variables.

Key Features:

• It’s simple to acquire an updated figure, and you’re free to make your own financial judgments.

• There’s no need to see a financial adviser find out your mortgage numbers.

• It allows for simple data entry and includes a complete amortization plan as well as useful ranges and benchmarks.

Cost: As a one-time purchase, it starts at $12.95 per feature.

10. Rocket Mortgage

Rocket Mortgage is one of the most well-known online mortgage lenders in the United States. The lender offers a variety of purchase and refinances alternatives, including a flexible-term product dubbed “YOURgage,” which allows borrowers to choose between eight and 29 years for the term of their loan, as well as cash-out refinancing. Quicken Loans, the parent company of Rocket Mortgage, was founded in 1985 by Dan Gilbert, who still serves as chairman. Quicken Loans rose to prominence in recent years as a result of its adoption of technology that allows customers to apply for loans entirely online through Rocket Mortgage, which was officially renamed Quicken Loans in 2021.

Key Features:

• A minimum down payment is required (as little as 3 percent down).

• Customer service for new loans is available by phone or chat seven days a week.

Cost: Contact company.

11. Mortgage-Calculator

This C++ command-line software of Mortgage-Calculator is a highly precise calculator for calculating monthly, annual, and full-term mortgage repayments at a fixed rate. The tool employs the same precise logic as previous mortgage calculators, rounding up to the closest whole pound. The application is quick and easy to use, and you can find out your exact mortgage payments in less than 30 seconds!

Key Features:

• Mortgage Calculations That Are Accurate.

• Rounding to the nearest decimal place.

• A user tutorial is available.

• Easy-To-Use.

Cost: Contact company.

12. Finance Calculator Ultimate

Finance Calculator Ultimate is one of the most stable and easy-to-use mortgage calculator tools out there that run on Windows XP/VISTA/7/8. Professional accountants, financial managers, and experienced investors are the target audience for the current offering. You can copy and paste report results into any Windows/Office compatible text editor, in addition to the ergonomic report printing capability.

Key Features:

• It’s plug-and-play and simple to use. It performs much more quickly than similar online calculators.

• also performs financial analysis for businesses, production management analysis, and project analysis, among other things.

Cost: Contact company.

13. Mortgage Calculator by CalculatorSoup

This Mortgage Calculator tool by CalculatorSoup calculates payment, current value, future value, interest, and term for a mortgage.

Key Features:

• The user is given an amortization table.

• Useful for auto payments and possibly other loans as well.

Cost: Contact company.

14. Bankrate’s Mortgage Calculator

The arithmetic behind mortgage payments is complex, but Bankrate’s Mortgage Calculator makes it simple and straightforward. Determining your monthly house payment as part of your housing budget is critical because it will likely be your largest recurrent expense. Bankrate’s Mortgage Calculator lets you estimate your mortgage monthly as you hunt for a buy loan or a refinance.

Key Features:

• can assist you in calculating how much house you can afford.

• may do the legwork for you and determine whether you’re putting down enough money or if you can or should shorten your loan term.

Cost: Contact company.

15. SmartAsset mortgage calculator

Other financial concerns, such as upfront expenditures and suggested income to comfortably finance your new house, should be kept in mind in addition to setting your monthly payments, which is where the SmartAsset mortgage calculator comes in helpful.

Key Features:

• Calculate your monthly mortgage payment, which includes the principal, interest, taxes, homeowners insurance, and private mortgage insurance for your loan (PMI).

• To see how your monthly payment would change, alter the home price, down payment, and mortgage conditions.

Cost: Contact company.

16. NerdWallet’s mortgage calculator

Calculating your monthly house payment is a crucial step in determining how much house you can afford. That monthly payment is likely to account for the majority of your living expenses. When you buy a home or refinance, you can use NerdWallet’s mortgage calculator to estimate your monthly payment.

Key Features:

• To run scenarios, you can adjust the loan details in the calculator.

• assists you in determining the best home loan term duration for you.

• determines whether or not an ARM is a viable solution.

• tells you if you’re overspending on your home.

Cost: Contact company.

17. MoneyHelper’s mortgage calculator

Mortgages are some of the most significant financial commitments you’ll ever make. And, with so many possibilities, figuring exactly how much they’ll cost you can be difficult. The mortgage calculator on MoneyHelper can assist you. It will offer you a basic, rough figure for the monthly payments you’d take on new mortgages, interest-only mortgages, and your mortgage if interest rates went up.

Key Features:

• simple to use.

• You can also play around with the loan length, interest rate, and deposit to see how they affect your monthly payments.

Cost: Contact company.

18. CalculateStuff’s mortgage calculator

A mortgage is simply a debt instrument with a lien on the property being mortgaged, and mortgage payments are calculated similarly to payments in an ordinary annuity; use CalculateStuff’s mortgage calculator to make it simple.

Key Features:

• a simple formula for calculation

• PMI is also calculated.

Cost: Contact company.

19. Bank of America’s mortgage calculator

The mortgage calculator from Bank of America is one of the most often used mortgage calculators.

Key Features:

• improved Client Assistance Program, which can give payment deferrals or forbearances, provides further assistance to our clients.

• There are programs to help with down payments and closing costs.

• Clients who are registered or eligible to enroll in Preferred Rewards receive a discount on origination fees and/or interest rates.

Cost: Contact company.

20. Forbes Advisor’s mortgage calculator

A mortgage is sometimes required when purchasing a home, but understanding what you’re paying for—and what you can actually afford—may be tough. Borrowers can use a mortgage calculator to estimate their monthly mortgage payments depending on the purchase price, down payment, interest rate, and other monthly costs. To estimate your monthly principal and interest payments on a new home loan, use Forbes Advisor’s mortgage calculator.

Key Features:

• Using your home’s price, down payment, and other loan facts, it’s simple to estimate your monthly mortgage payment.

• Calculates how much of each monthly payment will be used to cover interest and how much will be used to pay off the loan principal.

• You may also see how much principal and interest you’ll pay each year of your mortgage term.

Cost: Contact company.

Things to Consider When Purchasing a Mortgage Calculator Tool

The majority of good house mortgage calculators have a few useful characteristics in common, such as:

• You can use this calculator to figure out how much your monthly mortgage payment will be.

• Allows you to figure out how much money you’ll need to buy a house.

• You can use this tool to figure out how much house you can afford.

• Providing you with several home loan repayment options.

• Allowing you to calculate the impact of accelerated payments and set a loan payoff objective.

• You can use this calculator to figure out how much a home refinancing loan will cost.

• Allows you to figure in anticipated taxes and closing expenses into an estimated monthly house payment.

Conclusion

The main purpose of using a house mortgage calculator is to receive a realistic, data-driven picture of how much you can anticipate paying for a home loan. Most house mortgage calculators give you that picture, but some include a lot more options than others and are worth checking out. Start with the home mortgage calculators provided above to see if they can help you with your specific home loan requirements.

FAQs

What is Mortgage Calculation?

Calculating the financial consequences of changes in one or more factors in a mortgage financing arrangement is known as mortgage calculation.

What is a Mortgage Calculator?

A mortgage calculator is a useful tool for determining how much house you can afford before you buy. To see how much your monthly loan payment can change, play with variables like mortgage term and interest rate.

When Should You Consider Using a Mortgage Calculator?

Purchasing a home is likely to be the most significant investment you will make. Before going house hunting, employ a house payment calculator as a research tool. It will assist you in determining your price range and how much house you can buy based on your monthly earnings.

Some mortgage calculator tools will even tell you how much money you’ll need to qualify for a mortgage. These estimates will assist you in determining whether you can afford your desired home price. Knowing how much of your monthly household budget you can spend on your dream home is a wise and responsible first step toward your financial objectives.

What is The Best Way to Find The Best Mortgage Calculator For You?

Look for a mortgage calculator that has the most functionality and can perform additional calculations while looking for the best mortgage calculator. The more precise the calculation is, the more particular inputs you’re expected to provide.

Some mortgage calculator tools can calculate loan payments when you enter a home purchase price, or they can calculate the home price when you enter a monthly payment amount. Taxes, PMI insurance premiums, and how much before-tax income you’d need to make are all needed parameters in the finest mortgage calculators.

What Expenses Should You Budget For That Aren’t Addressed By a Mortgage Calculator?

• Homeowner’s insurance.

• Taxes on real estate.

• Private Mortgage Insurance (PMI) is required if you put down less than 20% on a home.

• HOA or community fees cover expenses such as pool upkeep, security, and landscaping in the common areas.

• Fees for keeping your home in good repair.

• Gas, water, electricity, phone, internet, and other utilities are available.