Can I use this calculator to compare different loan terms side-by-side?

Yes, you can adjust the loan term and interest rate to see how each change affects the estimated monthly payment, allowing you to compare shorter versus longer repayment periods.

Does the calculator include property taxes and homeowners insurance in the monthly payment estimate?

The tool provides rough estimates of property taxes, homeowners insurance, and HOA fees that are incorporated into the monthly projection, though these figures vary widely by location and can be edited or set to zero.

What credit score range should I enter, and how does it affect the rate?

Entering your credit score range and zip code helps generate a more accurate rate estimate for your area and borrower profile, as these factors influence the interest rates lenders offer.

If I put down less than 20%, how does that change my monthly cost?

Going below 20% typically adds private mortgage insurance (PMI) to your monthly cost, which the calculator accounts for when you enter a down payment percentage below 20%.

Loans & MortgagesTool Review

Mortgage Calculator

Provided byBankrate Calculatorsbankrate.com

Estimates monthly mortgage payments from loan amount, rate, and term with property tax and insurance options.

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About this tool

What Mortgage Calculator does

Bankrate's Mortgage Calculator estimates monthly mortgage payments by taking key financial inputs such as home price, down payment, credit score range, zip code, loan term, and interest rate. The output is a comprehensive monthly projection that incorporates principal and interest, and optionally adjusts for property taxes, homeowners insurance, and homeowners association fees. Users receive an estimated payment amount that updates automatically as they modify any input variable, allowing them to see how changes affect the total cost of homeownership over time.

Step by step

How to use the Bankrate Calculators Mortgage Calculator

1
Enter the home price or current home value if refinancing
2
Specify the down payment amount or percentage, noting that going below 20% typically adds private mortgage insurance
3
Select the loan term (10, 15, 20, or 30 years) and choose an interest rate using Bankrate's top offer, the national average, or a custom rate
4
Review the estimated monthly payment, which automatically includes rough estimates of property taxes, homeowners insurance, and HOA fees that can be edited or set to zero

Is it right for you

Best for

Homebuyers and refinancers who want to explore how different loan terms, rates, and down payment sizes affect their monthly payment, particularly those who need to factor in location-specific costs like property taxes and insurance.

Limitations

Estimated property tax and insurance figures vary widely by location and may not reflect exact local rates
Results are estimates based on input variables and do not include all possible homeownership costs
The calculator requires specific inputs like home price and down payment to generate a projection

Questions

Mortgage Calculator FAQ

Can I use this calculator to compare different loan terms side-by-side?: Yes, you can adjust the loan term and interest rate to see how each change affects the estimated monthly payment, allowing you to compare shorter versus longer repayment periods.
Does the calculator include property taxes and homeowners insurance in the monthly payment estimate?: The tool provides rough estimates of property taxes, homeowners insurance, and HOA fees that are incorporated into the monthly projection, though these figures vary widely by location and can be edited or set to zero.
What credit score range should I enter, and how does it affect the rate?: Entering your credit score range and zip code helps generate a more accurate rate estimate for your area and borrower profile, as these factors influence the interest rates lenders offer.
If I put down less than 20%, how does that change my monthly cost?: Going below 20% typically adds private mortgage insurance (PMI) to your monthly cost, which the calculator accounts for when you enter a down payment percentage below 20%.

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