Remember, your credit score and the type of loan you choose will also impact your overall mortgage costs. The orange line represents principal remaining, and the blue line shows how quickly the equity in your home will increase. The interest is cumulative interest paid. The graph on our Mortgage Calculator shows how your equity, principal, and interest will change over time. You can even compare current market rates with where they may go in the future, either higher or lower. Want to know exactly how much higher? Change your loan term from 15 to 30 years in the calculator, and you’ll see. Let’s say you want to pay off your mortgage in 15 years, but a shorter loan term is going to mean higher monthly payments. For example, you can plug in different property sale prices, annual property taxes, and private mortgage insurance (PMI) costs. Our Mortgage Calculator lets you consider numerous scenarios, showing what your payment will be in each case. So how can you figure out what your payment will be? That’s where our Mortgage Calculator comes in. All of these will affect your monthly mortgage payment. When you’re shopping for a new home, you may have lots of numbers thrown at you - like interest rates, loan terms, closing costs, homeowners insurance, and property taxes.

Mortgage payment calculator