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Mortgage Calculator

Before accumulating unsustainable debt, it’s important to use a Mortgage Calculator like the one below to help you determine your monthly mortgage payment and the time it would take to pay off your debt.

Home Price
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Down Payment
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Loan Amount
Interest Rate
Loan Term (Years)(Yrs)
Monthly Payment

Mortgage Summary

Monthly Payment
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Start Date
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Pay Off Date
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Total Interest
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Est. Closing Costs
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Year Beginning Balance Total Payment Principal Interest Ending Balance Cumulative Interest
See how your payments are allocated between interest and principal over time.

Total Home Ownership Cost

The total cost of home ownership is more than just mortgage payments. Additional monthly costs include homeowner's insurance, property taxes, Home Owners Association (HOA) dues or Condo fees, and maintainance costs. Use the options below to calcuate the full cost of homeownership. Enter your zipcode for more accurate estimates of property taxes and insurance.
Annual Income
Zip Code
The zip code is invalid, only a U.S. 5 digit code is allowed.
Marital Status
Home Type
Mortgage Payment
PMI
Property Taxes
Insurance
Association Dues
Other Maintainence
Utilities
Gas
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Electricity
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Heating Fuel
Total Cost:
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Tax Savings:
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Net Monthly Cost:

How you compare

Total Housing Cost vs Income Ratio
0%
Your housing costs relative to your income is greater than of all homeowners

Tips

Save on interest if you are willing to make payments every two weeks.

Making smaller payments every two weeks instead of once a month saves you interest and pays down your loan faster. How? By making payments every two weeks you actually end up paying more per year (the equivalent of one extra monthly payment).

Loan Comparison Monthly Every 2 Weeks
Mortgage Payment
Number of Payments
Start Date
Pay Off Date
Total Interest
Monthly Every 2 Weeks
Mortgage Payment
Mortgage Payment
Number of Payments
Number of Payments
Start Date
Start Date
Pay Off Date
Pay Off Date
Total Interest
Total Interest
Make extra payments of toward your loan and save more.

Making extra payments every month can reduce the total amount of interest paid and help you pay off your loan faster.

Add Extra Monthly Payment Amount
Total Monthly Cost
Loan Comparison Current Proposed
Monthly Mortgage Payment
Number of Payments
Start Date
Pay Off Date
Total Interest
Interest Savings Payoff Shortened by
Current Proposed
Monthly Mortgage Payment
Monthly Mortgage Payment
Number of Payments
Number of Payments
Start Date
Start Date
Pay Off Date
Pay Off Date
Total Interest
Total Interest
Interest Savings
Payoff Shortened by

Cities with the Most Overleveraged Mortgage Debtors

*99th Percentile = Most Overleveraged
View Full List

Ask the Experts

As one of the biggest financial transactions of our lives, the purchase of a home requires careful assessment of our finances as well as the potential impact of a mortgage. For advice on both buying and owning a home, we asked a panel of experts to weigh in with their thoughts on the following key questions:

  • Is now a good time to buy a home?

  • What are the most common financial mistakes people make when buying a home, and which are most costly in the long-term?

  • If someone is currently overleveraged and has trouble affording their mortgage payments, what steps should they take?

  • Is there any way for an individual to tell if his or her local housing market is overpriced?

  • Are there certain housing markets or circumstances in which it is acceptable to be overleveraged in mortgage debt? If so, how much is too much?

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Community Discussion

While WalletHub’s Mortgage Calculator can be eye-opening, it’s also helpful to leverage the WalletHub community. Our members have a wealth of knowledge to share...show moreshow less

Leverage the expertise of the WalletHub community to make better decisions.

Vivian Hall @vivianh_12
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How is my credit affected by paying mortgage off 8 mos early

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Anonymous
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Buy the house your monthly payments and utilities will be cheaper than paying rent.

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MICHAEL @michaelu_215
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@: looks good to me, what about you ?

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Sena Beans @labcoatcrooks
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Depends, heating in an old house can be massive in Michigan, avg $400 a mo.

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Carolyn Patton @mizcpatton721
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@: we very seldom need to use our air conditioning inMichigan and when we do it is less than a week in most cases for the whole year . So in the summer we only pay for lights and water.which saves us for winter heating bills

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Krystal Daniels @krystald1
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No your utilies differ fron month to monrh so it all depends on alor of diffeent thing

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Anonymous
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If you sell it and use the money as a down payment?

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