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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
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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.

Keena Smith @keenas
Photo of keenas

People keep on telling me I should buy a home. With my credit score going way up in the last 4 years but still low I am discouraged. I currently am paying 1600.00 mo in rent and am tired of “throwing my money away” per-say”. I only make about 38,000.00 . I have very few bills and no credit cards. Most of my extra money goes to taking care of my 4 kids. Any suggestions would help!?

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John Cottrell @johnc119
Photo of keenas

Im not an expert. I would continue to educate yourself. Ask, believe and receive! Ask for what you want, believe that you can attain it and prepare to receive it. Although you do not make a lot of money is certainly no reason not to own your own home. I do not make a lot of money and I am currently researching buying homes. I'm asking. The more research I do the more I believe. Pretty soon after I will receive it! Nothing is easy! Try looking into a mobile home or condo, they come with a few issues though. You do not own the land it is on. Usually they are located where you will have to pay a homeowners fee attached to your monthly payment and sometimes this can be substantial making the "great" buy a not so good monthly option for you. The goal should be to begin a STRICT discipline process 6 months to a year before purchase, this way you can cut out ALL the unnecessary expenses on your bank records like fast food etc.. Why? because the lenders will ask you for your bank statements and if you are easy with your money you may present a risk to them. So discipline first! Second show in your bank accounts that you are saving money for the down payment again you will have to provide proof of the downpayment before the loan is approved. Third make sure your tax records for two years are spic and span! They will request them. Fourth make sure your employment is two years minimum and prepare to present the paycheck stubs and usual info. Fifth make sure to have references and that you credit report is CLEAN! All debt will have to be explained, all chargeoffs evictions etc.. will have to be paid and explained. Do not check the credit by yourself, get an expert, pay the money and then disect the reports and dispute everything until you cant anymore. Do not be surprised that something is lurking on a professional credit report! Frustration will abound throughout the process unless you are and have prepared. Research the best loan type and DO NOT be afraid to ask experts the questions! Good luck on the journey of your lifetime! I am on my way too! Ask for it! Believe in it! Receive it!

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@kimberlyf_103
Photo of kimberlyf_103

Should I sell my house and use some of the money to pay off bills and raise my credit score before purchasing another home?

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@samuelj_41
Photo of samuelj_41

My wife and I are both retired, with an income of $50,000/year. Our credit scores are 750 and 796. We would like to borrow $60,000 on our home. The approximate value of our home is $320,000 and we owe $185,000. Our mortgage rate is 3.5%. We are wondering if we should get a credit-line loan or refinance our 1st mortgage. There are no other loans on our home.

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Sandra Powell @sandrap_112
Photo of sandrap_112

How high does your credit have to be to buy a home?

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@WalletHub
Photo of sandrap_112

There is no pre-set minimum credit score to buy a house -- that is determined by each lender, and different lenders set different criteria. That being said, a score that is at least good (above 660) will almost certainly qualify you. Anything below that brings a bit of uncertainty into the equation. You still might qualify for a mortgage, but the interest rates will certainly be higher, and lenders will rely on other criteria to make their decision, such as a reliable source of income and assets. Whenever you are considering applying for something major, such as a mortgage, it is a good idea to check your credit report and score several months in advance. This way, you have time to improve your credit standing, if needed. Some guidelines that will help you improve your score include bringing any past due debts current, making all payments on time, every time, and reducing your credit utilization ratio. Hope this helps!

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@virginias_70
Photo of virginias_70

i was overcharged on a income green card check for morgage payments called yellow line how was the original amount due stated to be less and if so how much to cover the damages?

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@WalletHub
Photo of virginias_70

When you write a check that taps into a credit card account’s credit line, it’s actually considered a cash advance – this is the reason you were charged a costly fee and a high interest rate. The exact fee and rate differs from card to card, so make sure you check your credit card’s terms and conditions to see how much you’re liable for. Hope this helps!

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Sabine Woodson @sabinew_1
Photo of sabinew_1

I am cleaning up my credit score and have about 600 now can I get 100% mortgage?

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JULIA DOVEIKIS @zzzzzzzzzzzzz
Photo of zzzzzzzzzzzzz

How much is a good rate?

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Linda Lear @lindal_45
Photo of lindal_45

Do you accept mobile homes as down payments?

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Sandress Roberts @sandressr
Photo of sandressr

Not looking for a home that cost that I'm Looking for rent to own.

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Roneil Elbrader @roneile
Photo of roneile

I missed four months of my mortgage due to decrease in income so my bank was either going to foreclose or I could do a loan modification. I made my three good faith payments. They forced me to start an escrow account to cover my insurance and taxes but did not state that my loan which was 17 years into a 30 year fixed loan at 7.125% would restart again at 30 years and they did not lower the interest rate to the current rate. They told me that the months I was behind would be tacked onto the end of the original loan. I had always paid my taxes and insurance on my own. Then they told me over the phone that the escrow the first year they paid it would be spread over 4 years but now they have increased my escrow to catch up by the Escrow Department with the bank. I kept my part of the bargain and agreed to what they told me would happen but they have went back on their word. My payment was $402.00 a month and now it is $505.00 and my loan was restarted again to a new 30 year term. Is there anything I can do to make them change the terms that they told me during the remodification process? It was supposed to make it more affordable but it went up $103.00 a month. I've tried talking to the bank and they won't budge, is there an agency I can file a complaint with regarding truth in lending issue? Thanks for any input into my deliemma. I will be 76 when my new mortgage is paid off with them under their new terms I was not told about.

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