How to Calculate Mortgage Payments Using a Mortgage Calculator

You dont have to look hard to find a plethora of mortgage calculators available for free use on the Internet. With a few basic figures, you can use these calculators to crunch your numbers and figure out what your monthly expenditures will be in connection with a mortgage. Calculate mortgage payments using a mortgage calculator and youll quickly know whether you can afford to proceed with an offer on a house.

Instructions

1

Determine how much of a mortgage you need or want. This would be the amount of money financed for a home the purchase price minus your down payment. If youre refinancing, this would be the amount outstanding that shows on your most recent mortgage statement.

2

Enter the term of the mortgage either in years or in months, depending on the configuration of the mortgage calculator.

3

Enter the interest rate you expect to pay for your financing. If youve consulted with a lender already for prequalification, the lender will give you the interest rate for which you qualify.

4

Click the start date you expect to begin making payments and click the calculate button.