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Use the Rate mortgage calculator to find your payment
Enter your details into the calculator to see how much a loan on your dream home could cost every month.
Your monthly payment would be
$ 0.00
*This is not a commitment to lend. Consumers are advised to obtain a Loan Estimate. Rates are subject to change and are dependent on credit and underwriting criteria.
Your actual rate, payment and costs could be higher. Rate cannot predict where rates will be in the future. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate. Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard.
How do I use the mortgage calculator?
The calculator will instantly display a sample monthly payment based on the data you provided. Keep in mind that your actual monthly payment will vary based on several factors, including credit score, current mortgage interest rate and your debt-to-income ratio.
1. Enter home purchase price.
2. Enter a down payment amount either as a total or as a percentage of the price.
3. Enter your anticipated mortgage interest rate.
4. Choose a term, such as 30, 20 or 15 years.
How can I lower my mortgage payment?
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Tip #1 – Speak with a mortgage expert
Down payment, discount points, loan term, interest rate, personal assets, credit score, income? All of these factors, and more, play into your ultimate mortgage rate. A licensed mortgage specialist can help you find the lowest monthly payment and loan terms to fit your lifestyle and budget. If you have initial questions or want to know how to start, you can schedule time with one of our loan experts for a consultation.
Tip #2 – Lock in my mortgage rate
You can lock in your mortgage rate for up to 90 days between the time you apply for a mortgage and when you close.
Locking in your mortgage rate allows you to shop with confidene since you know the exact rate your loan will have.
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Tip #3 - Improve my credit score
Your credit score is important for getting mortgage pre-approval. So, it’s essential to know how your credit score is calculated.
The two main factors that affect your credit score are payment history and how much you owe. Make sure to pay on time and reduce your debts. It’s also important not to take on other large credit debts such as new car purchases during the mortgage application process.*
Credit score checkup
- Get a free copy of your credit report
- Review for any unusual activity
- Report unusual activity to credit bureaus
Tip #4 – Know the mortgage loan types available
Get to know the different types of home loans we offer. Click each loan type to learn more about their benefits terms and requirements.
We also have other mortgage types available such as Jumbo Loans , Non-Agency Loans, and other types of adjustable rate mortgage (ARM) options available.
The most common type of mortgage. Not backed by the government, and comes with higher credit score requirements.
Terms:
10-year, 15-year, 20-year, 25-year, 30-year
Requirements:
- Minimum FICO scores apply
- Debt-to-income limits may apply
- Income stability
- Down payment options could be as low as 3%
Allows veterans and spouses of veterans to get favorable rate on home loans.
Terms:
15-year, 30-year
Requirements:
- A minimum credit score of 580
- Must be either an active-duty service member who has served 90 days, have served 181 days during peacetime, or have 6 years of service in the national guard.
- Additional requirements may apply
Enables individuals who may not qualify for a conventional loan to get into a mortgage. Backed by the Federal Housing Administration (FHA) and managed by HUD (Housing and Urban Development).
Terms:
15-year, 30-year
Requirements:
- Minimum FICO score requirements apply
- 3.5% down payment option
- Debt-to-income limits may apply
Homebuyers could potentially save on a mortgage payment with a rate that adjusts on a set schedule according to market conditions. Learn more about how ARMs works and apply today!
Terms for the initial fixed rate period:
5-year, 7-year, 10-year
Requirements:
- Minimum credit score and debt-to-income limits may apply
- Conventional ARMs require a 5% down payment option, FHA ARMs require a 3.5% down payment option
Tip #5 – Use a Rate Reduce Program
A temporary mortgage buydown allows you to get a lower mortgage rate for a short period of time. Keep in mind that you’ll need to reach an agreement with the builder or seller when negotiating the purchase contract 3. Below are several options that you could negotiate for and how much your rate will change each year. The example to the left assumes a mortgage rate of 6% as a starting point.
Mortgage calculator FAQ
Reach out to Rate loan experts who can answer even more questions about mortgage options and help you reach your homeownership goals.
Principal and interest make up the bulk of your monthly mortgage payment. Taxes and insurance are also expenses you will need to take into account in determining how much you can afford to pay every month.
With a fixed-rate mortgage, your payments will be the same every month over the life of the loan. However, the amount of your payment that goes toward interest decreases over time. The percentage of your monthly payment that goes toward your principal increases over time as your interest payments get lower. In essence, the longer you pay down your mortgage, the larger the percentage of the home you will own.
Here is the basic industry formula for calculating mortgage payments.
M = P i(1 + i)^n / (1 + i)^n – 1
The formula uses these variables.
M = monthly mortgage payment
P = the principal amount
i = monthly interest rate. Typically, lenders present interest rates on an annual basis, so you’ll need to divide the percentage by 12 to determine the monthly mortgage. For example, if your interest rate is 3%, the monthly rate will look like this: 0.03/12 = 0.0025.
n = the number of payments over the lifetime of the loan. If you take out a 30-year fixed-rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.
With several primary inputs as well as additional advanced fields for private mortgage insurance (PMI), homeowner’s insurance, ZIP code/property taxes and homeowner association fees, Rate’s home mortgage calculator incorporates most variables that could affect mortgage costs. The result is an estimate of future monthly mortgage payments.
To decide how much home you can afford, start by figuring out your total monthly income. Then, decide how much you are comfortable paying each month for a home loan. Our home affordability calculator can help you find out how much you can spend each month on your dream home.
Home affordability calculator
Are you wondering how much house can you afford? Use our home affordability calculator and get on the road to your dream home.
Calculate my budget >
Rent vs Buy calculator
Compare the long-term costs of renting versus buying with our Rent-vs-Buy calculator to help determine which option makes more sense for you.
Compare my costs >
HELOC payment calculator
Estimate your available home equity with our HELOC calculator to see how much cash you could access based on your property and mortgage.
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Mortgage rates
Explore today’s mortgage rates for 30-year, 15-year, FHA, VA, and jumbo loans, plus tools to compare options and estimate your home purchase costs.
See rates now >
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate, Inc. Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
*Rate does not provide credit counseling or credit repair services.
**Rate is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the Nevada Department of Veterans Services, the US Department of Agriculture, or any other government agency. No compensation can be received for advising or assisting another person with a matter related to veterans’ benefits except as authorized under Title 38 of the United States Code.