Mortgage & Real Estate Calculators
Explore our comprehensive mortgage and real estate calculators designed to help you make informed home buying decisions. Whether you are calculating monthly payments, comparing refinancing options, or determining how much house you can afford, our free tools provide instant, accurate results.
Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and amortization schedule.
Mortgage Amortization Calculator
View a detailed amortization schedule showing principal and interest breakdown for each payment.
Mortgage Payoff Calculator
Find out how quickly you can pay off your mortgage with extra payments and save on interest.
House Affordability Calculator
Determine how much house you can afford based on your income, debts, and down payment.
Down Payment Calculator
Calculate the ideal down payment amount and see how it affects your monthly mortgage payments.
Refinance Calculator
Compare your current mortgage with refinancing options to see potential savings.
Rent Calculator
Estimate how much rent you can afford based on your monthly income and expenses.
Rent vs Buy Calculator
Compare the long-term costs of renting versus buying a home to make an informed decision.
Real Estate Calculator
Analyze real estate investment returns including cash flow, cap rate, and ROI.
Rental Property Calculator
Evaluate rental property investments by calculating cash flow, expenses, and potential returns.
Home Equity Loan Calculator
Calculate how much you can borrow against your home equity and estimate monthly payments.
HELOC Calculator
Estimate your home equity line of credit payments during draw and repayment periods.
How to Choose the Right Mortgage Calculator
Selecting the right mortgage calculator depends on where you are in the home buying journey. If you are just starting to explore homeownership, begin with a general mortgage calculator to understand how loan amounts and interest rates affect your monthly payments.
For those comparing different loan scenarios, look at how changing the down payment amount or loan term impacts your total cost. A 15-year mortgage will have higher monthly payments but significantly less total interest compared to a 30-year term.
Remember that your monthly mortgage payment includes more than just principal and interest. Property taxes, homeowners insurance, and potentially private mortgage insurance (PMI) all contribute to your total housing cost. Use our calculators to get a complete picture of your financial commitment before making one of the biggest purchases of your life.
Understanding Mortgages and Home Financing
A mortgage is a loan specifically used to purchase real estate, where the property itself serves as collateral. Understanding the fundamentals of how mortgages work is essential for anyone considering homeownership.
The two primary components of every mortgage payment are principal and interest. Principal is the amount that goes toward paying down your loan balance, while interest is the cost charged by the lender for borrowing the money. In the early years of a mortgage, a larger portion of each payment goes toward interest, gradually shifting toward principal over time through a process called amortization.
Interest rates play a crucial role in determining the total cost of your home. Even a small difference of 0.5% can translate to tens of thousands of dollars over the life of a 30-year loan. Fixed-rate mortgages keep the same interest rate throughout the entire term, providing predictable payments. Adjustable-rate mortgages (ARMs) offer lower initial rates that may change periodically based on market conditions.
Your credit score, debt-to-income ratio, down payment amount, and loan term all influence the interest rate and terms a lender will offer you. Most financial experts recommend keeping your total housing costs below 28% of your gross monthly income to maintain financial stability.
Frequently Asked Questions
How much house can I afford on my salary?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs and no more than 36% on total debt. For example, with a $75,000 annual salary, your maximum monthly housing payment would be approximately $1,750. Use our mortgage calculator to see exactly what loan amount fits your budget.
What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage locks in the same interest rate for the entire loan term, giving you predictable monthly payments. An adjustable-rate mortgage (ARM) starts with a lower introductory rate that adjusts periodically based on market indexes. ARMs can save money initially but carry the risk of higher payments if rates increase.
How does a larger down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers monthly payments and total interest paid. Putting down at least 20% also eliminates the need for private mortgage insurance (PMI), which typically costs 0.5% to 1% of the loan amount annually. Even increasing your down payment by a few percentage points can save thousands over the life of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest and builds equity faster. A 30-year mortgage offers lower monthly payments, providing more flexibility in your budget. For example, on a $300,000 loan at 6.5%, you would pay about $1,896 per month for 15 years versus $1,896 for 30 years, but the 30-year option costs over $100,000 more in total interest.
What costs are included in a monthly mortgage payment?
A complete monthly mortgage payment typically includes four components, often called PITI: Principal (the loan balance repayment), Interest (the lender's charge for borrowing), Taxes (property taxes, often held in escrow), and Insurance (homeowners insurance and PMI if applicable). Some payments also include HOA fees if you live in a community with a homeowners association.