Mortgage Calculator

How to calculate your monthly mortgage payment:

By: Gerri Detweiler

Buying a house is stressful. It can take forever, and many people feel that they always end up spending more than they thought they would. One of the tools people can use to help to manage their expectations relating to home price is a mortgage calculator.

A mortgage calculator is a simple tool that helps people figure out what their monthly mortgage payment will be by inputting pieces of information. In other words, you tell the calculator what it needs to know, and it does the math for you, and tells you your monthly payment.

In order to get the best results out of your mortgage calculator, you'll need to have the following information:

Mortgage Amount (That's the total sale price of the home, minus your down payment)

Interest rate of the mortgage

Term or length of the mortgage (usually 15 or 30 years).