The Best Mortgage Calculators to Simplify Your Home Financing

Buying a home is one of the most significant financial decisions a person will make. Before diving into homeownership, it's crucial to understand what your mortgage payments will look like, including interest, principal, taxes, and insurance. Mortgage calculator websites and apps make this process easier by allowing homebuyers to estimate their monthly payments and compare different loan scenarios. Below are six top mortgage calculator tools, along with instructions on how to use each one effectively.

1. Bankrate Mortgage Calculator (Website)

How to Use:

• Go to Bankrate

• Input the home price, down payment, loan term, and interest rate

• Click "Calculate" to view your estimated monthly payment

• You can customize the calculator to include extra payments and see how making additional payments can reduce the loan term

• Bankrate also provides helpful mortgage amortization schedules and financial insights

2. Zillow Mortgage Calculator (Website & App)

How to Use:

• Visit Zillow

• Enter the home price, down payment, loan term, and interest rate

• The tool will calculate your estimated monthly mortgage payment, including principal and interest

• You can adjust property taxes, homeowner’s insurance, and HOA fees for a more accurate estimate

• The Zillow app also allows users to compare mortgage rates from different lenders

  
  

3. NerdWallet Mortgage Calculator (Website & App)

How to Use:

• Open NerdWallet

• Enter the loan amount, interest rate, and loan term

• Adjust the inputs to include home insurance, property taxes, and HOA fees

• The calculator provides a detailed breakdown of monthly costs and total loan costs over time

• NerdWallet also connects users with personalized loan offers from various lenders

  
  

4. Redfin Mortgage Calculator (Website & App)

How to Use:

• Visit Redfin

• Enter your expected home price, down payment amount, loan term, and interest rate

• The calculator will display your monthly payment, including property taxes and home insurance

• Use the "Loan Type" feature to compare fixed-rate and adjustable-rate mortgages

• Redfin also integrates the calculator with its home search feature, allowing buyers to estimate mortgage costs for specific properties

  
  

5. Mortgage Calculator by Quicken Loans (Rocket Mortgage) (App & Website)

How to Use:

• Open the Rocket Mortgage website or app

• Enter key loan details, including home price, down payment, loan term, and credit score

• The calculator provides an estimate of monthly mortgage payments

• Users can get prequalified for a loan directly through the app

• Rocket Mortgage’s calculator is especially useful for those considering refinancing options

  
  

6. Mortgage Calculator Plus (Mobile App - iOS & Android)

How to Use:

• Download the Mortgage Calculator Plus app from the App Store or Google Play

• Input home price, down payment, loan term, and interest rate

• The app provides an intuitive interface showing monthly payments, total interest paid, and amortization schedules

• Users can explore different scenarios by adjusting the interest rate or loan term

• Mortgage Calculator Plus also has features for estimating closing costs and affordability based on income

Mortgage calculators are valuable tools for homebuyers looking to understand their potential home loan expenses. Whether you're a first-time buyer or refinancing an existing loan, these calculators help simplify the mortgage planning process. By using these tools, you can make informed decisions and plan your budget effectively before committing to a mortgage.

LaShawn Freeman, Douglas Elliman Real Estate Agent

Unlocking new memories, one door at a time.

M: 917.254.3313 / E: lashawn.freeman@elliman.com