Let's face facts, you can't get a mortgage until you know how much cash you can afford to borrow on any new home.
That's where a handy home mortgage calculator can help. The best mortgage calculators offer some great, upfront mortgage loan help, including calculations on down payments, interest rates, payoff timetables, and even data on closing costs and fees.
Features to Look for in a Home Mortgage Calculator
Most good home mortgage calculators have several helpful features in common, including:
--- Allowing you to calculate a monthly home mortgage payment.
--- Allowing you to calculate the minimum income needed to purchase a home.
--- Allowing you to calculate how much home you can afford.
--- Providing you with different home mortgage repayment scenarios.
--- Allowing you to determine a loan payoff goal, and figure out the impact of accelerated payments.
--- Allowing you to calculate a home refinancing loan.
--- Allowing you to add in potential taxes and closing costs, and factor them into a monthly estimated home payment.
The Best Home Mortgage Calculators
Which mortgage calculators do the best job? Try these effective, reliable and user-friendly mortgage calculators on for size.
Zillow.com home mortgage calculator. The Zillow.com loan calculator offers a wide menu of mortgage calculation options, including estimating your mortgage payment, with taxes and insurance included. Using the calculator is easy. Just enter the price of the home, including your down payment, and add in any details about the home loan to calculate your mortgage payment breakdown, schedule, and interest rate costs, among other calculations. The Zillow calculator also offers you an option to get pre-qualified for a home mortgage, making it easier to cut a deal with mortgage lenders.
USMortgage home loan calculator. This mortgage calculator not only calculates the estimated payments on your home, but it also factors in important "extra's" like home insurance costs, property taxes, and homeowner association fees.
Trulia Mortgage Calculator. Trulia also offers a hands-on, easy-to-use home mortgage calculator that factors in the essentials, like monthly and total loan costs, and interest charges. It also offers up some appealing features that you might not have considered. For example, the Trulia calculator asks for your zip code so it can calculate how local tax rates ding your home mortgage (which impacts monthly and total home mortgage costs). It also walks you through the process of estimating mortgage costs on non-traditional home loans like veterans' loans, FHA 30-and-15-year home loans, and adjustable-rate home loans.
Dave Ramsey.com Mortgage Calculator. This home mortgage calculator is especially easy to use and can calculate your monthly mortgage payment and your total home mortgage loan in minutes. Just enter the home value, your down payment amount, the type of mortgage, and the interest rate. The mortgage also offers a special tool to find a good local real estate agent when you're done calculating all your home purchase costs.
Veterans United Mortgage Calculator. This home mortgage calculator, built especially for current and former U.S. military forces members, walks VA loan customers through the entire process of calculating home loan costs. It easily handles your estimated mortgage payments with a down payment (or no down payment at all) and helps you estimate taxes, homeowners' insurance, and veterans' loan fees. It also helps you factor in your credit score and whether you're a qualified disabled veteran, and offers a link to see if you're eligible for a veterans' home mortgage loan.
FHA mortgage payment calculator. The FHA payment calculator renders an accurate FHA mortgage payment by accounting for the FHA upfront mortgage insurance premium, monthly FHA mortgage insurance, property taxes, and homeowner's insurance. It offers a minimum home down-payment calculation, to gauge the impact on total loan costs and monthly home payments, and offers a link to see if you qualify for an FHA home mortgage loan.
The primary goal of using a home mortgage calculator is to get a realistic, data-driven snapshot of what you can expect to pay in return for a home mortgage loan.
Most home mortgage calculators provide that snapshot, although some offer a lot more features than others, and are worth a look.
Start with the home mortgage calculators listed above and see if they work for your unique home mortgage needs.