How to estimate mortgage payments

There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the downpayment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).

To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments.

How to lower your mortgage payments

There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.

Mortgage Calculator