Home Loan And Mortgage Calculator

Helping you to answer the most common question about mortgage: How Much Can I Borrow?

This is a free mortgage and loan calculator to help you in making the right choice for your loan. You can easily see the amount you will be paying on a monthly basis after you input the specifics for the loan you want to evaluate. Make sure you have Java enabled in your browser to be able to use the calculator.

There are two calculators, you can switch between them by clicking on the tabs at the top; one is for Mortgages and the other is for Loans. Here is an explanation of the different fields you need to fill out:

Mortgage Calculator

Purchase price: This is the overall cost of your home. You would subtract the down payment from this number to get the amount you borrow from the bank.

Mortgage term: This is the number of years over the span of which you would like to pay the mortgage back. Some common terms are 10,20, or 30.

Interest rate: Here you should input the percentage of interest that the bank will charge on the borrowed amount. Note that you should not include any Private Mortgage Insurance (PMI) percentages that the bank might need.

Property tax: Here you should input annual tax payable on the value of the property owned.

Property insurance: Here you should input the annual amount you are planning to insure the property with.

PMI: This is the Private Mortgage Insurance (PMI). In the case where the down payment you choose to pay is smaller than 20% of the purchase price, the bank might possibly require that you pay an extra annual percentage of the property's price as PMI. If this is the case, then you should input this PMI percent here; otherwise leave it blank.

First payment date: Here you should input the month/year on which the mortgage payments will commence.