Mortgage Calculator | RamseySolutions.com
Uses of the Mortgage Calculator
Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also tell you the total amount of interest you will pay over the life of your mortgage.
Understanding your mortgage payment
A monthly mortgage payment is made up of many different costs. Our mortgage calculator’s payment breakdown can show you exactly where your estimated payment will go: principal and interest (P&I), home insurance, property taxes, and private mortgage insurance (PMI).
Compare different types of mortgages
Not sure which mortgage is right for you? Use our mortgage calculator to estimate the cost of different loan types and compare the interest paid for a 15-year mortgage and a 30-year mortgage. You might be surprised how much you can save in interest by getting a 15-year fixed rate mortgage.
Calculate your deposit
Considering what to offer on a home? Change the home price in the loan calculator to see if going below or above the asking price still fits your budget.
You can also use our mortgage payment calculator to see the impact of a higher down payment. A higher down payment will lower your monthly payment not only because it reduces the amount of money you borrow, but also because it can help you qualify for a lower interest rate. In some cases, a down payment of at least 20% of the purchase price of the home can save you from paying for private mortgage insurance (PMI).