This Simple Mortgage Calculator is an online tool that comes handy to make a rent-or-buy decision and estimate the mortgage financing arrangement. The latter includes determining the monthly payment basing on such factors as home price, down payment, loan amount, term, and annual interest rate. Using this tool, you can get a clearer picture of what you can afford and how different variables affect your payments, and compare payments on various loan types. It is a useful resource for budgeting and planning your finances before diving into the home-buying process.

You can also use this Simple Mortgage Calculator to check whether refinancing your current mortgage could save you money by giving you a lower interest rate, a lower monthly payment or a shorter loan life.

This Simple Mortgage Calculator offers two basic options – calculation by real estate price and by loan amount. Choose the first option (with real estate price and down payment) if you know a price range to shop in and have savings for a down payment or would like to check your current mortgage refinancing terms. Choose the second option (without real estate price and down payment) if you want to assess your financial standing and potential loan / current mortgage refinancing terms.

Fill-in guides:

1. ‘Real estate price’ (for calculations by real estate price only). Enter the total purchase price of your new home (the sum of it. 2 to 3) and choose your currency from the pop-up list. If you don’t have a specific real estate in mind, just improvise with figures in this field to understand your purchasing price range. For refinancing, enter the current value of your home.
2. ‘Down payment’ (for calculations by real estate price only). First, choose from the pop-up list whether you want to add the down payment amount in money or percentage of the real estate price. Then, enter the down payment amount in money or percentage. If you choose money, the percentage of the real estate price will be automatically calculated and displayed next to the down payment amount, and vice versa. For refinancing, enter the amount of equity you have.
3. ‘Loan amount’. If you run a calculation by real estate price, this amount is automatically entered as the difference between the real estate price and the down payment amount and cannot be changed manually. If you run a calculation by loan amount, you can enter or change this amount manually, as this is the initial principal you borrow from a bank.
4. ‘Loan term’. First, choose from the pop-up list whether you want to enter the loan term in years or months. Then, enter a loan term up to a maximum of 50 years or 600 months, respectively. You can also experiment with figures to find out the right balance between a lower monthly payment and a shorter loan term.
5. ‘Annual rate’. Enter the annual interest rate you have been approved or experiment with figures from the range of interest rates offered by different banks.
6. ‘Payment type’. Tick a repayment option – an equal payment or an equal principal loan. An equal payment loan is repaid in identical amounts for each period, whereby such amounts contain both a portion of principal and an appropriate amount of interest. An equal principal loan is repaid in a fixed amount of principal and a variable amount of interest declining over time as the principal balance decreases.

More options are available in the Advanced Mortgage Calculator.

Click ‘Calculate’ to run your calculation.

Check out calculation results to see the monthly payment, total interest paid over the loan term, total loan & interest paid over the loan term, and amortization schedule (with the principal and interest amounts paid and the balance at each payment due date). To compare several calculations, check out the history of your calculations by clicking the icon .