Bankrate Mortgage Calculator
Calculate your monthly mortgage payment based on loan amount, interest rate, loan term, and other factors. Includes amortization schedule and total interest paid.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Bankrate Mortgage Calculator
- Enter Loan Details: Fill in the Loan Amount (e.g., 250000), Annual Interest Rate (e.g., 4.5 for 4.5%), and Loan Term in years (1–50). All fields require positive numbers.
- Add Down Payment & Costs: Optionally enter Down Payment, Annual Property Tax, Annual Home Insurance, and Monthly HOA Dues. Use non-negative numbers.
- Click "Calculate": Press the blue button. If any input is invalid, a red border appears—correct it.
- Review Results: Your Monthly Payment is shown, broken down into Principal & Interest, Property Tax, Insurance, and HOA. Below, see Total Interest Paid and Total Cost over the loan term.
Note: All monetary values are in dollars. The calculator uses a standard fixed-rate mortgage formula. Ensure the loan amount exceeds the down payment.
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Frequently Asked Questions
A mortgage calculator estimates your monthly mortgage payment based on loan amount, interest rate, loan term, and other costs like taxes and insurance.
The monthly payment is calculated using the standard amortization formula for fixed-rate mortgages, then adding property tax, insurance, and HOA fees divided by 12.
Yes, you can enter annual property tax and home insurance amounts, and the calculator will include the monthly portions in the total payment.
