## What is a mortgage?

A mortgage is a loan used to purchase a house. Lenders consider your credit score, existing debts, money saved, and the value of your home when determining your eligibility. Aside from the loan number, the collateral is the difference between a mortgage and a regular loan. Your home is used as collateral by lenders. They will foreclose on your property if you fall behind on your payments (usually for more than 3 month). The bank then takes possession of the property and sells it to recoup the funds lost due to your failure to make payments.

Our mortgage calculator determines your mortgage payment frequency and provides you with a mortgage payment schedule.

With a few key details, This free calculator instantly provides you with an estimated monthly payment amount.

## Mortgage Calculator

A mortgage calculator will help you figure out how much house you can afford and what your monthly payments will be. It’s a useful tool to have before looking for a home or refinancing. See what your monthly payments would be and how they would be affected by various factors.

### How do you calculate monthly mortgage payments?

When looking to buy a house, it’s easy to get caught up in the big numbers, such as the final selling price or the total mortgage sum. The most important amount for your mortgage, however, would be your monthly repayments. After all, your monthly mortgage payments are the sum you’ll need to deduct from your paycheck to hold your mortgage in check.

A mortgage payment calculator, such as the one above, removes the guesswork from your mortgage payments. With our calculator, you can figure out how much you’ll have to pay per month for any size mortgage at any interest rate. This ensures you can confidently compare homes and mortgage items, knowing exactly how much you’ll be responsible for in each case.

### How do you calculate monthly mortgage payments?

A mortgage is a loan secured by property, usually real estate property. The formula for calculating your mortgage monthly payment requires using exponents. Youâ€™ll also need to budget for additional expenses like property taxes, homeowners insurance, property taxes, your assigned interest rate and homeownerâ€™s association fees.