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How to Use a Mortgage Calculator

  1. Step 1

    Determine your balance or principal. This number is how much of the house you'll actually be paying for. An example, if you're purchasing a home for $230,000, but you have a $30,000 down payment, your principal would be $200,000. So you would enter this figure into the "principal" or "mortgage" amount in the mortgage calculator.

  2. Step 2

    Select how many years your loan will be amortized over.  There are many different types of loans that have different amortization periods, but typically a home mortgage is amortized over 30 years. However, there are 10, 15, and 20 year loans.  If you're unsure, enter 30 years to be on the conservative side.

  3. Step 3

    Enter your interest rate. Interest rates are posted daily on our home page. For a common estimate, enter the interest rates for a 30-year fixed mortgage. Remember that these rates are changing daily so make sure you talk to one of our professionals before you make a purchase.

  4. Step 4

    Press the "calculate" button. The calculator will give you your estimated monthly mortgage payments based on the information you provided.  These are estimates and only help in figuring out what is right for you.  Make sure you talk to a professional before you make a purchase.


  • Step 2

    Select how many years your loan will be amortized over. Typically, a home mortgage is amortized over 30 years. However, there are 40-year loans out now, and some loans can be amortized over a shorter time frame. If you're unsure, enter 30 years to be on the conservative side.

  • Step 3

    Enter your interest rate. Interest rates are posted daily on many mortgage company websites. However, because of the variety of mortgage plans available, not all plans and all interest rates are posted, just the most common ones. For a common estimate, enter the interest rates for a 30-year fixed mortgage, and understand that if you choose an adjustable-rate mortgage (ARM), your mortgage payment could initially be less than you calculated.

  • Step 4

    Press the "calculate" button. The calculator will give you your estimated monthly mortgage payment based on the information you provided.


    • Read more: How to Use a Mortgage Calculator | eHow.com http://www.ehow.com/how_2295041_use-mortgage-calculator.html#ixzz0wWGWSe79