What is a mortgage calculator?
A mortgage calculator assists in providing an estimate of what your mortgage financing monthly payment could be.* It’s an automated tool that calculates your monthly loan payment based on certain variables such as mortgage amount, interest rate, and mortgage term.
Mortgage calculators are commonly used to help estimate monthly payments on a new mortgage, but they can also be useful for refinancing or just for a basic evaluation of your current loan situation. You can find a mortgage calculator on any Licensed Mortgage Professional’s page on our website or here.
How can it help me?
Our free mortgage calculator provides an approximate monthly payment based on:
a. Mortgage amounts ($)
b. Interest rate (%)
c. Mortgage term (years)
Most users focus on the end result, monthly payment, and use this to determine the mortgage amount they are comfortable with. It may help you determine a price range for purchasing or assessing your refinancing of a home.
Is it exact?
Although this free tool can be very helpful, actual monthly payments, rates, and other variables may differ when it comes time to close your loan. You should always consult your HFG Licensed Mortgage Professional to determine actual amounts and rates. If you do not already have Licensed Mortgage Professional, you can find one at a branch near you.
*Calculations will not include estimates for taxes, insurance, and private mortgage insurance if applicable.