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Calculate Your Mortgage Payment

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Rocket Mortgage, LLC

at Rocket Mortgage, LLC

4.5

NerdWallet rating 

at Rocket Mortgage, LLC

Min. Credit Score

620

Min. down payment

3%

Pros

  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
  • Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
  • Offers the option to work with loan officers by phone if desired.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Doesn't offer home equity lines of credit.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
  • Mortgage interest rates are on the low side compared to other lenders, according to the latest federal data.
  • Offers the option to work with loan officers by phone if desired.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Doesn't offer home equity lines of credit.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.
Read full review
Quicken Loans

at Quicken Loans

4.0

NerdWallet rating 

at Quicken Loans

Min. Credit Score

620

Min. down payment

3%

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Doesn't offer home equity loans or lines of credit.
  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
  • Estimates the loan amount you’ll qualify for within minutes.
  • Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Doesn't offer home equity loans or lines of credit.
  • Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.
Read full review

Guaranteed Rate: NMLS#2611

5.0

NerdWallet rating 
Min. Credit Score

620

Min. down payment

3%

Pros

  • Displays detailed sample rates for many of its loan products.
  • Offers a wide variety of loans, including jumbo and interest-only products.
  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Displays detailed sample rates for many of its loan products.
  • Offers a wide variety of loans, including jumbo and interest-only products.
  • Offers low rates compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home equity loans.
Read full review

Better: NMLS#330511

5.0

NerdWallet rating 
Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers a program allowing qualifying buyers to make cash offers.
  • Makes it easy to see customized mortgage rates.
  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.

Cons

  • Doesn’t offer USDA loans.
  • VA loans are not available in every state.
  • Doesn't offer home equity loans.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers a program allowing qualifying buyers to make cash offers.
  • Makes it easy to see customized mortgage rates.
  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.

Cons

  • Doesn’t offer USDA loans.
  • VA loans are not available in every state.
  • Doesn't offer home equity loans.
Read full review
NBKC

at NBKC

5.0

NerdWallet rating 

at NBKC

Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
  • Offers low rates and fees compared with other lenders, according to the latest federal data.
  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers government-backed loans and some harder-to-find products, such as construction loans and specialty mortgages for pilots.
  • Offers low rates and fees compared with other lenders, according to the latest federal data.
  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • HELOCs and construction-to-permanent loans are available only in the Kansas City metro area.
Read full review
Estimating your mortgage payment can help you decide if you’re ready to buy a home. That monthly payment is likely to be the biggest part of your homeowning overhead. Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

Mortgage payment calculator

Can I lower my monthly payment?

Here are ways you can lower your monthly payment:
  • Extend the loan's term. Your payment will be lower but you’ll pay a lot more interest over the added years. You can change your loan term in the calculator to see the impact on your monthly payment.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

How to calculate your mortgage payment

For the paper-and-pencil mathletes out there, the mortgage payment calculation looks like this:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]