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Estimate Your Mortgage Payment

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:

Reach out to multiple lenders to see how much you could save. It pays to compare your options. Check out the offers, from our partners, and start saving today.

Rocket Mortgage by Quicken Loans

at Rocket Mortgage by Quicken Loans

4.5

NerdWallet rating 

at Rocket Mortgage by 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.
  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
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.
  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.
  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.
Read full review
Better

at Better

5.0

NerdWallet rating 

at Better

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • Doesn't do FHA, VA or USDA loans.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • An online process with human help as needed.
  • Makes it easy to see customized mortgage rates.
  • Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • Doesn't do FHA, VA or USDA loans.
Read full review
Quicken Loans

at Quicken Loans

4.5

NerdWallet rating 

at Quicken Loans

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for many working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.

Cons

  • Quicken Loans doesn't offer home equity loans or HELOCs.
  • Quicken's lender fees can be stout and it doesn't offset those fees with particularly low mortgage rates.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Quicken Loans couples a fully online application with available mortgage advisors for those who want a human touch.
  • Instantly verifies employment and income for many working Americans.
  • Offers custom fixed-rate loan terms that are between eight and 30 years.
  • Provides a wide variety of loan types, including renovation loans and all government-backed mortgage products.

Cons

  • Quicken Loans doesn't offer home equity loans or HELOCs.
  • Quicken's lender fees can be stout and it doesn't offset those fees with particularly low mortgage rates.
Read full review

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]