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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.

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.
  • Appraisal guarantee promises loan won’t change even if appraisal is lower than expected.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • Doesn't do 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.
  • Appraisal guarantee promises loan won’t change even if appraisal is lower than expected.

Cons

  • Doesn't offer home equity loans or HELOCs.
  • Doesn't do VA or USDA loans.
Read full review
New American Funding

at New American Funding

4.5

NerdWallet rating 

at New American Funding

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Uses manual underwriting to evaluate creditworthiness, in some cases.
  • Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

  • Mortgage rates offered to borrowers are higher than the government-reported median of all lenders.
Read full review
NBKC

at NBKC

5.0

NerdWallet rating 

at NBKC

Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers low rates and fees when compared with other lenders.
  • Extends full online capabilities, from application to loan tracking.
  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • Equity lines and construction loans are available only in the Kansas City metro area.
  • Doesn’t offer renovation loans.
Read full review
Min. Credit Score

620

Min. Down Payment

3%

Pros

  • Offers low rates and fees when compared with other lenders.
  • Extends full online capabilities, from application to loan tracking.
  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • Equity lines and construction loans are available only in the Kansas City metro area.
  • Doesn’t offer renovation loans.
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]