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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: NMLS#330511

4.5

NerdWallet rating 
Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers a one-day mortgage that lets eligible borrowers apply, lock in a rate and get a loan commitment within 24 hours.
  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.
  • Offers a HELOC that can be used for a primary, second or investment home.

Cons

  • Doesn't offer harder-to-find loans, such as construction loans, renovation loans, or USDA mortgages.
  • Finding descriptions of all of the loan offerings on the website requires some digging, and the lender does not have a mobile app.
  • Average lender fees are on the high end compared with other lenders, according to the latest federal data.
Read full review
Min. Credit Score

620

Min. down payment

3%

Pros

  • Offers a one-day mortgage that lets eligible borrowers apply, lock in a rate and get a loan commitment within 24 hours.
  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.
  • Offers a HELOC that can be used for a primary, second or investment home.

Cons

  • Doesn't offer harder-to-find loans, such as construction loans, renovation loans, or USDA mortgages.
  • Finding descriptions of all of the loan offerings on the website requires some digging, and the lender does not have a mobile app.
  • Average lender fees are on the high end compared with other lenders, according to the latest federal data.
Read full review
New American Funding

at New American Funding

4.0

NerdWallet rating 

at New American Funding

Min. Credit Score

580

Min. down payment

3%

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Its home equity line of credit can be used for an owner-occupied or second home.
  • Has a program to enable buyers to make cash offers.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage origination fees tend to be on the high end.
  • Personalized mortgage rates are not available on the website without providing contact information.
Read full review
Min. Credit Score

580

Min. down payment

3%

Pros

  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Its home equity line of credit can be used for an owner-occupied or second home.
  • Has a program to enable buyers to make cash offers.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage origination fees tend to be on the high end.
  • Personalized mortgage rates are not available on the website without providing contact information.
Read full review
NBKC

at NBKC

4.5

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

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]