Next, you'll see “Length of loan.” Choose the term - usually 30 years, but maybe 20, 15 or 10 - and our calculator adjusts the repayment schedule.įinally, in the "Interest rate" box, enter the rate you expect to pay. You can enter either a dollar amount or the percentage of the purchase price you're putting down. A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe. In the "Down payment" section, type in the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). The calculus behind mortgage payments is complicated, but Bankrate's Mortgage Calculator makes this math problem quick and easy.įirst, next to the space labeled "Home price," enter the price (if you're buying) or the current value of your home (if you're refinancing).
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