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Bigger PocketsCalculatorsMortage Payment Calculator

Mortgage & Home Loan Calculator

If you are looking to invest in real estate but not sure which property you can afford, our mortgage payment calculator is the best way to determine your threshold. You will need to enter in the home value, down payment you are putting into the property, the type of mortgage (FHA, conventional, etc.), and the interest rate on the mortgage.
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Need a mortgage loan?

Maybe you are earlier in the home buying process and just playing around with numbers. It’s hard to know how much you can afford before you are approved for a loan. If you are on the lookout for a mortgage lender but aren’t sure where to start, BiggerPockets can help you out. Should you not know what type of loan you need or where to start with lenders our mortgage loan page will lead you in the right direction.
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Use of this calculator signifies your agreement to our Terms of Use and the terms posted below.

The calculators found on BiggerPockets are designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions. BiggerPockets obtains property details from various third-party sources, and BiggerPockets is not responsible or liable for the accuracy, completeness, or suitability of the property details. You are responsible for confirming the property details are accurate, complete, and suitable for your use case.
Frequently Asked Mortgage Loan Questions
What Is a Refinance?
A refinance changes the terms of your loan. In most cases, it starts the loan clock over, too. A refinance can be used to pull equity (money) out of the home (called a cash-out refinance) and is typically used when rates have dropped.
How Do I Get a Mortgage Loan?
A mortgage loan is created by banks, credit unions, and other financial institutions. You can also work through a mortgage broker, who acts as a middleman and works to get you the best rates and terms by working with multiple banks.
What Is a Fixed Rate Mortgage?
A fixed rate mortgage means your interest rate will never change for the duration of the loan. When rates are low, it usually makes more financial sense to obtain a fixed rate loan.
What Is an Adjustable Rate Mortgage?
An adjustable rate mortgage (ARM) means your rate fluctuates with the market. Once per year your rate can go up or down, depending on the current market rate. Most ARM loans have an adjustment cap (typically 2%) so you don’t see wild swings in your rate. Most ARM loans have a set period of time that the interest rate is fixed. A 7-year ARM would mean the first 7 years are fixed, and the remaining time on the loan is subject to market fluctuations.
What Are Points on a Mortgage Loan?
A point is 1% of the mortgage loan amount and is typically used to “buy down the rate” of your loan. Points are paid upfront in exchange for a lower interest rate for your loan.
When Is the First Mortgage Payment Due?
Your first mortgage payment due date depends on the day you close on the home. If you close on or before the 9th of the month, your first payment is due the first of the next month. If you close on or after the 10th of the month, your first payment is due the first day of the second month following closing. (Example: Closing on or before May 9, first payment due June 1. Closing on or after May 10, first payment is due July 1.)
Which Mortgage Option Is Best for Me?
Everyone’s circumstances are different. Talk to your lender or mortgage broker to get different scenarios to see which one is the best fit for your specific needs.
What Does My Mortgage Payment Include?
Most mortgages are PITI loans—that stands for Principal, Interest, Taxes, Insurance. Principal is the monthly portion of the original amount borrowed. Interest is the monthly interest on the loan. Taxes are your property taxes. One-twelfth of the annual amount is collected every month to pay the taxes when they are due, typically the following year. Insurance is your property insurance.
What Happens After I Am Pre-Approved?
A pre-approval means that your financial information has been reviewed by a lender and a mortgage limit has been projected based on that information. After pre-approval, your lender will provide you a letter stating the loan amount you are preapproved for. Many sellers require this letter when accepting your offer.
What Credit Score Do I Need for a Mortgage Loan?
The higher your credit score, the better terms and rates you’ll be offered for your mortgage. FHA will typically go as low as 580 to still qualify for the lowest down payment option. 500-579 and you’ll need to have a larger down payment. You’re also much less likely to be approved for a loan at all. Conventional loans and VA loans require a 620 credit score. USDA loans require a 640 credit score.
What Documents Do I Need for a Mortgage Loan?
Your lender will ask for your last one to two months of paycheck stubs, the past two years of tax returns, and two months of bank statements. There may be additional documentation based on what these documents contain. Your lender wants proof of your income and your ability to make the down payment.
What Is the Difference Between Pre-Qualified & Pre-Approved?
Pre-qualified means the lender has looked at your financial information and determined that if that information is correct, you could potentially be approved for a loan. Pre-approved means the lender has run your credit and, if there are no changes, you will most likely be approved for a loan.

Mortgage Types

  • Conventional Loans

    A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA), and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

  • Adjustable-Rate Mortgage (ARM)

    Adjustable rate mortgages (ARMs) allow borrowers to pay lower interest rates on their loan for a set period, after which the rates change. The 7/1 ARM means that, for seven years, the borrower's interest rate will remain fixed. That's a clear advantage the 7/1 ARM has over other ARMs with shorter fixed-rate periods.

  • Federal Housing Authority Loans (FHA)

    An FHA loan is a mortgage that is insured by the Federal Housing Administration. They are especially popular among first-time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

  • HomeReady Loan

    HomeReady mortgages are a line of conventional home loans offered by Fannie Mae that are meant to help low- and moderate-income borrowers buy or refinance. HomeReady loans reduce the typical down payment and mortgage insurance requirements, but they're also more flexible about allowing contributions from other people.

  • Hard Money Loan (HML)

    A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies.

  • Veteran Affairs Loan (VA)

    VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan.

  • Personal Loans

    A personal or private mortgage is a loan made by an individual or a business that is not a traditional mortgage lender. As you evaluate the decision to use (or offer) a private mortgage, keep the big picture in mind.

Learn More About Mortgage Loans