Mortgage Calculator

This mortgage calculator shows you your estimated monthly payment when you get a mortgage.
Step 1: Enter Current Loan Info
Purchase
Refinance

Home Price

Down Payment 

Loan Term (Years) 

Interest Rate 

Current Loan Amount

Current Interest Rate 

Remaining Loan Term (Years) 

New Interest Rate 

New Loan Term (Years) 
MONTHLY PAYMENT
$112
Money Savings
Current Payment: $333
With Prepayment: $222
Savings: $222
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ANNUAL PAYMENT
$21,124
Time Savings
Current Payment: $333
With Prepayment: $222
Savings: $222
Go Back
MONTHLY SAVINGS
$112
View Details
Monthly Savings
Current Payment: $333
New Payment: $222
Total Savings: $222
Go Back
TOTAL SAVINGS
$21,124
View Details
Total Savings
Current Interest: $333
New Interest: $222
Total Savings: $222
Go Back
If you refinance $30,000 of student loans at a 3.25% interest rate with a 10-year repayment term, you can save $4,789 over the life of your loan.

Top Picks For Student Loan Refinancing

March 2024

Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
APR
5.24% - 9.99%
6.24% - 9.99%
5.24% - 9.99%

View Details

on SoFi's website

Overview

Variable APR:
6.24% - 9.99%
Fixed APR:
5.24% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.44% - 9.99%
6.24% - 9.99%
5.44% - 9.99%

View Details

on Earnest's website

Overview

Variable APR:
6.24% - 9.99%
Fixed APR:
5.44% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.19% - 9.74%
5.84% - 9.75%
5.19% - 9.75%

View Details

on NaviRefi's website

Overview

Variable APR:
5.84% - 9.75%
Fixed APR:
5.19% - 9.74%
Minimum Credit Score:
680
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.48% - 8.69%
5.28% - 8.99%
5.28% - 8.99%

View Details

on ELFI's website

Overview

Variable APR:
5.28% - 8.99%
Fixed APR:
5.48% - 8.69%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
3.99% - 9.99%
5.99% - 9.99%
3.99% - 9.99%

View Details

on Splash's website

Overview

Variable APR:
5.99% - 9.99%
Fixed APR:
3.99% - 9.99%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
6.99% - 10.99%
7.29% - 12.44%
6.99% - 12.44%

View Details

on Citizens' website

Overview

Variable APR:
7.29% - 12.44%
Fixed APR:
6.99% - 10.99%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.44% - 10.39%
5.49% - 10.59%
5.44% - 10.59%

View Details

on Laurel Road's website

Overview

Variable APR:
5.49% - 10.59%
Fixed APR:
5.44% - 10.39%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.24% - 12.18%
5.55% - 12.18%
5.24% - 12.18%

View Details

on LendKey's website

Overview

Variable APR:
5.55% - 12.18%
Fixed APR:
5.24% - 12.18%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes

Popular Questions

How does this simple mortgage calculator work?

This simple mortgage calculator is easy to use. The good news is that this mortgage payment calculator can be used for a new mortgage and this mortgage calculator for a home can be used to refinance a mortgage.

New Mortgage

To use this mortgage calculator, here are the steps to calculate a new mortgage:

  • Enter the home price
  • Enter your down payment
  • Enter the loan term
  • Enter the interest rate
  • You’re all done

Then, the mortgage rate calculator automatically calculates your:

  • Monthly payment
  • Annual payment
  • Total interest
  • Total payment
  • Payoff date

Refinance Mortgage

To use this online mortgage calculator, here are the steps to calculate a mortgage refinance:

  • Enter your current mortgage loan amount
  • Enter your current interest rate
  • Enter the remaining mortgage loan term
  • Enter your interest rate for your mortgage
  • Enter your new loan term for your mortgage
  • You’re all done

Then, this home mortgage refinance calculator will automatically calculate:

  • Total interest savings
  • Total monthly savings
  • Total interest savings
  • Total mortgage loan term difference
Can this mortgage payment calculator also calculate how much you can save with mortgage refinancing?

Yes, this mortgage calculator can calculate your mortgage cost for a new mortgage as well as for a mortgage refinance.

How much do you have to put down to buy a house?

When you get a new mortgage, you often can choose the size of the down payment. Typically, a good rule of thumb is a 20% down payment.

For example, if a home cost $500,000, here is how the breakdown of the down payment and mortgage:

Down Payment: $100,000

Mortgage: $400,000

Home Purchase Price: $500,000

You are not required to choose a 20% down payment, however. Some mortgage programs require as little as approximately 3%, for example.

Here is a good rule of thumb:

  • The higher your down payment, the lower your mortgage amount
  • The lower your down payment, the higher your mortgage amount
  • The higher your down payment, the lower your mortgage interest rate (potentially)
  • The lower your down payment, the higher your mortgage interest rate (potentially)

A down payment is the amount of cash you pay upfront to get a mortgage loan. Your down payment represents your initial equity, or ownership stake, in your home. The remainder of the purchase price of your home is the mortgage.

What are the benefits of a 20% down payment?

There are several benefits of a 20% down payment:

  • Small mortgage amount
  • Lower upfront fees
  • Lower ongoing fees
  • A lower monthly mortgage payment
  • More equity (ownership) in your home
  • A (potentially) lower mortgage interest rate

When shopping around for mortgage rates and mortgage refinance rates, make sure to use an online mortgage calculator. Also, make sure to compare the best rates for mortgages and mortgage refinance.

What are closing costs on a mortgage?

When you get a mortgage, a home buyer will typically pay about 2-5% of the home purchase price of their home in closing fees. Closing fees are fees that are associated with your home purchase that are paid at the closing of a real estate transaction.

For example, if you home costs $100,000, your closing costs could be about $2,000 – $5,000.

The closing is the point at which the title of the property is transferred from the seller to the buyer.

What fees can you expect at closing?

Closing costs are about 2-5% of the purchase price of your home. Closing costs can vary based on where you live, the type of mortgage you choose and the property you purchase.

Here are some of the closing costs you can expect when you buy a home with a mortgage:

Application Fee: The application fee covers the cost for your mortgage lender to process your application.
Appraisal: This fee is paid to the appraisal company who the provides a fair market value of your home.
Attorney Fee: This attorney fee is for a bank or lender attorney to review the closing documents on behalf of the bank or the lender.
Closing Fee: This fee is paid to the title company, escrow company or attorney for the closing.
Credit Report: A credit report is used to check your credit and helps determine your mortgage rate.
Escrow Deposit for Property Taxes: You may be asked to put down a deposit of property taxes equal to two months.
Home Inspection: Prior to buying a home, it is recommended to conduct a home inspection to ensure that your house is safe, structurally sound and not in need of major repairs.
Homeowners’ Insurance: Homeowners’ insurance protects you in case of damage to your home. Homeowners’ insurance may be due at closing.
Title Insurance: Title insurance is an insurance policy that protects you if a third party challenges the title or ownership of your home.
Origination Fee: Mortgage origination fees are the cost of originating your mortgage.
Private Mortgage Insurance:If your down payment is less than 20%, you likely will be required to get private mortgage insurance (PMI) at closing.
Property Tax: If there are any property taxes due within 60 days, they may be due at closing.
Recording Fees: A recording fee is paid for the recording of public land records.
Survey Fee: The survey fee is paid to the survey company to verify the property lines and boundaries of your property.
Title Search: The title search fee is paid to the title company to ensure there is a clean title and no one else has an ownership claim to your home.
Transfer Taxes: This transfer tax is for when the titles passes from the seller to the buyer.
Underwriting Fee: This underwriting fee covers the cost of underwriting a mortgage.
VA Funding Fee: If you have a VA loan, you may be required to pay a VA funding fee at closing.

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