Free Mortgage Tools & Calculators

How to use these mortgage calculators

These tools cover every major mortgage calculation from initial affordability through payoff. Each calculator uses standard lending formulas and current guidelines from Fannie Mae, Freddie Mac, FHA, and VA so results match what lenders actually use in underwriting decisions.

Payment, amortization, and qualification

The monthly payment calculator uses the standard annuity formula and separates principal and interest from taxes, insurance, and PMI - the distinction matters because only P&I is fixed for the life of a conventional loan. The amortization schedule shows how dramatically more of each early payment goes to interest versus principal - a $400,000 mortgage at 7% allocates roughly 78% of the first payment to interest. The DTI calculator applies both front-end and back-end ratio thresholds that match CFPB Qualified Mortgage standards, Fannie Mae guidelines, and FHA rules simultaneously so borrowers can see which loan type they qualify for. The affordability calculator works backward from a target payment to the maximum purchase price, which is more useful for most buyers than calculating a payment from a price they already know.

Refinancing decisions

The refinance break-even calculator is the most important tool in this hub for homeowners considering a rate-and-term refinance. It divides total closing costs by the monthly savings to produce the exact month when the refinance pays off - and compares that to your expected remaining time in the home. Cash-out refinancing involves different trade-offs: the cash-out analysis tool compares the effective cost of accessing equity through refinance versus a HELOC or home equity loan, accounting for the fact that a cash-out refi resets your amortization clock. Title and escrow costs are a significant part of refinance closing costs and are modelled separately from lender fees in the refinance cost estimator.

Specialty loan types and equity tools

FHA loans carry both an upfront mortgage insurance premium (1.75% of the loan amount) and annual MIP that persists for the life of the loan on most terms - the FHA vs conventional comparison tool shows when a conventional loan with PMI becomes cheaper despite a higher rate. VA loans have no PMI but carry a funding fee of 1.25 to 3.3% depending on down payment and prior use. The VA funding fee calculator is the same tool used in the military hub. HELOC rate risk is a genuine concern now that most HELOCs are variable-rate products - the rate sensitivity calculator shows how much your HELOC payment rises with each 0.25% rate increase. Rental property investors use the investment property mortgage calculator, which applies the higher rates and stricter DTI requirements that apply to non-owner-occupied financing.