Mortgage Rate Calculator
Calculate mortgage payments, APR, and total interest with fees for both fixed and adjustable rate mortgages
Calculate Mortgage Rate & Payments
Amount of your mortgage loan
Loan term in years
Annual interest rate
How often interest is compounded
Mortgage Fees
Upfront fee as % of loan
One-time upfront fee
Yearly mortgage fee
Mortgage Calculation Results
Payment Breakdown
Fees Summary
Payment Analysis
Example Calculation
30-Year Fixed Rate Mortgage
Loan Amount: $300,000
Interest Rate: 6.5%
Term: 30 years
Mortgage Points: 1% ($3,000)
Results
Monthly Payment: $1,896.20
Total Interest: $382,632
APR (with points): ~6.68%
Total Cost: $685,632
Mortgage Types
Fixed Rate
Stable, predictable payments
Rate stays same for entire term
ARM
Lower initial rate
Rate adjusts based on market
What Affects Rates
Credit score and history
Down payment amount
Loan term and type
Market conditions
Property type and location
Mortgage Tips
APR includes fees and gives true cost
Points can lower your interest rate
Consider total cost, not just payment
Shop around for best rates
Understanding Mortgage Rates and APR
Interest Rate vs APR
The mortgage interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus additional costs such as points, origination fees, and other charges, giving you a more complete picture of the loan's true cost.
Mortgage Points
- •1 point = 1% of loan amount
- •Typically reduces rate by 0.25%
- •Consider break-even period
- •May be tax deductible
Monthly Payment Formula
M = P[r(1+r)ⁿ] / [(1+r)ⁿ-1]
- M: Monthly payment
- P: Principal loan amount
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of payments (years × 12)
Note: This calculation assumes monthly payments and compounding. Different compounding frequencies will affect the effective rate.