The 5 Best Mortgage Calculators to Help You Save on Your Home

When you’re buying a home, it can seem like there are a million different things to consider. How much will your mortgage cost? What kind of mortgage makes the most sense for you? Will that monthly payment be affordable? The list goes on… And with so many considerations, it’s no wonder that so many would-be homebuyers feel stressed out when trying to buy a house! Thankfully, there are some great tools available online that can help make the mortgage process easier. Whether you’re just beginning the process of looking at homes to buy or are ready to take the next step and start applying for mortgages, a mortgage calculator can help you find the best deal and stay within a budget. In this article, we’ll go over some of the top options for mortgage calculators out there and share our top picks.

How to Find the Right Mortgage Calculator for You

When you’re shopping for a mortgage calculator, it’s important to find one that is compatible with your individual needs. Ideally, you’ll want to find a mortgage calculator that allows you to plug in different variables, such as the amount you want to borrow, the interest rate you’ll be paying, the length of your loan, and your current income. Also, consider how easy the mortgage calculator is to use. Some mortgage calculators are more complicated than others and may not be as user-friendly for first-time homebuyers. Additionally, you’ll want to make sure that the mortgage calculator you choose provides accurate numbers. Some online calculators are more reliable than others. Generally, the more reputable and well-known websites are more trustworthy and accurate.

Nerd Wallet’s Mortgage Calculator

The first mortgage calculator on our list is from NerdWallet, one of the leading personal finance websites and tools out there. The website’s mortgage calculator is super easy to use, allowing you to plug in the amount you want to borrow, the interest rate you’ll be paying, and the length of your loan. The mortgage calculator will then show you what your monthly payments will be, and how much you’ll pay over the course of your loan. One of the nice things about NerdWallet’s mortgage calculator is the ability to compare different loans side by side. You can plug in different amounts to borrow and different interest rates and compare which loan would be best for you.

Bank of America’s Mortgage Calculator

The next mortgage calculator on our list is from Bank of America. This mortgage calculator is fairly similar to NerdWallet’s and allows you to plug in the same variables. The main difference is that Bank of America’s calculator allows you to look at different interest rates. This can be helpful for people who are shopping around for a loan and want to see what kinds of rates they’ll qualify for. While Bank of America’s calculator is easy to use and provides some helpful options, keep in mind that the numbers you’re given are estimates. What you’ll actually owe on your loan may differ slightly.

Loan Officer’s Mortgage Calc

Another great option for a mortgage calculator is the calculator from Loan Officer. This calculator allows you to plug in the same variables as other calculators. You can also try out some of the other features, such as a payment estimator, which can help you see how your monthly payments will change over time as interest rates rise and fall. The only downside to this calculator is that it’s only available for desktop users. If you’re looking for a mortgage calculator on your phone or tablet, you’ll want to look elsewhere. However, Loan Officer’s calculator is easy to use and provides some helpful information. You can easily compare different loan options and find the best deal for you.

Consumer Financial Protection Bureau Mortgage

The Consumer Financial Protection Bureau is a government organization that works to protect consumers and make sure that financial products are fair. As such, their mortgage calculator is a reliable and accurate tool. The CFPB’s mortgage calculator allows you to plug in the same variables that other calculators do. You can plug in the amount you want to borrow, the length of your loan, your income, and your credit score. What makes the CFPB’s calculator stand out is that it also allows you to plug in your state and city to see what your minimum credit score would need to be to qualify for a mortgage in your area. Additionally, CFPB’s calculator lets you see how your monthly payment would change under different variables, such as a higher interest rate or a shorter loan term.

Credit Karma’s Free Mortgage Calculator

The last calculator on our list is from Credit Karma, a free online credit score and financial advice website that also provides free mortgage calculators. Credit Karma’s mortgage calculator is one of the most basic options on our list, but it does the job. Credit Karma’s mortgage calculator allows you to plug in the same variables as other calculators and provides some basic information. You can see what your total monthly payment would be, how long it would take to pay off your loan, and how much you’d end up paying in interest. The only downside to Credit Karma’s calculator is that you’re not able to compare different loan options or rates. This calculator is best for people who are only interested in seeing the total amount they’d need to pay on their loan each month.

Bottom Line

Mortgage calculators are helpful tools that provide useful information about mortgages and loan options. They can help you determine which mortgage option is best for you and help you keep track of how your payments will change over time. When shopping for a mortgage calculator, it’s important to find one that works for your individual needs. Ideally, you’ll want to find a mortgage calculator that allows you to plug in variables such as the amount you want to borrow, the interest rate you’ll be paying, and the length of your loan, among others. In addition to finding a reliable mortgage calculator, it’s also important to be realistic when planning for a mortgage and your monthly payments. With diligence, patience, and a little help from these five mortgage calculators, buying a home can be a smooth and stress-free process.

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