6 best mortgage calculators – TheStreet

Face it, you can’t get a mortgage until you know how much money you can afford to borrow for a new home.

This is where a mortgage calculator can help. The best mortgage calculators offer great up-front mortgage help, including calculations on down payments, interest rates, repayment schedules, and even data on fees and closing costs.

Features to look for in a mortgage calculator

Most good mortgage calculators have several useful features in common, including:

— Allowing you to calculate a monthly mortgage payment.

— Allowing you to calculate the minimum income needed to buy a house.

— Allowing you to calculate how many houses you can afford.

— Offer you different mortgage loan repayment scenarios.

— Allowing you to determine a loan repayment goal and determine the impact of accelerated payments.

— Allowing you to calculate a home mortgage refinance loan.

— Allowing you to add potential taxes and closing costs, and factor them into an estimated monthly home payment.

The best mortgage calculators

Which mortgage calculators do the best job? Try these efficient, reliable, and size-friendly mortgage calculators.

Zillow.com home loan calculator. Zillow.com’s Loan Calculator offers a wide menu of mortgage calculation options, including estimating your mortgage payment, including taxes and insurance. Using the calculator is easy. Simply enter the price of the house, including your down payment, and add all of the mortgage details to calculate your mortgage payment breakdown, schedule, and interest rate charges, among other calculations. The Zillow Calculator also gives you the option of being pre-qualified for a mortgage, making it easier to reach an agreement with mortgage lenders.

US Home Loan Calculator. This mortgage calculator not only calculates the estimated payments for your home, but it also takes into account important “extras” like home insurance costs, property taxes, and homeowners association fees.

Trulia mortgage calculator. Trulia also offers a handy and easy-to-use home loan calculator that takes into account the essentials, such as monthly and total loan costs and interest charges. It also offers some cool features that you might not have considered. For example, the Trulia calculator asks for your zip code so it can calculate local tax rates on your mortgage (which affects monthly and total mortgage costs). It also walks you through the process of estimating mortgage costs on non-traditional home loans such as veterans loans, 30- and 15-year FHA home loans, and adjustable rate home loans.

Dave mortgage calculator Ramsey.com. This mortgage calculator is particularly easy to use and can calculate your monthly mortgage payment and your total mortgage amount in minutes. Simply enter the value of the home, your down payment, the type of mortgage and the interest rate. The mortgage also offers a special tool for finding a good local real estate agent when you have finished calculating all the costs of buying your home.

Veterans United Mortgage Calculator. This mortgage calculator, specially designed for current and former members of the US military, guides VA clients through the entire mortgage costing process. It easily manages your estimated mortgage payments with a down payment (or no down payment at all) and helps you estimate taxes, home insurance, and veteran loan costs. It also helps you take your credit score into account and determine if you are a qualified disabled veteran, and provides a link to see if you qualify for a veteran mortgage.

FHA Mortgage Payment Calculator. The FHA Payment Calculator makes an accurate FHA mortgage payment taking into account the initial FHA mortgage insurance premium, FHA monthly mortgage insurance, property taxes and home insurance. It offers a minimum down payment calculation to gauge the impact on total loan costs and monthly housing payments, and has a link to see if you qualify for an FHA mortgage.

Takeaway meals

The main goal of using a mortgage calculator is to get a realistic, data-driven overview of what you can expect to pay in exchange for a mortgage.

Most home mortgage calculators provide this snapshot, although some offer a lot more features than others and are worth a look.

Start with the mortgage calculators listed above and see if they meet your specific mortgage needs.

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