Mortgage calculator. House, noney and document.

When it comes to buying a house, there’s no such thing as being too prepared. Buying a home is a major investment. Before you make the decision to buy, make sure you’re spending as much time evaluating your options, and crunching numbers, as you do searching for the perfect home.

Not a fan of math? That’s where mortgage calculators can help! Whether you want to know how much house you can afford, how much your monthly payments will be or even how to pay off your mortgage the smart way, we have several mortgage calculators that can help you make your mortgage work for you.

To help you get started, we’ve put together a complete list containing every mortgage calculator you’ll ever need.

Mortgage Calculators For When You’re Deciding Whether to Buy a Home

Rent vs. Buy

If you’re thinking about buying a house, the question “should I rent or buy?” Has probably crossed your mind. The answer to this question isn’t always cut and dry. For some people renting is the better option, for others, buying a house makes more sense. Do the math and crunch the numbers with the help of this trusty calculator.

Affordability Calculator

Wondering how much house you can afford on your budget? It’s a good idea to consider the costs associated with homeownership and how much you can reasonably afford before you make the decision to buy. Use this calculator to determine the amount you can afford from the lender’s point of view.

How Much Income do I Need to Qualify?

“What can I do to improve my chances of qualifying for a loan?” is a common question we hear in the mortgage industry. While there are many factors that go into determining a potential borrower’s creditworthiness, income is one of the most important factors. Do you need to know how much money you must earn to purchase the house of your dreams? This calculator will help you figure it out.

How much will my payments be?

There are several factors that go into determining the cost of your mortgage payment, including the size of the loan, the length of the loan, interest, taxes and insurance. Use this calculator to estimate your monthly payment, including applicable finance charges, PMI, insurance and property taxes.

Which Loan is Better?

There’s more to choosing a mortgage than deciding between a fixed or adjustable-rate mortgage and getting a 15-year or 30-year loan. It’s all about finding the right loan for you! There are many different types of mortgage loans, each with unique advantages. Use this calculator to compare the cost of each loan, especially if you’re weighing the pros and cons of different offers.

Mortgage Calculators For When You Want to Pay Down Your Loan

A lot of homeowners strive to pay off their mortgage early. While that’s a great goal to have and certainly something worth working toward, there are a number of financial factors that need to be considered before you start making extra payments.

Depending on your financial situation, there may be more important goals to tackle, such as saving for retirement, paying off credit card debt or boosting your savings. And, in some situations, having a mortgage payment can actually work toward your financial advantage.

The calculators listed below can help you determine how to pay off your mortgage the smart way.

Mortgage Length CalculatorThis calculator will help you to determine your savings if you make larger monthly payments.

Mortgage Principal CalculatorThis calculator lets you “peek into the future”, allowing you to see the remaining balance of your mortgage after several payments.

What if I Pay More Every Month?See how your mortgage will be reduced, if you pay more money every month.

Standard vs. Bi-WeeklyCan bi-weekly payments significantly decrease the time of mortgage payoff? Find out with this calculator.

Buying a home is one of the biggest financial decisions you’ll make in life. Make sure you make a smart financial decision. And while these calculators can help give you a starting point to work from, make sure you connect with a mortgage lender who can help you find the best loan for your financial needs.

Whether you’re ready to star the pre-approval process or simply have questions about how much you can afford, our team of expert lenders are here to help.

Have questions about where to start? Contact us! We’d be happy to answer any questions you have.

tross

Tim Ross is CEO of Ross Mortgage Corporation and a lifelong mortgage lender. He has served as president of the Mortgage Bankers Association of Michigan and two terms as a governor on the Residential Board of Governors with the Mortgage Bankers Association of America. Today, Tim is an active participant, charter member and past director of America's Mortgage Cooperative and recently served as the Chairman of the Mortgage Industry Advisory Board for the State of Michigan. Outside of work, Tim enjoys running, golfing and participating in triathlons.

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