Mortgage Loan Calculator

Calculate your monthly mortgage payment using the free calculator below, then get offers for the rate you want by searching our database of hundreds of trusted lenders.

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Lock in your interest rate today! A lower rate can save you up to thousands per year, or shorten the life of your loan. After you prequalify, apply for a mortgage to lock in today's rate before they increase again.

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Rates as Low As

5.3%

Unlocking Mortgage Insights: The Power Behind Mortgage Calculators

Understanding and navigating the intricate landscape of mortgages can feel overwhelming and almost make homeowners feel trapped. Making informed decisions can shape your financial future, and certain indispensable tools clarify the complexities. The most essential tool in your research is, more than likely, the monthly mortgage calculator. More than just a numerical wizard, a mortgage calculator serves as your strategic ally, unraveling the confusion of mortgage planning and guiding you toward a future of financial stability.

At its core, a monthly mortgage payment calculator is a beacon of financial precision, illuminating an easier path to homeownership with tremendous accuracy. By integrating specific details, this tool goes beyond basic math formulas. It is a unique formula for your everyday life. A mortgage calculator empowers you with immediate insights into your future financial obligations, allowing for strategic planning that aligns your budget with realistic homeownership goals with pinpoint accuracy. All this data is at your fingertips without submitting a credit card number or a credit check.

Our Formula

We use the loan payment formula below. This is the standard formula to find monthly payments where:

  • M is the monthly payment amount
  • P is the principal amount of the loan
  • r is the interest rate on the loan
  • n is the term of the loan in months

Monthly Payment Formula

M = P
r (1 + r)n
(1 + r)n - 1

The Mortgage Calculator Simplifies Mortgage Refinance Possibilities

Using our mortgage calculator, you can visualize the monthly mortgage payment you will commit to for the selected amount. It's crucial to note that this number is hypothetical, and the rate the mortgage calculator gave you is subject to change, depending on what your lender has to offer you. This formula is a simple ballpark estimate the loan calculator provides, depending on the information you have input.

When figuring out what kind of payment you'd be comfortable with, there are a few rules to follow. One rule is that your debt-to-income ratio should not surpass 43%, and you should aim for a debt-to-income ratio below 36%. The next rule is that you should avoid putting yourself in a situation where more than 28% of your income goes to your mortgage. This can be bundled into what is known as the 28/36 rule.

Frequently Asked Questions

We understand that questions may arise and uncertainties may linger. Simplify complex concepts and empower yourself with the knowledge needed to make informed decisions specific to your situation. Once you're comfortable, use our free service to have lenders compete for your business.

Absolutely. Our home mortgage calculator allows you to experiment with different interest rates, providing real-time scenario analysis. By adjusting the interest rate, you can observe how it influences your monthly payments, empowering you to make critical decisions based on the ever-changing landscape of interest rates.

The mortgage calculator is a dynamic tool designed to adapt to different stages of your homebuying journey. Whether you're exploring potential mortgage payments before house hunting or fine-tuning your budget during negotiations, the calculator remains a valuable companion. We recommend revisiting the calculator whenever there are changes in your financial situation or when you're contemplating adjustments to your mortgage terms. Regular use ensures that you stay well-informed and control your financial decisions throughout the process.

Mortgages are available for various terms with both fixed and adjustable rates. Most will have a 15-year or 30-year term, but some lenders offer 10, 20 and even 40-year terms. Interest rates can vary between companies, and customer service can vary between loan officers. The right loan for you depends on several factors, including how long you expect to live in the house, whether you or your spouse have been in the military, your credit history, etc… Let Freerateupdate.com help you find a loan officer that will work with your personal needs and objectives.

A 30-year fixed mortgage is the most common mortgage used by homeowners. While the rate is typically higher than a 15-year fixed, the monthly payment is lower because of the long amortization period. The rate is based on economic conditions, including future inflation expectations and the risk of a recession.

A fifteen-year mortgage is ideal for a homeowner who would prefer to make higher payments to pay off their mortgage faster. The amount of interest paid over a 15-year term is much less than what is paid over a 30-year term, however, the monthly payments are higher. This rate is also based on economic conditions, including future inflation expectations and the risk of a recession.

Understanding State and Local Impacts to Homeownership

Some states have slightly lower or higher interest rates, and depending on your state, the cost of homeownership may be higher or lower. Tax implications vary from state to state, which play a role in the price of homeownership.


This variation is due to differences in interest rates, which may be slightly higher or lower in certain states. Additionally, each state has its own tax policies that can affect the expenses associated with owning a home. These taxes can include property taxes, state income taxes and other local taxes, which can either add to or lessen your financial burden.

Virginia Mortgage Rates

Everyone has seen the famous t-shirts claiming that “Virginia is for Lovers,” but Virginia is also a fantastic destination for anyone looking to buy a house. From the hustle and bustle around Washington D.C. and the history of Williamsburg on the east side of the state to the relaxing beauty of the Blue Ridge Mountains on the western side of the state, Virginia really does have something to offer just about everyone.

Common Virginia Loan Types:

  • Virginia conventional mortgages: Virginia mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • Virginia FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Virginia on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • Virginia VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Virginia through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

Virginia Mortgage Rates Compared to National Averages

Whether you are looking for the lowest possible payment by going with a 30-year fixed-rate mortgage or a slightly better interest rate on a 15-year fixed rate mortgage, the average mortgage interest rate in Virginia usually sits just slightly below the national average.

Virginia homebuyers can also find 5/1 adjustable-rate mortgages just below the national average, and the refinance rates for existing homeowners also tend to fall either right in line or slightly below the average rates across the country.