Bankrate Mortgage Rate Calculator

Calculate your monthly mortgage payments with the latest interest rates, loan amount, and terms.

Loan Amount ($) Loan Term (Years) Interest Rate (%) Monthly Payment ($) Total Payment ($) Total Interest ($)

function calculateMortgage(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const loanTerm = parseFloat(document.getElementById(“loanTerm”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100; if(isNaN(loanAmount) || isNaN(loanTerm) || isNaN(interestRate) || loanAmount <= 0 || loanTerm <= 0 || interestRate el.value = “”); }

This Bankrate Mortgage Rate Calculator helps you estimate your monthly mortgage payments, total payments over the term, and the total interest paid based on your loan amount, interest rate, and loan term.

Mortgage Calculation Example

If you borrow $200,000 for 30 years at an interest rate of 3.5%, your monthly payment would be approximately $898.09, with a total payment of $323,113.24 and total interest of $123,113.24 over the life of the loan.

Why It Matters

Understanding your mortgage payment helps you plan your finances and ensures that you can manage your loan repayment schedule effectively.

Smart Strategy

Consider paying off your mortgage early or refinancing when interest rates drop to save money on interest payments.

FAQs

What is the best mortgage rate? The best mortgage rate depends on your credit score, loan term, and the current market conditions. Use this calculator to check current rates and find the best deal.