Best Mortgage Calculator Mortgage Inputs Loan amount: $ Interest rate (%): Loan term (years): Mortgage Outputs Monthly payment: Total payment: function calculateMonthlyPayment(loanAmt, interestRate, loanTerm) { var monthlyRate = (interestRate / 100) / 12, totalPayment = (loanAmt * monthlyRate) / (1 - Math.pow(1 / (1 + monthlyRate), loanTerm * 12)); return totalPayment; } function calculateTotalPayment(monthlyPayment, loanTerm) { return monthlyPayment * (loanTerm * 12); } function calculate() { // values var loanAmt = parseFloat(document.getElementById("loan-amount").value); var interestRate = parseFloat(document.getElementById("interest-rate").value); var loanTerm = parseFloat(document.getElementById("loan-term").value); // calculate monthly payment var monthlyPayment = calculateMonthlyPayment(loanAmt, interestRate, loanTerm); // calculate total payment var totalPayment = calculateTotalPayment(monthlyPayment, loanTerm); // Displays the result document.getElementById("monthly-payment").innerHTML = monthlyPayment.toLocalString(); document.getElementById("total-payment").innerHTML = totalPayment.toLocalString(); } // Excecutes on page load calculate(); // Excecutes on "Calculate" Button click document.getElementById("calculate-button").onclick = calculate; What's the Best Mortgage Calculator? Are you in the market for a new mortgage or looking to refinance your current loan? If so, you know that there are more options now than ever before. The key to finding the best mortgage for your needs and budget involves considering a wide range of options and features, including interest rates, term lengths, fees, closing costs, loan-to-value ratios, and the total cost of the loan over its lifetime. It can be a daunting task even for a seasoned buyer. That's where mortgage calculators come in. A mortgage calculator is an online tool that enables you to input your financial and property details for the purpose of estimating how much a particular mortgage will cost. It provides a great starting point for doing the calculations and comparisons that are necessary when shopping for a mortgage. But with so many mortgage calculators available on the internet, choosing the best one can be a challenge. That's why we've done the hard work for you and rounded up the best mortgage calculators. Mortgage Calculator by Bankrate Bankrate's mortgage calculator provides an estimate of what your monthly mortgage payment would be based on the amount of the loan, interest rate, and loan term. It also provides an estimate of what your closing costs would be if you choose to close on the loan. You can also see a breakdown of your estimated monthly payments, which is very useful for budgeting purposes. Additionally, Bankrate's tool provides helpful information on different loan types, such as fixed-rate, adjustable-rate, and FHA loans. Mortgage Calculator by Zillow The mortgage calculator from Zillow is another useful tool for anyone in the market for a new mortgage. This calculator allows you to enter in the purchase price of the home, down payment amount, interest rate, loan term, and loan type. It then provides an estimate of the monthly mortgage payment, total interest paid, closing costs, total loan costs, and the speed of payback. The Zillow mortgage calculator also provides an estimate of the average home value in your area, making it ideal for those looking to upgrade to a larger home. Mortgage Payment Calculator by NerdWallet NerdWallet's mortgage payment calculator is perfect for homeowners who want to understand their payment options. This calculator allows you to enter in the purchase price of the home, down payment amount, principal loan amount, interest rate, and loan term. The calculator then provides an estimate of the monthly mortgage payment, total interest paid, total loan costs, and the loan amount. The NerdWallet calculator also provides information on loan eligibility requirements, which can be especially helpful for first-time homebuyers. Conclusion Choosing the best mortgage calculator for your needs can be a daunting task. But by considering the features offered by the calculators from Bankrate, Zillow, and NerdWallet, you can make a more informed decision. All three offer great features that can help you better understand your mortgage options and make the best decision for your needs.