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Mortgage Calculator: How to Get an Estimate of Your Mortgage Costs

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Get an estimate of your monthly mortgage payments with our mortgage calculator. Find out how today's rates will affect your long-term payments.

Description: A graph showing the monthly payments over the life of a mortgage loan.

When it comes to purchasing a home or refinancing an existing mortgage, understanding the details of your mortgage payments is essential. The average rate on a 30-year fixed mortgage is 7.04% with an APR of 7.05%. Interest rates can vary greatly depending on the lender, the size of the loan, and the amount of the down payment. Start by using a mortgage calculator to get a rough estimate.

Another jump in 30-year mortgage rates has again taken the flagship mortgage rate to new heights. With mortgage rates increasing, it’s more important than ever to understand your options when it comes to financing your home. Use our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments.

To get an estimate of your mortgage costs, using a mortgage calculator can help. Simply input the following information: the loan amount, the loan term, the interest rate, and the expected monthly payments. The calculator will then give you an estimated total cost of your mortgage over its entire duration. You can use Bankrate's mortgage calculator to get a handle on what your monthly payments would be and see how much you'll save by adding extra payments each month.

Mortgage calculators can also help you understand how shortening your repayment period affects your monthly mortgage payment. For example, if you take out a 30-year mortgage, you can use our free mortgage calculator to see how shortening your repayment period changes your monthly mortgage payment. The calculator will also show you the total interest you’ll pay over the life of the loan.

And use calculators like ours to see if you can swing a home loan that's shorter in duration than the popular 30-year mortgage. You can also use the calculator to see what happens if you make extra payments each month or make a one-time lump sum payment.

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