Written by Carrie Johnson (former SDSU Extension Family Resource Management Specialist).
Owning a home offers you and your family stability, security, and pride. Homeownership is also one of the fastest ways to build equity and accumulate wealth.
Today, the process of buying a home, coupled with the wide variety of mortgage products and services that are ever changing; it's not surprising that homebuyers are sometimes fearful of the process.
Housing is the biggest monthly expense for most people. You need to calculate what is affordable whether you are renting or buying. Don’t forget the additional expenses such as deposits, utilities, cable/satellite, internet access, insurance, parking and laundry, and appliances.
This page offers you a variety of calculators and tools on mortgages.
- Payment Calculator (SD Housing Development Authority):: Estimate your approximate monthly payment for different loan amounts, interest rates, and terms. It does not consider mortgage insurance, which may be required on your loan.
- Mortgage Calculator (Bankrate): A house is the largest purchase most of us will ever make so it's important to calculate what your payment will be and how much you can afford. The mortgage calculator will show you how much your monthly payment will be. It can also show the effect of adding extra payments.
- Mortgage Calculator (Zillow): Use this calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan to calculate your payment breakdown, schedule, and more.
- Amortization Calculator (Zillow): The amortization calculator estimates how much money will be paid over the life of the loan for principal and interest. The calculator breaks down payments into interest and principal. The amortization calculator also provides a detailed amortization schedule that breaks down payment into interest and principal in the advanced report.
- Affordability Calculator (Zillow): Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
- How Much House Can I Afford? (Bankrate): Thinking of buying a house? Use this calculator to determine how much mortgage you can afford. Simply fill out the fields and click calculate, the calculator will then analyze your monthly income, expenses, and future property taxes and insurance to estimate the mortgage amount that would best fit your budget.
- Debt-to-Income Calculator (Zillow): Use this debt-to-income calculator to help you determine your debt-to-income ratio and if you are likely eligible for a mortgage.
Home Refinance Calculators
- Should I Refinance My Mortgage? (Visa): Guide your decision whether or not to refinance your mortgage. See if you can reduce the costs of your loan.
- Refinance Calculator (Zillow): Use this calculator to help determine whether you should refinance your mortgage. Estimate the amount of money a refinancing could save you by comparing the details of your current home loan with new rates, terms, and other factors.
- Mortgage Refinance Calculator (Bankrate): deciding whether to refinance a mortgage is all about the numbers. Whether you’re seeking a lower monthly payment or looking to shorten the length of a mortgage, refinancing makes sense when you can reduce the costs of the loan. Use this calculator to guide your decision.
Mortgage Payoff Calculators
- Mortgage Payoff Calculator (Bankrate): Find out how much interest can be saved by increasing your mortgage payment. Click the "View Report" button to see a complete amortization payment schedule.
- Mortgage Payoff Calculator (AARP): How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out.
Home Buying Tools
- Your Home Loan Toolkit (A Step-by-Step Guide) (Consumer Financial Protection Bureau): This booklet is a toolkit that can help you make better choices along your path to owning a home.