# Free Mortgage, Loan and Home Calculators

See below for a list of our ever-growing number home-related calculators. Don’t see the calculator you need? Feel free to suggest one to us by reaching out here or on social media. Even though all our calculators are free, we’re always looking for ways to improve the site. Additionally, it’s important to note that these calculators may be missing variables relevant to you or your purchase decision. Personally, I’ve found it’s best to start with a simple calculation to get close before getting lost in the minutiae of financial calculations.

**Mortgage Payment Calculator**

Our mortgage calculator determines the monthly payments on a mortgage. It considers factors such as the mortgage amount, interest rate, and term (length) of the mortgage. This tool can be invaluable for potential homeowners in budgeting for a home.

The calculator works by implementing the mathematical formula for calculating monthly mortgage payments. This formula incorporates the principal loan amount, the interest rate, and the number of payments (loan term). In essence, it calculates the amount necessary to pay off the principal and the interest over the term of the loan in equal monthly payments.

**Modular Home Costs Calculator**

Everyone wants a modular home these days, but no one seems to know how much they really cost. We created this modular home calculator that is equal parts calculator and informative itself. Understanding the costs associated with a modular home is a big step towards actually getting a new home.

We’ve separated out each of the costs associated with a, so called, all-in-one home. These costs include preparing the land, connecting to city services (water and electricity), and costs to actually transport the home from the factory to the spot of land you’ve secured.

**Home Affordability Calculator**

Our Home affordability calculator provides an estimate of the amount of home you can afford based on factors such as income, existing debts, down payment, and preferred monthly housing cost. This can help potential homeowners in their search process by giving them an idea of their price range.

To work, the calculator first determines your total monthly income and then subtracts any existing debts to determine the available income. The available income is then used to calculate the maximum monthly housing cost you can afford, based on a suggested percentage that should go towards housing (typically around 30%). It then calculates the mortgage amount you can afford based on this monthly cost, the down payment, and current mortgage rates.

**Refinance Calculator **

Our refinance calculator helps homeowners determine whether refinancing their mortgage could save them money. Refinancing can potentially lower monthly payments or reduce the total cost of a mortgage, but it also comes with costs, so it’s not always the best move.

The refinance calculator works by comparing the total cost of the existing mortgage (remaining principal and interest payments) to the total cost of a refinanced mortgage (new loan amount and interest payments, plus closing costs of the refinance). If the total cost of the refinance is lower, then it might be a good idea to refinance. But if the costs are higher, or if the savings are minimal and the homeowner plans to move in the next few years, it might be better to stick with the current mortgage.

**Mortgage Points Calculator**

The mortgage points calculator, also known as discount points, are upfront fees paid to the lender at closing to reduce the interest rate on the loan, which can result in lower monthly payments. This calculator helps you determine whether it makes sense to buy points based on their specific circumstances.

The calculator compares two scenarios: one with points and a lower interest rate, and one without points and a higher interest rate. It calculates the total costs of each scenario over a chosen period (usually when the buyer expects to sell or refinance the home) and determines which option is less expensive.

**Home Equity Calculator**

Home equity is the portion of the home’s value that the homeowner owns outright, without any liens or mortgages. It can be a valuable asset that homeowners can borrow against or use to fund large expenses. This calculator helps homeowners determine how much equity they have in their home.

The home equity calculator is simple: it subtracts the outstanding balance of all mortgages from the home’s current market value. The result is the homeowner’s equity. It’s important to note that many factors, such as home improvements, the local real estate market, and more can influence market value.

**Mortgage Length Calculator**

Based on different monthly payment scenarios, this tool calculates how long it will take to pay off a mortgage. This can be useful for homeowners planning to pay off their mortgage early.

The mortgage length calculator uses the total mortgage amount, interest rate, and proposed monthly payments. By manipulating these variables, you can determine how long it will take to pay off their mortgage based on various monthly payment scenarios.

**Rent vs. Buy Calculator**

Our Rent vs. Buy calculator helps people compare the costs of renting a property versus buying a home. This can aid in making informed decisions about whether it’s more cost-effective to rent or buy.

The rent vs. buy calculator compares the total cost of renting, including rent and renters insurance, with the total cost of owning a home over a specified period, including mortgage payments, property taxes, insurance, and maintenance. It also factors in home price appreciation and potential investment returns if the would-be home buyer continues to rent and invest their down payment.

**Home Selling Price Calculator**

Our home selling price calculator is homeowners looking to sell. This tool helps to calculate the price they should list their property at to achieve their desired profit. This calculator factors in the original purchase price of the home, any improvements made, desired profit, and any closing costs or realtor fees. This gives a suggested selling price. It’s worth mentioning that while this calculator provides a good starting point, other factors like market conditions and comparable homes in the area should also be considered.

**Mortgage Rate Comparison Calculator**

Our Mortgage Rate Comparison Calculator calculator allows you to compare different mortgage rates and terms to find the best option. Different rates can have a significant impact on the total cost of a home over the life of the loan, so it’s important to compare options.

The calculator works by taking the mortgage amount and the terms of each potential loan (including the interest rate and length in years), and it calculates the monthly payment and total cost for each option. You can then see how different rates and terms will affect their monthly payments and the total amount paid over the life of the loan.

**Closing Costs Calculator**

Closing costs are additional expenses over and above the property price that buyers and sellers typically incur to complete a real estate transaction. This calculator helps you estimate these costs to better plan for the home-buying process.

Our closing costs calculator takes a range of potential costs associated with closing, such as origination fees, appraisal fees, title insurance, escrow costs, and more. These costs can vary greatly depending on the location, the lender, and the loan specifics, so the calculator typically provides a range or average for each cost.

**Amortization Schedule Calculator**

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and interest that comprise each payment until the loan is paid off at the end of its term. This calculator provides a detailed breakdown of how much of each mortgage payment goes to interest versus principal over time.

The calculator uses the loan amount, term, and interest rate to calculate the monthly payment. It then divides each payment into principal and interest components and tracks the remaining loan balance over time. Over the life of the loan, the portion of each payment going towards the principal increases, while the amount going to interest decreases.

**Home Renovation ROI Calculator**

Not sure how much that nice countertop is going to set you back in the grand scheme of things? What about that fancy shower head? Our Home Renovation ROI calculator helps homeowners estimate the potential return on investment (ROI) for various home improvements. This can be useful in deciding which renovations to undertake.

The calculator compares the cost of each potential renovation with its estimated impact on the home’s value. For example, if a kitchen renovation costs $20,000 and is expected to increase the home’s value by $30,000, the ROI would be 50%. The ROI estimates typically come from national averages or surveys of real estate professionals, so they’re rough estimates. The actual ROI can vary based on factors like the quality of the work and the local housing market.