It can be a little difficult to figure out how much mortgage loan you can afford without actually going to a lender’s office. 

But if you’re just starting out and have some cash to spend, a loan calculator can help you figure out your loan balance in a few easy steps. 

You’ll need a bank account, and the most basic of financial tools, like an online loan calculator or a bank’s online loan app. 

The calculator lets you view a range of mortgage rates, interest rates and monthly payments, all without going to the banks office.

And because it doesn’t require any cash to complete, it’s easy to find. 

If you’re looking for a mortgage that fits your budget, you’ll need to get your loan out before you start paying it off. 

Here’s everything you need to know about how to use an online mortgage calculator. 


What you need and how much to borrow If you’re starting out with no mortgage debt, you probably won’t need to do much to save up for your first loan. 

For example, if you have a fixed rate mortgage that’s going to be repaid on a monthly basis, you could set a minimum monthly payment of $3,500 and a maximum monthly payment amount of $6,000. 

In that scenario, you might be able to make your first mortgage payments with a monthly payment under $3.50. 

Depending on how much you borrow, you may need to pay interest at a rate between 2% and 4% annually. 

However, if interest rates are rising, you will likely need to take out a loan for the full amount. 


How to calculate your monthly payment When you go to your bank, you can enter in your monthly loan payment.

This will show you the total amount of the loan you’re making, how much of it you’ll pay back, and what you’ll owe on the loan when it’s paid off. 

 This calculator will let you see how much money you’ll be paying off in each month, so it’s important to understand how much it’s going in each loan payment you make. 

Your payment will include: interest rate interest on your mortgage payment monthly loan payment total amount you’ll repay (amounts shown on your loan payment) interest rate  interest on the loan month month 1 $3,000 $6,500 2 $4,200 $8,400 3 $5,700 $9,900 4 $7,600 $10,400 5 $11,400 $13,800 6 $14,600 $15,900    7 $17,600  $20,900  8 $20.600   $22,900     9 $25,400  $26,800   10 $27,900 $29,900 11 $30,900                $33,900 12 $33,,400   $35,900 13 $37,600                $38,800  14 $40,700                $41,800     15 $45,400                $45.800   16 $50,400            $55,900 17 $55,,400         $60,800 18 $59,800             $62,800 19 $63,600               $64,800 20 $65,000              $66,600 21 $68,800                    $70,800 22 $71,600        $73,800 23 $75,400                    $77,800 24 $79,400                 78,800 25 $82,400