Free Online Mortgage Payment Calculator

A mortgage payment calculator is the first thing most people search for when considering refinancing a mortgage. Using a mortgage payment calculator, you can apply today's interest rate to the amount of your new mortgage, and find out what your new monthly mortgage payment will be.

You can easily find a mortgage payment calculator online. For example, this free mortgage payment calculator at Emergency Refinancing allows you to enter the interest rate, the term of the mortgage, and the mortgage principal amount, to calculate your new monthly mortgage payment.

The formula to calculate a monthly mortgage payment is one of those horrible bits of high school Math that most people try to forget as soon as they have sat the exam - if not before - so there is really no alternative for most people, than to use a mortgage payment calculator.

You may find that your spreadsheet software has a function which will calculate monthly payments for a mortgage, although in most cases an online mortgage payment calculator is easier to find - and simpler to use!

As a rule of thumb, your mortgage payment should amount to no more than a third of your after-tax income. This will ensure that your mortgage payment is affordable.

You can use the mortgage payment calculator to work out how much you can afford to borrow. Simply enter the interest rate and term of the loan, and then adjust the amount of the principal until the mortgage payment calculator shows a monthly payment equal to one third of your after-tax income.

Whether you use an online mortgage payment calculator or not, it is very important that you don't overextend yourself by borrowing more than you can afford.

More information at Emergency Refinancing, including today's mortgage rates, mortgage rates predictions, and a free mortgage payment calculator.

Image: David D Muir