Calculators

Mortgage loan payment calculator

Check out our handy-dandy calculators to help you determine if a purchase loan or refinance option is best for you. Of course, you can always speak with your trusted Waterstone Mortgage loan professional (that’s what we’re here for, after all!) but it’s nice to be able to get some initial numbers to give you an idea of what to do next.

How much will my monthly payments be if I decide to buy a home?

To estimate the amount you’ll have to pay each month, use our Payment Amortization Calculator. You’ll be able to enter the loan amount, interest rate, and loan term in order to determine the monthly payments and the total interest you’ll pay over the length of the loan. It will help you determine the approximate price range of the home you’d like to buy (because you’ll want to know before you start house-hunting, trust us.)

How much should I expect to put toward principal and interest each month?

If you’re interested in viewing a year-by-year breakdown of your mortgage costs, check out our amortization calculator. By entering your mortgage amount, interest rate, mortgage length, and first payment year, you can view a detailed table that categorizes your payments into principal and interest. Plus, you can see what the balance on your mortgage will be at the conclusion of each year.

Should I refinance my current home loan?

Refinancing can be a great way to save money if the current interest rate is lower than it was when you first purchased your home. By using our refinance calculator, you can instantly determine what your new total monthly mortgage payment would be, if you decide to refinance. It’s then very simple to determine if the costs saved over time outweigh any closing costs you may have during the refinance process.