Mortgage calculators
MyMortgageRateTracker offers two free public mortgage calculators: a monthly payment calculator that uses the standard amortization formula, and a refinance break-even calculator that shows how many months of savings it takes to recover closing costs. Both show the exact formula, run in your browser, and need no account or personal information.
Available calculators
- Mortgage payment calculator — monthly principal and interest for a fixed-rate loan from the loan amount, interest rate, and term, using the standard amortization formula. Add taxes, insurance, and HOA dues to estimate the full housing payment.
- Refinance break-even calculator — closing costs divided by monthly savings gives the number of months before a refinance pays for itself. Compare it with how long you expect to keep the loan.
Why the formulas are shown
A calculator is only as trustworthy as its math. Each page writes out the formula, defines every variable, and walks through the steps, so you can check the result by hand or in a spreadsheet. The calculators do not use any rate you did not type in; there is no hidden default rate. For the current market average, see the weekly rates page.
More tools in the app
Signed-in users get additional tools in the Tools tab, including a detailed refinance analysis that compares the full amortization schedules of the current and new loan, plus FHA and VA streamline net-tangible-benefit checks. Mortgage and real estate professionals can embed branded versions of these calculators on their own websites; see the embed documentation.
Limits of any calculator
Calculator results are estimates for education. They do not include every lender fee, prepaid item, or mortgage insurance rule, and they assume the rate stays fixed. Before making a decision, compare official Loan Estimates from lenders, which list the rate, APR, and closing costs in a standard format. MyMortgageRateTracker is not a lender.
Frequently asked questions
Do I need an account to use the calculators?
No. The public mortgage payment and refinance break-even calculators run entirely in your browser and do not ask for personal information.
Do the calculators use today’s mortgage rate?
No. You enter the rate you were quoted or want to test. The calculators never fill in a rate for you. The weekly market average is on the rates page.
Are the results a loan offer?
No. Results are educational estimates. Only a lender’s Loan Estimate reflects actual pricing and costs for your loan.