There are lots of on-line tools that make calculating your monthly mortgage payment simple and easy these days, and one of my personal favorites is the mortgage calculator on the Corcoran website.
You’ll find the calculator on Corcoran’s advice page for buyers. Scroll part way down the page and you’ll see the mortgage calculator icon. Click it and simply enter the purchase price of the property your considering, mortgage term (years), interest rate, and amount you plan to put down as a down payment and, presto, you’ll get your monthly payment.
What I especially love about this tool is it allows you to quickly and easily see how the numbers change depending on your down payment and interest rate. These fields are on a slider bar so you can see in real time how your monthly payment changes as you increase or decrease. This is a great help if you’re trying to determine the down payment amount necessary to achieve a specific monthly payment.