Find the interest rate from a loan amount, term and monthly payment.
Please do not make financial decisions based on these results.
What is the Mortgage Rate Calculator?
Find the interest rate from a loan amount, term and monthly payment. To use the Mortgage Rate Calculator, enter loan amount, monthly payment, term; it returns interest rate, and shows them instantly as you type.
Understanding home financing
Buying or financing a home involves a handful of numbers that interact: the price, the down payment, the interest rate, the loan term and the ongoing costs of ownership. The mortgage calculator combines them into a monthly payment, while the amortization calculator shows how each payment is split between interest and principal.
Costs beyond the loan
Property taxes, homeowners insurance, mortgage insurance, association dues and maintenance all add to the monthly cost of owning. Lenders also look at your debt-to-income ratio and your savings, so check what you can afford with the house affordability calculator before you start house hunting.
Changing the loan later
Once you own, you may want to lower the rate, shorten the term or borrow against your equity. The refinance calculator and the mortgage payoff calculator help you compare those choices with the loan you already have.
How to use the Mortgage Rate Calculator
- Fill in the fields. You will need Loan amount ($), Monthly payment ($), Term (years). Use figures from a lender quote or your tax bill where you have them, and keep the term and rate realistic. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Interest rate. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Mortgage Rate Calculator using the default values shown in the calculator above:
Inputs
| Loan amount ($) | 300,000 |
|---|---|
| Monthly payment ($) | 1,980 |
| Term (years) | 30 |
Results
| Interest rate | 6.92% |
|---|
With these inputs the calculator returns Interest rate: 6.92%. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Loan amount ($) from 300,000 to 360,000 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Interest rate | 6.92% | 5.21% | -24.7% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. The result is only as accurate as the numbers you enter and the formula shown above. It is for information, not financial, tax or legal advice.
Frequently asked questions
Why solve for the rate?
It reveals the true rate in an offer quoted only as a payment.
How much house can I afford?
A common rule is to keep housing costs under about 28% of gross income and total debt under 36%. The House Affordability Calculator applies those limits to your numbers.
What is included in a monthly mortgage payment?
Principal and interest, plus property tax, homeowners insurance, PMI if your down payment is under 20%, and HOA fees if they apply.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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