In the 'Down payment' section, type in the amount of your down payment (if you're buying) or the amount of equity you have (if you're refinancing). The calculus behind mortgage payments is complicated, but Bankrate's Mortgage Calculator makes this math problem quick and easy.įirst, next to the space labeled 'Home price,' enter the price (if you're buying) or the current value of your home (if you're refinancing).
