Mortgage Calculator
Enter the home price, down payment, and rate to see your true monthly payment — not just principal and interest.
Runs entirely in your browser — your numbers never leave this page.
How it works
Your true monthly payment is four parts — most calculators only show the first:
Total = P&I + tax/12 + insurance/12 + PMI
- P&I: the amortization formula on (price − down payment).
- Property tax: ~1% of home value/year nationally, but 0.3%–2.5% by state — the biggest regional swing.
- Insurance: ~$1,500–2,500/year typical; higher in hurricane/wildfire zones.
- PMI: ~0.5%/year of the loan when down < 20%. Drops at 20% equity — but often you must request it.
- 15 vs 30 year: 15-year rates run ~0.5–1% lower and total interest is roughly half — but the payment is ~40% higher.
Frequently asked questions
How is a mortgage payment calculated?
P&I comes from the amortization formula; then add 1/12 of yearly property tax, 1/12 of insurance, and PMI if down payment is under 20%.
What is PMI?
Private mortgage insurance (~0.5%/year of the loan) required when your down payment is under 20%. It protects the lender, not you — and drops at 20% equity.
How much house can I afford?
The 28% rule: housing costs ≤ 28% of gross monthly income. $400k at 6.5% with 20% down ≈ $2,500/mo all-in — needs ~$107k income.
15-year vs 30-year mortgage?
15-year: lower rate, ~half the total interest, ~40% higher payment. 30-year: flexibility — you can still prepay like a 15-year.
How much is property tax?
Averages ~1% of value/year nationally but ranges 0.3% (Hawaii) to ~2.5% (New Jersey). Check your county — it dominates the "true payment" in high-tax states.
Can I remove PMI?
Yes at 20% equity — request it from your servicer; it often doesn't drop automatically. At 22% it must fall off by law.
What credit score do I need?
Conventional loans: 620+ minimum, best rates at 740+. FHA: 580+ (3.5% down), or 500+ with 10% down.
Fixed or adjustable rate?
Fixed: certainty. ARM: lower intro rate, risk later. ARMs make sense if you'll sell/refinance before the rate adjusts.
What are closing costs?
Typically 2–5% of the loan: origination, appraisal, title, prepaid escrow. Budget them on top of the down payment.
Does prepaying help?
Yes — extra principal shortens the loan and cuts total interest. Even one extra payment a year on a 30-year loan saves ~4 years.