Mortgage Calculator

Enter the home price, down payment, and rate to see your true monthly payment — not just principal and interest.

P&I TAX INS MONTHLY PAYMENT

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

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.