🏡 Mortgage Calculator

Includes property tax, insurance & PMI

Home Details

Home Price

$50K$2M

Down Payment (%)

3%50%

Interest Rate

Loan Term

Property Tax ($/yr)

Home Insurance ($/yr)

Total Monthly Payment

—

Principal & Interest—

Property Tax—

Insurance—

PMI (if <20% down)—

Down Payment—

Total Interest Paid—

About This Calculator

A mortgage calculator gives you a realistic picture of your monthly home loan payment, including principal, interest, property taxes, home insurance, and PMI if your down payment is less than 20%. Understanding your true monthly cost before you buy prevents financial stress down the line.

How It Works

Enter Home Price

The purchase price of the property.

Set Down Payment

Higher down payment = lower monthly cost.

Enter Interest Rate

Current mortgage rates vary — check with lenders.

Add Tax & Insurance

Include these for a true monthly picture.

Key Numbers

$220K

Avg US Mortgage

7.1%

Current 30yr Rate

30 yrs

Most Common Term

20%

Down to Avoid PMI

💡 Pro Tip

The 28% rule states your mortgage payment should not exceed 28% of your gross monthly income. A 20% down payment eliminates PMI and saves thousands. Even one extra mortgage payment per year can shave years off your loan.

Frequently Asked Questions

What is PMI?

Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5%–1.5% of your loan amount per year. Once you reach 20% equity, you can request PMI removal.

Should I choose a 15 or 30 year mortgage?

A 15-year mortgage has higher monthly payments but you pay significantly less interest overall and build equity faster. A 30-year mortgage has lower payments and more flexibility, but costs far more in interest over time.

What is escrow?

Escrow is an account your lender manages where a portion of your monthly payment is held to cover property taxes and insurance when they come due. Most mortgages include escrow.

How much house can I afford?

A common guideline is to spend no more than 2.5–3x your annual salary on a home. Use our Home Affordability Calculator for a personalized estimate.

🏡 Mortgage Calculator