Affordability
Work out a price range from your pay, your debts and your savings.
Check affordability →Simple mortgage planning
Free Mortgage Calculator with taxes, insurance & PMI.
See what a home really costs you each month, not just the loan. Change the price, the rate, the down payment and the running costs. No signup.
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Estimated monthly payment
$2,894 / month
Loan amount: $360,000
Est. closing costs$13,500
Est. cash to close$103,500
Over 30 years
360 paymentsTotal principal & interest$819,160
Total interest$459,160
Illustrative all-in outlay$1,145,410
The all-in figure includes cash to close and assumes today's tax, insurance and HOA estimates stay unchanged for the full term. Mortgage insurance is counted only until it ends. Actual long-term costs will vary.
Total$2,894
Principal & interest
78.6%
Property taxes
15.5%
Home insurance
5.8%
Mortgage insurance
0.0%
HOA fees
0.0%
The cash to close is your down payment plus the closing-cost estimate, which you can edit. Your lender may come to a different number.
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Refinance
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Explore refinance →Amortization
See every payment, and what paying a bit extra would do to the end date.
View amortization →Clear breakdown
How your payment is calculated
A useful figure adds the cost of owning the home to the cost of the loan.
01
Principal & interest
Paying back what you borrowed, plus what the lender charges you for it.
02
Taxes & insurance
What your county charges you, and what it costs to insure the home.
03
Mortgage insurance
Extra insurance you may pay if you put down less than 20%.
04
HOA fees
A monthly fee, if your building or street has one.
These are estimates to learn from. We are not a lender and not an adviser. What you actually pay, and what you can actually borrow, may differ.
How to use the calculator
Estimate the complete housing payment
Start with the price and the cash you can put in. Take the down payment off the price and what is left is the loan. Then pick your rate and how many years you want to pay it over. Open the tax and insurance section to swap our guesses for the real numbers on the home you are looking at.
The big number is what you would pay each month at the start. The list below it splits that up. Loan and interest sit apart from property tax, home insurance, PMI and any association fee. That split matters: the first two shrink your debt, the rest are just the cost of owning a house.
What a $450,000 loan at 6.5% looks like
Borrow $450,000 over 30 years at 6.5% and the loan alone costs about $2,844 a month. Add tax, insurance and PMI and you might be nearer $3,600. Those extras are real money, but they are not interest, so do not lump them together. Over all 360 payments you would hand over about $1.024 million. Roughly $574,000 of that is interest.
Why your lender may say something else
A quoted rate may already include points you paid for. Tax depends on where the house is. Insurance is priced for that exact home. PMI depends on you and on the loan. On top of that, your escrow account gets adjusted as bills change. Use this to compare options, then check any real offer against the lender’s Loan Estimate.
PMI does not last the whole 30 years
We only charge PMI up to the month it is due to stop. You can usually ask for it to end once you owe 80% of what the home was worth when you bought it. At 78% the lender has to end it anyway, as long as you are paying on time. FHA and VA loans follow their own rules, which this does not cover.
Sources and assumptions
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Common questions
Frequently asked questions
What does this mortgage calculator include?+
The loan and its interest, plus property tax, home insurance, PMI if you need it, and any association fee. You can edit all of those. Closing costs are kept apart, in the cash you need on the day you buy.
When does PMI end?+
On a normal loan you can ask for it to stop once you owe 80% of what the home was worth when you bought it. At 78% the lender has to end it, as long as you are paying on time. FHA and VA loans follow their own rules.
Is this the exact amount a lender will charge?+
No. It is a planning estimate to learn from. The real numbers come from your lender, on the Loan Estimate and the Closing Disclosure. Those are the ones that count.
How much house can I afford?+
Work backwards from your pay rather than forwards from a house you like. Take your monthly pay before tax, decide what share of it you are willing to promise to debts, and take off what you already owe. What is left is your housing budget. The affordability calculator turns that into a price.
What is cash to close, and is it the same as the down payment?+
No. Cash to close is everything you hand over on the day: your down payment, the closing costs, and bills you pay up front like tax and insurance. The down payment is only one part of it, so budget for the whole figure.
How is property tax worked out?+
Your county values the home and charges a percentage of that value each year. The percentage and the way they value it differ from place to place, sometimes street to street. Look up the real rate for the address instead of trusting an average.
Is a 15-year mortgage better than a 30-year one?+
It costs far less interest but demands a much bigger payment every month. The 30-year loan is easier to live with and leaves room for savings and emergencies. Neither is simply better, so compare both with real rates before choosing.
What is a good debt-to-income ratio?+
There is no single good ratio for every borrower or loan. Debt-to-income ratio is your monthly debt payments divided by your gross monthly income. A lower ratio generally leaves more room for the mortgage and unexpected costs, but lenders and loan programs set different limits and count some income and debts differently.
How do mortgage points affect my rate?+
One mortgage point costs 1% of the loan amount. Paying points can lower the interest rate, but there is no fixed amount by which one point reduces it. Compare the rate and total fees on real Loan Estimates, then work out how long the monthly saving would take to repay the upfront cost.
Should I pay PMI or put 20% down?+
Neither choice is automatically best. A 20% down payment can avoid conventional PMI and reduce the loan, but it may use cash you need for closing, repairs or emergencies. Compare the lender's PMI quote and monthly payment with the value of keeping a cash buffer. Conventional PMI may also be removable later if you meet the rules.