Free · Payment · Amortization · Affordability
Mortgage
Calculator
Know your true monthly payment — including property tax, insurance and PMI — and see how much you can really afford.
Monthly payment
Extra payments
Affordability
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Your loan
Taxes & other costs
Your monthly payment
Total monthly payment
$2,767
on a loan of $280,000
P & I
$1,770
Tax
$350
Insurance
$125
PMI
$0
HOA
$0
Total interest
$357,000
Extra payment
None — pays off in 30.0 years.
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How much house can you afford?
Uses the classic 28/36 rule: housing ≤ 28% of gross income and total debt ≤ 36%.
Max monthly payment (housing)
$1,867
Max home price
$389,000
At 20% down
$78,000
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20% down avoids PMI
With less than 20% down, lenders add private mortgage insurance (~0.5–1% of the loan per year) until you reach 20% equity.
Extra payments pay off
An extra $100/month on a $350k loan at 6.5% can cut ~4 years and save ~$50,000 in interest.
The 28/36 rule
Keep housing under 28% and total debt under 36% of gross income. It protects you and what lenders approve.
FAQ
Mortgage FAQ
How is a mortgage payment calculated?
The principal & interest portion uses the amortization formula M = P × r ÷ (1 − (1+r)^−n). Total monthly payment adds property tax, home insurance, PMI and HOA. This calculator does all of it.
What is a good down payment?
20% avoids private mortgage insurance (PMI) and lowers your payment. With less, most lenders allow 3–10% down but add PMI until you reach 20% equity.
How much house can I afford?
A common rule: keep your housing payment under 28% of gross income and total debt under 36%. At $80,000/year income, that means roughly $1,867/month for housing.
What is PMI?
Private mortgage insurance is required when your down payment is under 20%. It typically costs 0.5–1% of the loan per year and drops once you reach 20% equity.
Should I make extra payments?
Extra principal payments reduce the loan balance and can cut years off the term and thousands in interest. Even $100/month can save tens of thousands over 30 years.
What is the difference between 15 and 30 year mortgages?
A 15-year term has a lower rate and builds equity fast but a higher monthly payment. A 30-year term has a lower payment but you pay much more interest overall.
Do mortgage rates change over the loan?
With a fixed-rate mortgage, no — your rate and payment stay the same for the whole term. Adjustable-rate (ARM) mortgages change after an initial fixed period.
How much should I budget for closing costs?
Typically 2–5% of the purchase price, covering appraisal, title, origination and transfer fees. Some are negotiable or can be rolled into the loan.