MORTGAGE & HOUSING
Mortgage Payment Calculator — Estimate Your Monthly Payment & Total Cost
Most buyers use a mortgage payment calculator to estimate their monthly cost before deciding how much house they can afford.
Target Home
Loan Details
Taxes & Insurance
How to lower your payment
- Increase down payment
- Choose longer loan term
- Lower purchase price
Estimated Monthly Payment
Total Monthly Payment
$2,441
This is your estimated monthly housing cost.
Principal & Interest
$1,991
Taxes
$350
Insurance
$100
Amortization Schedule
Estimates based on your inputs. Actual results may vary. Terms →
If your monthly payment exceeds 30–35% of your gross income, you are taking on elevated financial risk.
What should you do next?
To reduce monthly pressure, choose a lower target home price. To avoid PMI and lower your principal, wait to buy until you have a 20% down payment.
Is this payment too high?
Example
Example on a $400,000 home at 6.5%: → 10% down ($40k): ~$2,700/mo (Includes ~$150 PMI) → 20% down ($80k): ~$2,020/mo (No PMI) Difference: You save ~$680 per month ($8,160 per year). Over 5 years, the 20% down payment saves $40,800 in cash flow, offsetting the extra $40,000 upfront.
What to calculate next
Home Affordability Calculator
Most buyers use a home affordability calculator to estimate how much house they can realistically afford based on income, debt, and monthly budget.
Down Payment Calculator
Most buyers use a down payment calculator to estimate how much cash they need upfront and how it affects their monthly payment.
Mortgage Payoff Calculator
Calculate how many years of payments you can skip by adding to your principal.
How much will your mortgage cost per month?
Using a reliable mortgage payment calculator is the best way to stress-test your monthly budget before committing to a 30-year loan.
What affects your monthly payment?
- Interest rate
- Loan term
- Down payment
How to lower your payment
- Increase down payment
- Choose a longer loan term
- Lower your purchase price
How PMI impacts your payment
If your down payment is below 20%, lenders require Private Mortgage Insurance (PMI). This adds $100 to $300 to your monthly payment, offering no equity benefit to you. Removing PMI is the fastest way to lower your structural housing cost without changing your home price.
This tool helps you compare scenarios and understand trade-offs. Your actual decision depends on your timeline, finances, and personal priorities.