How much mortgage can I afford?

Generally, your monthly housing costs should not exceed 28% of your gross monthly income. Use this tool to test different loan amounts.

What is PMI (Private Mortgage Insurance)?

PMI is usually required if your down payment is less than 20% of the home value. It protects the lender, not you.

Should I choose a 15-year or 30-year term?

15-year loans have lower interest rates and less total interest but higher monthly payments. 30-year loans offer more monthly flexibility.

Mortgage Calculator - US Home Loan Payment Estimator

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Property Details

Home Price

Down Payment

Interest Rate (%)

Loan Term

Property Taxes (Yearly)

Insurance (Yearly)

Monthly Payment Breakdown

$2,120

Estimated Monthly Payment

Principal & Interest$1769.79

Taxes & Insurance$350.00

Total Interest Paid$357,124.57

A 20% down payment usually eliminates the need for Private Mortgage Insurance (PMI), saving you hundreds every month.

Common Questions (FAQ)

Mortgage Calculator: Estimate Your Path to Homeownership

Buying a home is the biggest investment most people make. Understanding your monthly mortgage payment is crucial for budgeting. Our tool breaks down principal, interest, taxes, and insurance (PITI).

Factor in the Hidden Costs

Beyond the loan itself, remember to include property taxes and homeowners insurance for a realistic estimate of your monthly cash flow.

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Last updated: April 3, 2026

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