Use the free mortgage calculator below to estimate your monthly mortgage payment, including principal, interest, taxes, and private mortgage insurance (PMI). See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan terms.
Mortgage Calculator
Estimated Monthly Payment
$0.00
Principal & Interest$0.00
Property Tax$0.00
Homeowners Insurance$0.00
PMI$0.00
HOA$0.00
Purchase price:$0.00
Down payment:$0.00
Loan amount:$0.00
LTV:0%
Amortization table shows principal & interest only. Taxes, insurance, PMI, and HOA are separate.
Month
Payment
Principal
Interest
Paid to date (P&I)
Balance
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a commitment to lend.
Actual payment amounts, rates, and costs will vary by lender, borrower qualifications, and property details. Consult your licensed mortgage
professional for personalized quotes.
Common Loan Types
CONVENTIONAL
The classic mortgage—your interest rate and principal & interest payment stay the same for the entire term, often 30 years.
Good fit if: You have solid credit, steady income, plan to stay in the home for a while.
Down Payment: Can be as low as 3% for qualified buyers.
Mortgage Insurance: If you put down less than 20%, will typically have PMI; it can usually be removed later around 80% LTV.
Keep in mind: Better credit generally means better pricing (rate) and cheaper PMI.
FHA
A mortgage insured by the Federal Housing Administration with flexible guidelines—popular with first-time buyers. Good fit if: You want or need a smaller down payment and more forgiving credit/debt rules. Down Payment: Typically 3.5% minimum for qualified buyers. Mortgage Insurance: MIP is required (part upfront, part monthly); it can last a long time (life of loan)—many refinance later to remove it. Keep in mind: Lower barrier to entry, but total monthly cost can be higher than a similar conventional loan once MIP is included.
VA
A benefit for eligible veterans, active-duty service members, and some surviving spouses. Good fit if: You’re eligible and want strong terms with minimal upfront cash. Down Payment: Often 0% Mortgage Insurance: No PMI. There’s typically a funding fee (can be financed; waived for some). Keep in mind: You’ll need a Certificate of Eligibility (COE). VA loans are often very competitive on rate and costs.
USDA
A loan backed by the U.S. Department of Agriculture for eligible rural/suburban areas; has household income limits and for primary residence only. Good fit if: The home’s location and your income qualify—and you want minimal down payment. Down Payment: Often 0% Mortgage Insurance: No traditional PMI, but there’s a USDA guarantee fee (an upfront and an annual fee; often financed into the loan). Keep in mind: Property location and income must meet USDA rules, and there’s an extra eligibility review step in the process.
Smart Questions to Ask When Choosing A Lender
Do you offer or have access to first-time homebuyer programs (including down payment and closing cost assistance)? Can you check my eligibility and explain the total cost trade-offs?
Why: These programs can reduce your cash to close, but may come with some trade-offs such as: income or area limits, homebuyer education requirements, 2nd mortgage or forgiveable terms, higher rates, or longer timelines.
Is that the note rate or the APR?
Why:APR includes certain costs; good for comparing offers.
Are there any points or lender credits in this quote? How much?
Why: Points/credits change your cash to close and long-term cost.
Can I get a rate lock and for how long? Do you offer a float-down if rates drop?
Why: Protects you from market swings during the process.
Can I get a Loan Estimate today that also shows my cash to close?
Why: Puts the full numbers on paper so you can compare apples to apples.
If I have PMI, what's the monthly cost and when can it come off?
Why: PMI affects your payment. Knowing the timeline for its removal may help you decide how much to put down, adjust the price range you're shopping, and if you want to plan on paying more per month towards the principal.
Can you match a competing quote if I share the Loan Estimate?
Why: Keeps everyone honest and may save you money.
REALTOR® + Lender = Smooth Journey
Assemble your team and experience a smooth journey to HOME.
The process of paying off a loan over time through scheduled payments that cover interest and, gradually, more principal.
A month-by-month table showing each payment’s principal, interest, and remaining balance.
A comparison rate that includes the interest rate plus certain loan costs, expressed yearly. Useful for comparing offers; not used to calculate your payment.
An appraiser's (licensed professional) opinion of the home’s market value.
The dollar value determined by the appraisal.
A temporary arrangement (e.g., “2-1”) that lowers your interest rate for the first year(s) using prepaid funds, then it returns to the note rate. Prepaid funds may be provided by the buyer or seller.
Total you need at closing: down payment + closing costs + prepaids − earnest money deposit − any credits (seller/lender).
One-time fees paid at closing to get the loan and transfer the property (lender, title, appraisal, recording, real estate services, escrow startup, etc.). Closing costs must be paid with certified funds, such as a cashier's check—no personal checks.
The final, standardized document listing your exact loan terms and costs; delivered at least 3 business days before closing.
Money or credits the seller agrees to pay to help cover your costs, up to program limits.
Your total monthly debts, including the new mortgage payment, divided by gross monthly income (before taxes); used to gauge affordability.
Optional upfront fees you pay to permanently lower your interest rate. 1 point = 1% of the loan amount
Your cash toward the purchase price. Loan amount = purchase price − down payment. Your down payment will be paid as a part of your closing costs.
Good-faith deposit with your offer; later applied as a credit towards your closing costs.
A lender-managed account that collects monthly amounts for property taxes and homeowners insurance (and sometimes mortgage insurance) and pays those bills when due.
Extra funds (up to a limit) kept to prevent shortages in your escrow account.
Your ownership stake in the home. Equity = Market Value - Amount Owed
An option on some rate locks for a one-time rate reduction if market rates drop during the lock period.
Policy that protects the structure (and often belongings) against covered losses; usually escrowed and paid with your mortgage.
The rate used to calculate your principal & interest payment. Not the same as APR.
Money the lender applies to your closing costs in exchange for a slightly higher interest rate.
Early, standardized disclosure of your estimated terms and costs; useful for lender comparisons.
How long you’ll repay the loan (e.g., 30 years). Longer terms usually mean lower monthly payments but more total interest.
Loan amount ÷ (lower of) purchase price or appraised value; lower LTV can mean better pricing and no private mortgage insurance.
Insurance tied to certain loans when risk is higher. For conventional loans, this is typically private mortgage insurance when LTV is greater than 80%.
FHA’s mortgage insurance (upfront and annual components); cancellation rules differ from conventional PMI.
Policy protecting you from certain title defects after closing (separate from the lender’s title policy).
A lender charge for processing and creating the loan.
The core part of your monthly mortgage payment that repays the loan and its interest.
Principal, Interest, Taxes, and Insurance—your full monthly housing payment (also add PMI and HOA if applicable).
Mortgage insurance on many conventional loans when LTV is greater than 80%; protects the lender and can usually be removed later.
Upfront pricing adjustments: can be discount points (you pay to lower the rate) or negative points (lender credits).
A lender review of your credit, income, and assets indicating how much you can likely borrow; stronger than pre-qualification.
Up-front costs collected at closing to cover future home expenses, such as property taxes, homeowner’s insurance, and mortgage interest from date of closing through end of that month. They’re part of your closing costs and ensure funds are set aside in advance for those obligations.
The amount you borrow—or the remaining balance you still owe.
A commitment that holds your quoted interest rate for a set period (e.g., 30–60 days) while you close.
Funds the seller agrees to pay toward your allowable closing costs and prepaids (subject to program caps).
The closing worksheet showing the final dollar-by-dollar breakdown of who pays and who receives what.
Required policy that protects the lender against certain title defects; paid at closing (separate from owner’s policy).
The lender’s detailed review of your risk and documentation to decide on loan approval and conditions.
