Mortgage Calculator
Plug in a price, get your real monthly payment. — no finance degree required 🎓 New to this? Try Affordability · Tap ⓘ to decode jargon.
Cal says: Start with the home price and I'll show you exactly what your monthly payment looks like — taxes, insurance, PMI, the works!
🏡 Mortgages in 30 seconds: You want a house. You don't have $350K in your couch cushions. So a bank lends you the money, and you pay it back monthly over 15–30 years. Each payment has two parts: (paying back what you borrowed) and (the bank's fee for being so generous with their money).
Slide, type, tinker — hover the ⓘ icons when the jargon gets weird.
$2,269.79
every month for 30 years (yes, really)
Monthly Breakdown
$280,000
$357,125
$637,125
Your $2,269.79/month, sliced up
The year-by-year truth about where your money goes (prepare to have feelings)
This is the rule of thumb banks use — and you should too:
28% Rule
Your total housing costs (mortgage + taxes + insurance) should eat no more than 28% of your gross monthly income. Go higher and you're entering "house poor" territory.
36% Rule
ALL your combined should stay under 36% of gross income. Beyond this, things get uncomfortable.
Example: Earning $6,000/month? Keep housing under $1,680 and total debts under $2,160. Your future self will thank you.
Go biweekly. Pay half your mortgage every two weeks instead of monthly. You'll make 26 half-payments (= 13 full payments) per year. One sneaky extra payment that shaves YEARS off your loan.
Round up. Payment is $1,770? Pay $1,800. That extra $30 goes straight to . Over 30 years, you'll save thousands. Coffee money → equity.
Rate shop like your wallet depends on it. Get quotes from 3–5 lenders. A 0.25% difference on $280K saves you $15,000–$30,000. That's a nice vacation fund.
Boost your credit first. Going from 680 to 740 can drop your rate by 0.5%+. Pay down credit cards, fix errors on your report, and be patient. It pays off — literally.
Beyond the mortgage payment, smart homeowners budget for these hidden costs that surprise first-timers:
Budget 1–2% of your home's value per year. A $350K home? That's $3,500–$7,000/year. Water heaters don't fix themselves.
Electricity, gas, water, trash, internet — these add up fast. A house typically costs more than an apartment to keep comfortable.
2–5% of the purchase price, paid upfront. On a $350K home, that's $7K–$17.5K. Yes, on top of your down payment.
Flood, earthquake, or hurricane insurance may be required depending on your location. Standard homeowner's insurance doesn't cover everything.
How much down payment do I actually need?
The "20% rule" is more like a "20% suggestion." Conventional loans often accept 3–5% down. go as low as 3.5%. The trade-off? Less down = and more interest over time.
15-year or 30-year — which should I pick?
30-year = lower payments, more flexibility, way more interest paid. 15-year = higher payments, less flexibility, tens of thousands saved. There's no wrong answer — just different trade-offs. Try both in the calculator above!
What credit score do I need?
620+ for . 740+ gets you the VIP rates. FHA accepts 580+. The higher your score, the lower your rate, and the more money stays in YOUR pocket.
What's the difference between interest rate and APR?
Interest rate = the base cost of borrowing. = the interest rate + fees baked in. APR is always a bit higher and gives you the TRUE cost. Always compare APR when shopping lenders — it's the only honest number.
Can I pay it off early?
Almost always, yes! Most modern mortgages have no prepayment penalties. Extra payments toward can save you a jaw-dropping amount of interest and chop years off your loan. Check out the amortization table above to see why.
📖 Still confused by a term? We've got you.
Our glossary has 35+ mortgage and home buying terms explained like a smart friend would — no textbook vibes.
Browse the GlossaryFirst-Time Buyer? Welcome Aboard. 🚀
We built this for people who've never bought a home. Zero jargon. Zero judgment. Hit our step-by-step roadmap next.
New to the U.S.? We've Got You. 🌍
We break down escrow, PMI, closing costs, and all the stuff that makes zero sense to newcomers.
How Buying a Home Actually Works (60-Second Version)
Fall in Love
You find a home, try not to get too emotionally attached, and agree on a price.
Put Money Down
You hand over cash upfront (the "down payment"). More cash = less borrowing.
Borrow the Rest
A bank covers the rest. This is your "mortgage" — a 30-year relationship with a bank.
Pay Monthly
Every month: part goes to your loan (principal), part to the bank's fee (interest).
Affordability Calculator
How much home can I actually swing?
Mortgage Glossary
35+ terms, zero confusion
Inspection Guide
Red flags & what inspectors look for
Home Buying Roadmap
From "maybe someday" to house keys
What Goes Into Your Monthly Payment
Your "mortgage payment" isn't one thing — it's four. Lenders abbreviate it as PITI: Principal, Interest, Taxes, Insurance. Add HOA dues if you're in a condo or planned community and you've got the full monthly outflow.
Principal & Interest
The actual loan repayment. Early on, almost all of it is interest — that's how amortization works. By year 15 of a 30-year loan, the split finally tilts toward principal. See the full schedule.
Property Taxes
Set by your county. National average is ~1.2% of home value annually, but ranges from 0.3% (Hawaii) to over 2% (New Jersey). Always check the actual rate for your specific address.
Homeowners Insurance
Required by your lender. Averages 0.5% of home value annually, but Florida, California wildfire zones, and Gulf Coast properties can be 3–5× higher. Shop this — premiums vary wildly.
PMI (if under 20% down)
Private Mortgage Insurance protects the lender, not you. Costs roughly 0.3–1.5% of the loan annually and automatically drops off at 78% LTV. Full PMI guide.
The Three Numbers That Actually Matter
Mortgage shopping has hundreds of variables, but three of them drive almost every decision. Get these right and the rest takes care of itself.
- Your debt-to-income ratio (DTI). Lenders want your total monthly debt — including the new mortgage — to stay under about 43% of your gross monthly income. Conventional loans are stricter, FHA is more lenient, and the cheaper your other debts the more house you can buy. Try the affordability calculator to see how DTI maps to a price range.
- Your credit score. The difference between a 660 and a 760 score on a $400K loan is roughly 1 percentage point of interest — about $80,000 over 30 years. Free score-monitoring tools are your friend in the year before you buy.
- Your cash reserves after closing. Down payment is what gets you the keys; reserves are what keeps you in the house when the AC dies in July. A reasonable target is 3–6 months of full PITI sitting in savings after you close.
Common Misconceptions We Hear All the Time
"You need 20% down to buy a house."+
False. Conventional loans go down to 3%, FHA to 3.5%, VA and USDA to 0%. The median first-time buyer puts down about 8%. 20% is a goal, not a gate.
"Pre-qualified means approved."+
Not even close. Pre-qualification is a soft estimate. Pre-approval is a verified credit and income check. Loan commitment after underwriting is the real deal. Don't waive contingencies based on pre-qual.
"Renting is throwing money away."+
Rent buys you flexibility, no maintenance, and zero exposure to home-price downturns. Whether buying beats renting depends on how long you'll stay. See our breakeven analysis on the rent vs buy page.
"You should always pay extra principal."+
Maybe. If your mortgage is at 6.75%, paying it down is a guaranteed 6.75% return. If the same dollars could go into a 401(k) match (effectively 100% return), do that first.
Want to See How the Math Works?
We publish our calculator's full methodology — the amortization formula, how PMI is estimated, how property tax and insurance are modeled, and exactly what we deliberately don't include.
Deeper Reading
Down Payment Strategies
3% vs 20% with real numbers, plus where the money can come from.
What Is Escrow?
Two different meanings, both important — explained without the jargon.
15-Year vs 30-Year
Side-by-side numbers and the flexibility argument nobody mentions.
When to Refinance
The breakeven formula and the cash-out refi traps to avoid.
Buying as a Non-Citizen
Loan options for green card, H-1B, ITIN, and foreign nationals.
12 First-Time Buyer Mistakes
The avoidable ones we see over and over.