Know your numbers
before you buy.

Enter your home price, down payment, interest rate, and loan term above. Your monthly payment is calculated using the standard amortization formula and includes principal, interest, property taxes, homeowner's insurance, HOA fees, and PMI if your down payment is under 20%.

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home purchase price. It typically costs 0.5%-1% of the loan amount per year. Our calculator shows exactly when your PMI drops off and how much it adds to your total cost — something most calculators skip.

An amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. In the early years, most of your payment goes toward interest. Over time, more goes toward paying down your balance. Use the Amortization Table tab above to see your full schedule by year or month.

A 15-year mortgage has higher monthly payments but you pay significantly less total interest and build equity faster. A 30-year mortgage offers lower monthly payments and more cash flow flexibility. Use the loan term dropdown in the calculator to compare both scenarios and see the difference in total interest paid.

A common guideline is to keep your total monthly housing payment (including taxes and insurance) below 28% of your gross monthly income, and your total debt payments below 43%. For example, on a $90,000 annual income, aim for a monthly payment under $2,100. Use the calculator above to find a home price that fits your budget.