Calculate your monthly payment, see the full amortization schedule, compare refinance options — all in one place.
See how each payment is split between principal and interest over the life of your loan.
| Month | Payment | Principal | Interest | Balance |
|---|
Compare your current mortgage with a new loan and see exactly how much you'll save.
| Current | New | |
|---|---|---|
| Monthly Payment | — | — |
| Monthly Savings | — | |
| Total Interest | — | — |
| Break-even Point | — | |
| Lifetime Savings | — | |
Based on your income and debts, we'll calculate the maximum home price you can comfortably afford.
Enter your home price, down payment, loan term, and interest rate. The calculator instantly shows your monthly payment broken down into principal and interest. Switch tabs to see the full amortization schedule, compare refinance options, or check how much house you can afford based on your income.
Your monthly mortgage payment typically includes principal (paying down your loan balance), interest (lender's fee), property taxes (escrowed), and homeowner's insurance (PMI if down payment is under 20%). This calculator shows the principal + interest portion. Add 1–2% of home value annually for taxes and insurance for a realistic total payment estimate.
This site does not publish live rate data. A rate printed on a static page is out of date within days, and an out-of-date rate is worse than none at all. For current averages, check Freddie Mac's Primary Mortgage Market Survey, which is published weekly, or simply ask two or three lenders.
What does not change is how the loan types relate to each other. Those relationships hold whether the market is at 3% or 8%, and they are what actually help you choose. Once you have a real quote, put it into the calculator above to see what it costs you.
| Loan Type | Rate vs 30-Year Fixed | Best For | The Catch |
|---|---|---|---|
| 30-Year Fixed | The baseline everything else is quoted against | Buyers who want the lowest monthly payment | Far more total interest than any shorter term |
| 15-Year Fixed | Typically lower, since the lender's money is at risk half as long | Buyers who can absorb a higher payment | The payment is substantially higher and cannot be lowered later |
| 5/1 ARM | Usually lower for the fixed period, then floats | Buyers confident they will sell or refinance early | If plans change, the rate can adjust upward sharply |
| FHA (30-Year) | Often competitive, sometimes below conventional | First-time buyers with 3.5% down or lower credit | Mortgage insurance lasts the life of the loan under 10% down |
| VA (30-Year) | Typically among the lowest available | Eligible veterans and active military | Requires qualifying service; a funding fee usually applies |
The standard rule is to keep your total housing costs (principal, interest, taxes, insurance) below 28% of your gross monthly income — the front-end DTI ratio. Lenders also look at your total debt payments (including car loans, student loans, credit cards) staying below 36–43% of gross income.
| Annual Income | Max Monthly Payment (28%) | Estimated Home Price (assuming 6.75%, 30yr, 10% down) |
|---|---|---|
| $60,000 | $1,400 | ~$195,000 |
| $80,000 | $1,867 | ~$260,000 |
| $100,000 | $2,333 | ~$325,000 |
| $120,000 | $2,800 | ~$390,000 |
| $150,000 | $3,500 | ~$490,000 |
The minimum down payment depends on the loan type. Conventional loans require as little as 3% for first-time buyers, but putting down less than 20% triggers Private Mortgage Insurance (PMI), typically 0.5–1.5% of the loan amount per year. FHA loans allow 3.5% down with a credit score of 580+.
A larger down payment lowers your monthly payment, eliminates PMI, and often qualifies you for a better interest rate. On a $350,000 home, going from 5% to 20% down saves roughly $180/month in PMI alone — over $2,100 per year.
Not all mortgages are the same. The right loan type depends on your credit score, down payment, military status, and where you're buying. Here's a breakdown of the most common mortgage programs available to US buyers:
| Loan Type | Min Down Payment | Min Credit Score | Who It's For | PMI Required? |
|---|---|---|---|---|
| Conventional | 3%–20% | 620+ | Most buyers with good credit | Yes, if <20% down |
| FHA | 3.5% (580+ score) | 500+ | First-time buyers, lower credit | Yes (MIP, lifetime) |
| VA | 0% | No minimum | Veterans, active military, spouses | No |
| USDA | 0% | 640+ | Rural/suburban buyers, income limits | No (annual fee applies) |
| Jumbo | 10%–20% | 700+ | High-cost areas, loans above $766,550 | Varies by lender |
Conventional loans are the most common and offer the most flexibility, especially if you have a credit score above 700 and can put 20% down. FHA loans are popular with first-time buyers because of the lower credit score threshold, but note that FHA requires mortgage insurance for the life of the loan if your down payment is under 10%. VA loans are one of the best deals in finance — no down payment, no PMI, and competitive rates — but require qualifying military service. USDA loans are often overlooked; they cover a surprisingly large portion of the US (not just farms), and income limits are higher than many buyers expect.
Your mortgage rate isn't fixed — lenders calculate it based on your financial profile. Here's how to position yourself for the lowest possible rate before you apply:
Closing (also called settlement) is the final step in buying a home. It typically happens 30–60 days after your offer is accepted. Here's what you need to bring and what to expect:
Closing costs range from 2–5% of the loan amount. On a $350,000 home with a $280,000 loan, expect $5,600–$14,000 in fees including: origination fee (0.5–1% of loan), appraisal ($400–$700), title insurance (~$1,000), recording fees ($25–$250), prepaid interest (depending on closing date), and the first year's homeowner's insurance.
What to bring: Government-issued photo ID, a cashier's check or wire transfer for the closing amount (personal checks are usually not accepted), and your final loan documents to review. Read everything carefully — compare the final Closing Disclosure to the Loan Estimate you received three days before closing.
After closing: Your first mortgage payment is typically due on the 1st of the month following one full calendar month after your closing date. For example, if you close on July 15, your first payment is due September 1. Use our calculator to confirm your payment amount and review the full amortization schedule so you know exactly how your loan will pay down over time.
Everything about mortgage calculations and home buying.