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Mortgage & Affordability Calculator
See your real monthly payment, including taxes, insurance and PMI, or flip it around and see how much house your income could support.
Estimated monthly payment
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Year-by-year
| Year | Principal paid | Interest paid | Balance left |
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How it's calculated
Total payment = P&I + Property tax ÷ 12 + Insurance ÷ 12 + PMI + HOAr = rate ÷ 12, n = years × 12. PMI applies when the down payment is under 20%.
Worked example
How affordability is estimated
We use a common lending guideline: your full housing payment (principal, interest, taxes, insurance, PMI and HOA) at or below 28% of gross monthly income, and all monthly debts at or below 36%. The lower of the two sets your budget. Lenders may approve more, and comfortable may be less, so treat this as a starting point.
Common questions
What's included in a mortgage payment?
Usually principal and interest, plus property taxes and homeowners insurance held in escrow. PMI is added if you put less than 20% down, and HOA dues are paid separately but still part of your housing cost.
When can PMI come off?
On most conventional loans you can ask to remove PMI at 20% equity, and it ends automatically at 22%. FHA loans have different rules.
15 or 30 years?
A 15-year loan has a higher payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower. Try both above to compare.
For education only. Estimates aren't a loan offer or financial advice. Actual rates, taxes, insurance and approval depend on your lender, location and credit.