Principal, interest, taxes, insurance, HOA, and PMI — the full monthly number.
Compare current rates from multiple lenders side by side before you lock one in.
Compare mortgage rates →Bundle-friendly quotes from carriers that cover your area.
Get insurance quotes →Your monthly mortgage payment is usually more than "principal and interest." Lenders often bundle in property tax and homeowners insurance (sometimes called PITI), and if your down payment is under 20%, private mortgage insurance (PMI) too. This calculator adds all of it together so the number matches what you'd actually see on a monthly statement.
Lenders require PMI when the down payment is below 20% of the home price, since a smaller down payment means more risk for them if you default. It's typically canceled once you've built enough equity — usually around 20%. This calculator estimates PMI at roughly 0.6% of the loan per year, a common ballpark; your actual rate depends on credit score and loan type.
Closing costs, HOA special assessments, and rate changes on adjustable-rate mortgages aren't included. Property tax rates also vary a lot by county — use your local rate if you know it instead of the default.
Generally 20% of the home's price. Below that, most conventional lenders require PMI until you reach that equity threshold, either through payments or home value appreciation.
Only if your loan is escrowed, which is common. The lender collects a portion each month and pays the tax bill on your behalf. Some buyers pay property tax separately — check your loan terms.
A 15-year term usually has a lower interest rate and far less total interest, but a significantly higher monthly payment. A 30-year term is more affordable month to month but costs more in interest overall. Try both terms in the calculator above to compare.