How much down payment do I need?

The minimum down payment varies by loan type. Conventional loans typically require 3–20%, FHA loans allow as little as 3.5%, while VA and USDA loans may require no down payment at all. A down payment of at least 20% lets you avoid PMI, which can save $50–200+ per month. A larger down payment also means a smaller loan, lower monthly payments, and less total interest paid over the life of the loan.

What is PMI and when can I remove it?

PMI (Private Mortgage Insurance) protects the lender if you default on your loan. It is required on conventional loans when your down payment is less than 20%. PMI typically costs 0.5–1.5% of the loan amount per year. You can request PMI removal once your equity reaches 20% of the home's original value, and lenders are required by law to cancel it automatically when your equity reaches 22%.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly lower total interest — you can save tens of thousands of dollars compared to a 30-year loan. A 30-year mortgage offers lower monthly payments and more cash flow flexibility, making it easier to afford a more expensive home. Use this calculator to compare both options: enter the same loan amount and interest rate with 15 vs 30 years to see the difference in total interest paid.

How does my interest rate affect my monthly payment?

Even small changes in interest rate have a significant impact. On a $300,000, 30-year mortgage, the difference between a 6% and 7% rate is roughly $190 per month — and over $68,000 in total interest over the life of the loan. Your credit score is the biggest factor in determining your rate. Improving your credit score before applying, shopping multiple lenders, and considering points (prepaid interest) can all help you secure a lower rate.

Mortgage Calculator - Calculate Monthly Payments & Total Cost

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Mortgage Calculator

Calculate your monthly mortgage payment including principal & interest, property tax, home insurance, and PMI. Enter your home price and loan details to get instant results.

Currency

Home Price

Down Payment

Percentage of home price

Loan Amount (Home Price – Down Payment)

Annual Interest Rate

Loan Term

10 yr 15 yr 20 yr 25 yr 30 yr Custom

Property Tax (annual) / Home Insurance (annual) / PMI (monthly)

Property Tax (annual)

$ /yr

Home Insurance (annual)

$ /yr

PMI (monthly)

$ /mo

PMI is typically required when down payment is less than 20% of home price.

Mortgage Calculation Results

Total Monthly Payment —

Principal & Interest —

Property Tax —

Home Insurance —

PMI —

Loan Amount —

Total Interest —

Total Payment —

This calculation is an estimate. Actual payments may vary based on your lender's terms. Property tax and insurance amounts are estimates — consult your local tax authority and insurance provider for accurate figures.

Frequently Asked Questions

A full mortgage payment (often called PITI) includes: Principal — the portion reducing your loan balance; Interest — the cost of borrowing; Property Tax — collected monthly and paid to your local government; Home Insurance — protects your property; and PMI (Private Mortgage Insurance) — required when your down payment is less than 20%. This calculator lets you include all these components for a realistic monthly estimate.

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