Your estimate
$2,622.26 estimated monthly housing payment
Mortgage estimate includes principal, interest, property tax, insurance, and PMI when down payment is below 20%.
Help
Estimate monthly mortgage pressure with principal, interest, taxes, insurance, and PMI.
About this calculator
How it works
It calculates principal and interest on the amount you borrow, then adds monthly property tax, home insurance and PMI when your down payment is below 20%. That total is what the home really costs you each month.
A worked example
A $350,000 home with $35,000 down leaves a $315,000 loan. At 6.5% for 30 years, principal and interest are $1,991.01. Add $350 of property tax, $150 of insurance and $131.25 of PMI, and the monthly payment is $2,622.26.
What is PMI and how do I avoid it?
Private mortgage insurance protects the lender when you put down less than 20%. A 20% down payment avoids it, and on most conventional loans you can ask to remove it once you reach 20% equity.
How much house can I afford?
Many lenders look for a total housing payment under about 28% of gross income. A safer test is whether the full payment fits your monthly budget while you still save and pay down debt.
Is a 15-year mortgage better than a 30-year?
A 15-year loan has a higher payment but a lower rate and far less interest. A 30-year loan keeps the payment lower. Compare both here before you decide.
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