Your Path to Homeownership
From affordability to payments and refinancing, get the clarity you need for your biggest financial decision.
Mortgage Payment Calculator
Estimate your monthly payment and explore a full amortization schedule.
Understanding Your Mortgage
Loan Types Explained
Conventional Loan
The most common type of mortgage, not insured or guaranteed by the federal government. They typically require a higher credit score and a down payment of at least 20% to avoid paying for Private Mortgage Insurance (PMI).
FHA Loan
Insured by the Federal Housing Administration, FHA loans are popular with first-time homebuyers due to their lower down payment requirements (as little as 3.5%) and more flexible credit score criteria. They require both upfront and monthly mortgage insurance premiums.
VA Loan
A valuable benefit for active-duty service members, veterans, and eligible surviving spouses. VA loans often require no down payment and do not have monthly mortgage insurance. However, they typically include an upfront VA funding fee.
USDA Loan
Backed by the U.S. Department of Agriculture, these loans assist low-to-moderate-income borrowers in eligible rural and suburban areas. They offer up to 100% financing, meaning no down payment is required, but include guarantee fees.
Key Terms
Principal
This is the amount of money you borrow from the lender to purchase the home. Your monthly payments will consist of paying back a portion of this principal, plus interest.
Interest
Interest is the cost of borrowing money, expressed as a percentage of the loan amount. A significant portion of your early mortgage payments will go towards paying interest.
Annual Property Tax
A tax levied by local governments on the value of your property. Lenders typically collect this as part of your monthly payment (in an escrow account) and pay the tax authority on your behalf.
Annual Home Insurance
Also known as hazard insurance, this policy protects your home against damage from events like fire or severe weather. Lenders require it to protect their investment, and it is also typically paid from your escrow account.
Annual PMI (Private Mortgage Insurance)
Required on Conventional loans with a down payment of less than 20%. PMI protects the lender if you default on the loan. While you can request its removal once your loan-to-value reaches 80%, lenders are required by law to automatically terminate PMI once your loan balance reaches 78% of the home's original value.
Monthly HOA Fees
If your property is in a community with a Homeowners' Association, you'll pay a monthly fee to cover the maintenance and improvement of shared areas and amenities.
FHA Mortgage Insurance (UFMIP & MIP)
FHA loans require two types of insurance: an Upfront Mortgage Insurance Premium (UFMIP) that's typically financed into the loan, and a monthly Mortgage Insurance Premium (MIP) that's part of your regular payment.
VA Funding Fee
Most VA loans include a one-time funding fee paid directly to the Department of Veterans Affairs. This fee helps lower the cost of the loan for taxpayers. It can be paid at closing or financed into the loan amount. Some veterans are exempt from this fee.
USDA Guarantee Fees
USDA loans come with two fees: an Upfront Guarantee Fee that is financed into the loan, and an Annual Fee that is paid monthly as part of your total payment. These fees support the USDA's loan program.
Amortization Schedule
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.
Gross Annual Income
Your total household income from all sources for a full year, calculated before any taxes or other deductions are taken out.
Debt-to-Income (DTI) Ratio
A key metric lenders use to measure your ability to manage monthly payments. It is the percentage of your gross monthly income that goes toward paying all your monthly debt payments, including the estimated new mortgage.
Closing Costs
A set of one-time fees paid at the end of a real estate transaction when the title of the property is transferred to the buyer. These are separate from the down payment and typically cover services like loan origination, appraisals, title insurance, and legal fees.
Credit Score
A three-digit number representing a borrower's creditworthiness. Lenders use it to determine the risk of lending money; a higher score generally leads to a lower interest rate.
Refinancing
The process of replacing an existing mortgage with a new one. Homeowners typically refinance to achieve a lower interest rate, shorten their loan term to pay it off faster, or tap into their home's equity to get cash out for other expenses.
Break-Even Point (Refinance)
The amount of time it will take for the money you save each month (from a lower payment) to completely cover the one-time closing costs of a new loan. After this point, you begin to realize true savings. This is a crucial metric for deciding if a refinance is financially worthwhile.
Cash-Out Refinance
A type of refinance where you take out a new, larger mortgage than what you currently owe. The difference is paid to you in a lump sum of cash. It's a common way for homeowners to use their home's equity to pay for large expenses like renovations or debt consolidation.
Loan-to-Value (LTV) Ratio
The percentage of a property's value that is financed through a mortgage, calculated by dividing the loan amount by the home's value. Lenders use LTV to assess risk. For a cash-out refinance, lenders typically require the new LTV to be no higher than 80%.
Why use our calculator
Our calculator is more than just a tool—it's a comprehensive suite of features designed to provide clarity, confidence, and control on your financial journey.
The 3-in-1 Toolkit
One powerful tool, three calculators. Analyze monthly payments, determine your home affordability, and explore detailed refinance scenarios all in one place.
Goal-Oriented by Design
Don't just get numbers, get answers. Our calculators are built around your goals, whether it's hitting a DTI target or deciding if refinancing makes sense.
Intelligent Assistance
Our tool acts like an expert assistant, suggesting realistic rates based on credit score and automating complex PMI and closing cost estimations for you.
Complete Privacy
Your financial data is yours alone. We do not collect, save, or track any of the information you enter into the calculator. Calculate with total peace of mind.
Powerful Comparison Engine
Analyze two different loan scenarios side-by-side. Instantly see how a change in interest rates, down payment, or loan type can impact your savings.
Comprehensive Loan Support
We handle all major loan types, including Conventional, FHA, VA, and USDA, with detailed, built-in rules for their specific insurance and fee structures.
Interactive Visualizations
Don't just see numbers, understand their impact. Our dynamic charts show your equity growing, interest shrinking, and the long-term path of your refinance.
Detailed & Transparent
Get the full picture. We provide a complete PITI breakdown, a full amortization table, and detailed cost analysis for total clarity on where your money goes.