What is a Conventional Loan?

A Conventional Loan is the most common type of mortgage, not insured 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).

An FHA Loan is insured by the Federal Housing Administration and is popular with first-time homebuyers due to lower down payment requirements (as little as 3.5%) and more flexible credit score criteria.

A VA Loan is a benefit for service members, veterans, and eligible spouses. VA loans often require no down payment and do not have monthly mortgage insurance, but they do include an upfront funding fee.

What is a Debt-to-Income (DTI) Ratio?

The Debt-to-Income (DTI) Ratio is 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 all your monthly debt payments, including the new mortgage.

What is Private Mortgage Insurance (PMI)?

PMI is insurance required on Conventional loans with a down payment of less than 20%. It protects the lender if you default on the loan. PMI can be removed once your loan-to-value ratio reaches 80%.

What are closing costs?

Closing costs are one-time fees paid at the end of a real estate transaction. They are separate from the down payment and cover services like loan origination, appraisals, and title insurance.

What does it mean to refinance a mortgage?

Refinancing is the process of replacing an existing mortgage with a new one. Homeowners typically refinance to get a lower interest rate, shorten their loan term, or tap into their home's equity to get cash out.

What is a Loan-to-Value (LTV) Ratio?

The LTV ratio is the percentage of a property's value that is financed through a mortgage. Lenders use LTV to assess risk, and it's a key factor in cash-out refinances, where an LTV of 80% or less is typically required.

Free Mortgage Calculator | Monthly Payments, PMI & Affordability

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Estimate your monthly payment and explore a full amortization schedule.

Loan Type

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Down Payment

FHA requires a minimum 3.5% down payment. Please adjust.

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Annual Property Tax

An estimate of local taxes you'll pay on the property each year. Click the pin icon to select a state for an average rate.

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Annual Home Insurance

An estimate of the cost to protect your home from damage each year.

Annual PMI

Private Mortgage Insurance, typically required if your down payment is less than 20%.

Monthly HOA

Homeowner's Association fees, common in communities with shared amenities.

Extra Monthly Payment

Adding extra to your monthly payment can significantly shorten your loan term and save you money.

Home Affordability Calculator

Determine the home price you can afford based on your income, debts, and down payment.

Gross Annual Income

Total Monthly Debts

Enter the sum of your monthly debt payments (e.g., car loans, student loans, credit card minimums). Do not include rent.

Your current debts use 0% of your monthly income.

Debt-to-Income (DTI) Ratio: 43%

Use this slider to set your maximum DTI target. This controls the affordability result. Lenders generally prefer a ratio of 43% or less.

43%

Down Payment

Credit Score

Auto-suggests an interest rate and applies the corresponding PMI rate for the calculation.

Interest Rate

Loan Term

Annual Property Tax

An estimate of local taxes you'll pay on the property each year.

Annual Home Insurance

An estimate of the cost to protect your home from damage each year.

Monthly HOA Fees

Homeowner's Association fees, common in communities with shared amenities.

Refinance Calculator

See if refinancing your mortgage makes sense for your financial goals.

Your Current Mortgage

Remaining Loan Balance

Current Interest Rate

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Current P&I Payment

This is the estimated Principal & Interest payment, calculated for you based on your loan balance, interest rate, and remaining term.

Your New Loan Offer

Current Home Value

Cash-Out Amount Desired

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New Interest Rate

New Loan Term (Years)

Estimated Closing Costs

This estimate is based on a percentage of the new loan amount for lender & third-party fees (like appraisal and title), plus fixed costs for government filings. Your actual costs will be on your lender's official Loan Estimate.

Your Affordability Estimate

Maximum Affordable Home Price

Estimated Monthly Payment

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Estimated Closing Costs
Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the home's purchase price.

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Your Refinance Analysis

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Base Scenario

Click to compare a second mortgage scenario side-by-side.

✅ No monthly mortgage insurance required on VA loans — unlike FHA/Conventional.

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

$0.00

P&I:

$0.00

Taxes: $0.00

Insurance: $0.00

HOA Fees: $0.00

PMI: $0.00

FHA MIP (Monthly Insurance):

FHA requires monthly mortgage insurance. This lasts for the full loan term unless you refinance.

$0.00

USDA Annual Fee:

The USDA annual fee is a monthly charge based on the outstanding loan balance.

$0.00

Extra Payment: $0.00

Estimated Closing Costs:

$0.00

Total Loan Cost:

$0.00

Total Principal Paid: $0.00

Total Interest Paid: $0.00

Upfront Fees Paid: $0.00

Total Years to Payoff: 0 years

Total Lifetime Payments (P&I, Taxes, Ins. & Fees) $0.00

FHA Insurance Details

UFMIP (Upfront Mortgage Insurance Premium): 1.75% of the loan amount, financed into the loan.

MIP (Mortgage Insurance Premium): 0.55% annually (standard rate for new FHA loans).

VA Funding Fee Details

USDA Guarantee Fee Details

Upfront Guarantee Fee: 1.00% of the loan amount, financed into the loan.

Annual Fee: 0.35% annually, paid monthly.

Comparison Scenario

✅ No monthly mortgage insurance required on VA loans — unlike FHA/Conventional.

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

$0.00

P&I:

$0.00

Taxes: $0.00

Insurance: $0.00

HOA Fees: $0.00

PMI: $0.00

FHA MIP (Monthly Insurance):

FHA requires monthly mortgage insurance. This lasts for the full loan term unless you refinance.

$0.00

USDA Annual Fee:

The USDA annual fee is a monthly charge based on the outstanding loan balance.

$0.00

Extra Payment: $0.00

Estimated Closing Costs:

$0.00

Total Loan Cost:

$0.00

Total Principal Paid: $0.00

Total Interest Paid: $0.00

Upfront Fees Paid: $0.00

Total Years to Payoff: 0 years

Total Lifetime Payments (P&I, Taxes, Ins. & Fees) $0.00

FHA Insurance Details

UFMIP (Upfront Mortgage Insurance Premium): 1.75% of the loan amount, financed into the loan.

MIP (Mortgage Insurance Premium): 0.55% annually (standard rate for new FHA loans).

VA Funding Fee Details

USDA Guarantee Fee Details

Upfront Guarantee Fee: 1.00% of the loan amount, financed into the loan.

Annual Fee: 0.35% annually, paid monthly.

Amortization Schedule

Base Scenario

Comparison Scenario

Your Path to Homeownership

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Your Current Mortgage

Your New Loan Offer

Your Affordability Estimate

Maximum Affordable Home Price

Estimated Monthly Payment

Estimated Closing Costs
Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the home's purchase price.

Your Refinance Analysis

Your Results

Base Scenario

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

Comparison Scenario

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

Amortization Schedule

Base Scenario

Comparison Scenario

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Mortgage Payment Calculator

Home Affordability Calculator

Refinance Calculator

Your Current Mortgage

Your New Loan Offer

Your Affordability Estimate

Maximum Affordable Home Price

Estimated Monthly Payment

Estimated Closing Costs Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the home's purchase price.

Your Refinance Analysis

Your Results

Base Scenario

Total Monthly Payment For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

Comparison Scenario

Total Monthly Payment For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

Amortization Schedule

Base Scenario

Comparison Scenario

Why use our calculator

The 3-in-1 Toolkit

Goal-Oriented Design

Intelligent Assistance

Secure & Local

Comparison Engine

Comprehensive Support

Interactive Visuals

Detailed & Transparent

Mortgagedly Resources & Guides

User Manual

Glossary of Terms

Methodology

Loan Types

Amortization

Closing Costs

Buying Points?

$50k Salary Guide

Rent vs. Buy

Frequently Asked Questions

Select a State

Estimated Closing Costs
Closing costs are fees paid at the end of a real estate transaction. They typically range from 2% to 5% of the home's purchase price.

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.

Total Monthly Payment

For USDA loans, the payment shown is for the first month. Your payment will decrease slightly over time as the monthly fee is based on the declining loan balance. See the amortization table for exact figures.