Mortgage Calculator
Estimate your monthly mortgage payment and the full breakdown of carrying costs — principal & interest, property tax, home insurance, PMI, HOA, and other recurring expenses.
Your Result
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| Result | What it means? |
|---|---|
| < $800 / mo | Comfortable Monthly principal & interest is well within typical housing budgets. |
| $800 – $1,500 / mo | Moderate Monthly principal & interest is in line with median housing costs in many markets. |
| $1,500 – $2,500 / mo | Stretched Monthly principal & interest is high — lenders may flag the debt-to-income ratio. |
| > $2,500 / mo | Unaffordable Monthly principal & interest exceeds typical affordability guidelines. |
| — | Out of range Enter values above to see your monthly payment and its interpretation. |
Mortgage Formula
M = L · r(1+r)ⁿ ⁄ ((1+r)ⁿ − 1)
Standard fixed-rate amortizing payment formula. M = monthly payment, L = loan amount, r = monthly interest rate, n = number of monthly payments.
- Principal & interest stays constant month-to-month for a fixed-rate loan.
- Property tax and insurance can change each year — the breakdown above assumes your current values for the entire term.
- PMI typically drops off automatically once you reach ~22% equity, or can be removed by request at ~20%.
This calculator provides a planning estimate and does not constitute a loan offer. Actual rates, taxes, insurance, and PMI depend on the lender, location, credit profile, and down payment.