Mortgage Calculator:
Your true monthly payment
See exactly what you will pay every month — principal, interest, taxes, insurance, PMI, and HOA included. Compare loan terms and model extra payments to see your savings.
Home Price & Down Payment
Down Payment ($)
$40,000
Loan Amount
$360,000
Loan Details
Monthly Costs
≈ $367/mo
≈ $100/mo
Payment Breakdown & Balance
See how each yearly payment is split between principal and interest, and watch your loan balance decrease over time — just like your mortgage statement.
| Year | Payment | Principal | Interest | Extra | Balance |
|---|
Total Monthly Payment
Principal, Interest, Taxes, Insurance, PMI & HOA Fees
Loan Summary
Extra Payment Savings
How Much Could You Save?
How it works
Enter your home details
Input your home price, down payment, interest rate, and loan term. Add your local property tax rate, insurance, and any HOA fees for the most accurate estimate.
See your true payment
We show the full monthly amount — not just principal and interest, but taxes, insurance, PMI, and HOA too. No hidden surprises when your actual loan estimate arrives.
Compare and optimize
Toggle between 15-year and 30-year terms, model extra payments to see interest savings, and download a PDF report to share with your lender or partner.
Explore more free calculators
Also try our Compound Interest Calculator, Cloud Cost Calculator, and Calculators Hub.
Frequently asked questions
What is the Best Answer Hub Mortgage Calculator?
The Best Answer Hub Mortgage Calculator is a free, privacy-first browser tool that shows your true monthly mortgage payment — not just principal and interest, but the full amount including property taxes, homeowners insurance, PMI, and HOA fees. Enter your home price, down payment, interest rate, and loan term to see exactly what you will pay every month and over the life of the loan. You can also model extra payments to see how many years and dollars you will save. Everything runs instantly in your browser — no signup, no server, no data collection.
How much house can I afford on a $100,000 salary?
On a $100,000 annual salary, most lenders approve a monthly housing payment around $2,330 using the 28% front-end rule. At a 7% interest rate with 10% down, that translates to roughly a $375,000–$400,000 home price depending on local property taxes and insurance. Always factor in your existing debt payments, since the back-end 36% rule caps your total monthly debt at $3,000. Use the calculator above to test exact numbers with your local tax rate.
Why is my actual mortgage payment $400 higher than what the calculator showed me?
Most basic calculators only show principal and interest, which is typically just 60–70% of your real monthly payment. The missing 30–40% comes from property taxes, homeowners insurance, PMI if your down payment is under 20%, and HOA dues. On a $350,000 home, taxes and insurance alone often add $400–$600 per month. Our calculator shows the full PITI plus PMI and HOA upfront so there are no surprises.
What is the 28/36 rule for mortgage affordability?
The 28/36 rule is the standard lenders use to determine how much you can borrow. The 28% rule means your total monthly housing payment — principal, interest, taxes, insurance, PMI, and HOA — should not exceed 28% of your gross monthly income. The 36% rule means your total monthly debt payments, including the mortgage, car loans, student loans, and credit cards, should not exceed 36% of your gross income. Some lenders allow up to 43% with strong credit.
How much is PMI per month on a $300,000 house with 10% down?
With 10% down on a $300,000 home, your loan amount is $270,000 and PMI typically costs 0.5% of the loan balance annually, which works out to about $113 per month. PMI rates generally range from 0.3% to 1.5% per year depending on your down payment percentage and credit score. A larger down payment or higher credit score lowers your PMI. Our calculator auto-estimates PMI based on your down payment percentage.
When does PMI go away on a conventional loan?
On a conventional loan, PMI automatically drops off once your loan balance reaches 78% of the original home value, which usually happens around month 80 to month 110 depending on your down payment and interest rate. You can also request cancellation at 80% LTV once you have a payment history and a current appraisal. Making extra principal payments can get you to 80% LTV years earlier. Our calculator shows the exact month your PMI disappears based on your inputs.
Should I get a 15-year or 30-year mortgage?
A 15-year mortgage saves you tens of thousands in interest and builds equity faster, but your monthly payment is roughly 40–50% higher. A 30-year mortgage gives you a lower payment and more flexibility to invest the difference or handle income shocks. If the 15-year payment is under 25% of your gross income, it is usually the better financial move. If it strains your budget, take the 30-year and make voluntary extra payments when you can. Use the comparison panel in our calculator to see the exact difference for your numbers.
How much money do I need at closing if I am buying a $300,000 house with 10% down?
You will need the $30,000 down payment plus closing costs of 2% to 5% of the purchase price, which is $6,000 to $15,000 on a $300,000 home. That brings your total cash needed to roughly $36,000 to $45,000. Closing costs include loan origination, appraisal, title insurance, escrow setup, prepaid interest, and an escrow cushion for taxes and insurance. Some lenders offer no-closing-cost options that roll fees into a slightly higher rate.
What is included in a monthly mortgage payment besides principal and interest?
The full monthly housing payment — called PITI — includes four parts: Principal, Interest, Taxes, and Insurance. Many calculators stop there, but the real number also includes PMI if you put down less than 20%, plus HOA dues if you are buying a condo or a home in a managed community. On a typical $400,000 home, taxes and insurance can add $500 to $700 per month, and PMI can add another $100 to $300. Our calculator adds every component so you see the true payment.
How much can I save by making extra payments on my 30-year mortgage?
Even small extra payments create dramatic savings. Paying an extra $100 per month on a $350,000 loan at 7% can save you about $55,000 in interest and pay off the loan roughly 3.5 years early. An extra $200 per month can save over $95,000 and cut almost 6 years off the term. A single $5,000 lump-sum payment in year one can save $20,000-plus over the life of the loan. Our calculator instantly shows your years saved and interest saved whenever you add an extra payment.
Should I refinance my mortgage if rates drop by 0.5%?
A 0.5% rate drop is right at the borderline where refinancing starts to make sense. The standard rule of thumb is to refinance when rates fall by 0.5% to 1%, but the real deciding factor is your break-even point. Divide your total closing costs by your monthly savings to find how many months it takes to recover the refinance fees. If you plan to stay in the home longer than that break-even period, refinancing is usually worth it. On a $350,000 loan, a 0.5% drop saves roughly $100 per month.
Can I afford a house with a 5% down payment, or do I need 20%?
You can absolutely buy a house with 5% down on a conventional loan, and FHA loans allow as little as 3.5% down. The trade-off is PMI, which adds roughly $150 to $400 per month depending on your loan size and credit score. With 20% down, you eliminate PMI entirely and get a slightly better interest rate, but saving $80,000 for a $400,000 home takes most buyers years. If home values in your area are rising faster than you can save, buying at 5% down and paying PMI is often the smarter financial move.
How much does a 1% difference in interest rate affect my monthly mortgage payment?
On a $400,000 loan, a 1% rate difference changes your monthly principal and interest payment by roughly $265. Over 30 years, that 1% costs or saves about $95,000 in total interest. On a $600,000 loan, the monthly swing is about $400 and the lifetime difference is over $140,000. This is why shopping for the best rate and improving your credit score before applying can have a six-figure impact. Our calculator lets you toggle between rates to see the exact difference.
What is the difference between PMI and FHA mortgage insurance?
PMI applies to conventional loans when you put down less than 20%. It typically costs 0.3% to 1.5% annually and automatically cancels at 78% LTV. FHA mortgage insurance, called MIP, applies to all FHA loans regardless of down payment size. It includes an upfront premium of 1.75% rolled into the loan plus an annual premium of 0.55% to 1.05% paid monthly. Crucially, FHA MIP on loans with less than 10% down lasts for the entire loan term — it never drops off. Conventional PMI is almost always cheaper and cancellable.
Why did my monthly mortgage payment go up even though I have a fixed-rate loan?
A fixed-rate loan locks your principal and interest amount, but most homeowners pay through an escrow account that also covers property taxes and homeowners insurance. When your property is reassessed at a higher value or your insurance premium increases, your escrow payment rises to cover the new amount. Lenders are also required to keep a two-month cushion in the escrow account, so a big tax jump can create a double hit. The only way your P&I changes on a fixed loan is if you refinance or modify the loan.
What people pay
Principal and interest is $2,395. Taxes, insurance, and PMI add another $400. Total interest over 30 years: roughly $502,000.
Eliminating PMI and putting 20% down saves roughly $150/month versus 10% down. Total interest over the loan: about $327,000.
Higher monthly payment but total interest is only about $208,000 — roughly $350,000 less than a 30-year loan at the same rate.
Adding $200 extra principal per month pays off the loan roughly 5.5 years early and saves about $95,000 in total interest.
Scenarios are modeled estimates based on typical rates and costs as of May 2026. Your actual payment will vary by lender, location, and credit profile.