Mortgage Payment Calculator
See what a home price actually costs each month before you start touring properties.
What This Calculator Does
Enter the price, the loan type, the down payment, the rate and the term, plus property tax, insurance and HOA dues, to see the whole monthly payment a lender quotes: principal and interest, escrowed tax and insurance, HOA dues, and PMI or FHA mortgage insurance with the payment once it ends. The FHA upfront premium and the VA funding fee can be added to the loan or paid at closing, and the calculator warns when the loan is above the FHA or conforming limit for Miami-Dade, Broward and Palm Beach.
Who Is This For
Buyers sizing up a target price range, owners comparing loan terms, and anyone who wants a concrete monthly number before submitting an offer.
How It Works
Enter the home price and choose the loan type, then the down payment, the rate on your lender's quote and the term. Add the property tax rate, the yearly insurance premium and the monthly HOA dues if you know them; an empty field is left out of the total, never counted as zero. For a conventional loan with less than 20% down, enter your PMI quote or leave it empty for a published estimate. Press Calculate, open The loan for the details and download the PDF.
Frequently Asked Questions
What does the monthly payment include?
Principal and interest, property tax, homeowners insurance, HOA dues and mortgage insurance: PMI on a conventional loan with less than 20% down, MIP on every FHA loan. VA loans have no monthly mortgage insurance. Closing costs, maintenance and utilities are not part of it.
How much down payment does each loan need?
Conventional loans start at 3% down for qualifying buyers; FHA at 3.5% with a credit score of 580 or more, or 10% with 500–579; VA needs none. With 20% down, a conventional loan has no PMI.
When does mortgage insurance end?
By federal law, conventional PMI ends when the loan is scheduled to reach 78% of the original value, or at the loan's midpoint. FHA MIP lasts 11 years with at least 10% down and the life of the loan otherwise. The calculator shows the payment after it ends.
What are the FHA upfront premium and the VA funding fee?
FHA charges 1.75% of the loan up front. VA charges a one-time funding fee set by the down payment and by first or later use, unless the veteran is exempt. Both are usually added to the loan, which raises the payment slightly; they can also be paid at closing.
What if the loan is above the loan limit?
Above the conforming limit, a conventional loan is a jumbo loan under each lender's own rules; above the FHA limit, FHA won't insure it. The calculator still shows the payment and the down payment that brings the loan within the limit. Veterans with full VA entitlement have no VA loan limit.
Should I choose a 15-year or 30-year term?
A 15-year term raises the monthly payment but lowers total interest paid; a 30-year term keeps the payment smaller and preserves monthly cash flow. Compare both terms against your own budget and goals.