Compare payment scenarios by loan program. Adjust purchase assumptions, escrows, and program fees to understand estimated monthly payment and cash-to-close impact.
Mortgage Calculator
How to use this calculator
Start with the home price you're considering and the down payment you can comfortably bring. The calculator subtracts down payment from price to set your base loan amount. Pick the loan program — Conventional, FHA, VA, or USDA — because each has different mortgage-insurance treatment and upfront fees. Enter the interest rate you're being quoted (or check today's mortgage rates if you haven't shopped yet), and choose a 15-year or 30-year term. Property taxes are entered as an annual dollar figure or an effective rate, depending on whether you know the actual tax bill. Homeowners insurance and HOA dues are monthly. The calculator returns total PITI — principal, interest, taxes, and insurance — plus separately broken out FHA upfront MIP, monthly MIP, conventional PMI, or VA funding fee where applicable. Use the result as a realistic monthly housing cost rather than just a P&I figure, since taxes and insurance are typically half a percent or more of home value annually and meaningfully shift affordability.
How the math works
Monthly principal and interest follows the standard amortization formula: P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. The calculator solves this exactly using whatever rate you enter. Total PITI then adds: monthly property tax (annual tax ÷ 12), monthly homeowners insurance (annual premium ÷ 12), monthly HOA dues, and program-specific items. Conventional PMI applies when LTV is above 80% and is calculated as (loan × annual PMI rate) ÷ 12. FHA charges UFMIP at 1.75% of the base loan (typically financed) plus an annual MIP of 0.15–0.75% paid monthly. VA loans skip monthly MI entirely but charge a one-time funding fee of 1.4–3.6% (financed) depending on first or subsequent use, down payment, and disability status. USDA charges 1% upfront and 0.35% annually paid monthly. Use today's rate from the mortgage rates page when running the calculator — pricing changes daily.
When to use this vs the others
Use this calculator when you have a specific home in mind and want to model the full monthly payment. If you don't yet know how much home you can buy, start with the affordability calculator instead — it works backwards from your income and debts to a qualifying price. If you're planning extra principal payments and want to see payoff timing, the repayment calculator is the right next stop. For refinance scenarios where you already own the home, the refinance calculator handles the rate-and-term swap and break-even math.
Frequently asked questions
How accurate is this mortgage calculator?
The principal and interest math is exact (it uses the same amortization formula every lender uses). Tax and insurance figures are estimates — you'll get final numbers from your title company and insurance carrier during underwriting. PMI, MIP, and VA funding fee are calculated using current program rates but can vary slightly by lender and credit profile.
Does this calculator include PMI?
Yes. Conventional loans with less than 20% down trigger monthly PMI, calculated as (loan amount × annual PMI rate) ÷ 12. The annual rate ranges from about 0.3% to 1.5% depending on credit score and LTV. The calculator estimates a typical rate; your lender will quote your specific PMI based on credit pull.
What about FHA UFMIP and monthly MIP?
FHA UFMIP is 1.75% of your base loan amount, paid at closing or rolled into the loan balance (most borrowers finance it). Monthly MIP runs 0.15–0.75% of the loan balance annually depending on LTV, term, and loan size. The calculator includes both when you select FHA.
Why does my tax estimate look off?
Property taxes vary widely by county and millage rate. The calculator uses a national-average effective rate by default; if you know your county's actual rate (or the home's prior tax bill), enter that figure for a much more accurate PITI. North Carolina rates run 0.4–1.0% depending on county and municipality.
Can I model an interest-only or balloon loan?
This calculator is built for fully amortizing fixed-rate and ARM scenarios. Interest-only and balloon loans use different payment structures and aren't part of standard residential mortgages, so they're out of scope here. For DSCR loans, which sometimes offer interest-only, the DSCR calculator handles cash-flow math separately.