Estimate the real monthly cost of a home — principal, interest, taxes, insurance, PMI and HOA — and see how different down payments change the picture. Results update as you type.
Extra principal each month shortens the loan and reduces total interest.
Monthly principal and interest use the standard fixed-rate mortgage formula M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. When the rate is 0%, we simply divide the loan by the number of months.
Property tax and insurance can be entered as annual dollar amounts, or left blank to use percentage-of-value assumptions (1.1% tax and 0.35% insurance per year). State pages automatically use a state-specific property-tax default. PMI applies only when the down payment is under 20%. Estimated cash needed adds roughly 3% closing costs to your down payment.
See the full methodology for assumptions and limitations.
It estimates principal and interest using a standard fixed-rate amortization formula, then adds property tax, homeowners insurance, PMI (when your down payment is under 20%), and any HOA dues you enter. The large number is your estimated total monthly housing payment.
When your down payment is below 20%, we apply a default private mortgage insurance rate of 0.5% of the loan per year. You can change this in the advanced settings. Reaching 20% equity typically removes PMI.
If you enter your annual income, we compare your total housing payment to your gross monthly income. Roughly 28% or less is labeled Comfortable, up to 36% Manageable, up to 43% Tight, and above that Stretching. These are general guidelines, not lending decisions.
Yes. Every input is stored in the page URL, so the Copy / share scenario button gives you a link that reopens the calculator exactly as you set it.
No. All results are estimates for planning and education only. They are not financial advice, a quote, or a guarantee of rates, approval, taxes, insurance or home values.