|Principal & Interest
|PMI not required
Mortgage Calculator Summary
Your 20% down payment results in a $464,000 mortgage. The 6.75% interest rate you've chosen approximates a mortgage payment of $4,218* to be paid over 30 years.
*Includes monthly tax and insurance of $967 and $242, respectively.
PMI is not required when you make a down payment of 20% or more.
Your loan amount appears to be within 2023 mortgage loan limits.
Step 1: Enter the combined annual gross income of all applicants.
Step 2: Enter total monthly debt payments, including cars, credit cards, student loans, etc. Exclude utilities and other non-debt related expenses.
You must include taxes and insurance. Your lender will factor these payments whether or not you include them in your mortgage payment.
HOA fees are not included in your mortgage payment. However, they are considered when calculating your housing and debt-to-income ratios and must be accounted for.
Our Mortgage Calculator Now Includes PMI, Conforming Loan Limits, Housing & Debt-to-Income Ratios
Many of the mortgage calculators found online are full of meaningless bells and whistles that might look neat but provide no real value. We prefer to display useful, relevant payment information as quickly and as easily as possible.
Results Now Include
- Property Taxes
- Homeowner's Insurance
- County Loan Limits
- Housing Ratio
- Debt-to-Income Ratio
Adding PMI has made estimating a more accurate monthly payment for homebuyers with less than 20% down payments more reliable. Our PMI rates account for your down payment amount and estimated credit score. While actual PMI rates vary by provider, our mortgage calculator should give you an idea of what to expect. Hopefully eliminating as much payment shock as possible.
Affordability is both objective and subjective. Two families with identical incomes may choose to spend and save differently. What you consider affordable and what I do may differ significantly. From a lending standpoint, it is much more objective.
In addition to variables like credit score and job stability, your debt-to-income ratio is extremely important. We've added debt-to-income and housing ratios to our mortgage calculator to better guide you towards an affordable home. Much time is to be saved knowing more realistically how much you can spend on your new home.
Conforming loan limits are important if your budget is on the higher side. Any traditional mortgage loan that is above its county loan limit is considered a jumbo loan, which is fine. There is nothing wrong with jumbo loans. However, they may carry with them different terms and approval criteria than their conventional counterpart.
Using a Mortgage Calculator to Determine the Impact of Rising Mortgage Rates on Your House Payment
At the end of 2021, the average 30-year fixed mortgage rate was just above 3%. In just two years, mortgage rates are closer to 7.5%.
If you're buying a house, that is not the most welcome of trends. However, neither you nor I nor we can do much about that.
Of the three factors that go into how much your mortgage payment will be - loan amount, loan term, and interest rate - the interest rate remains the one of which we have the least control. Sure, we can shop around to save a fraction here and there, but unfortunately, "rates are rates" is more than a quote I just made up.
Using the 3% to 7.5% rate jump over the last few years, a 30-year, $500,000 loan is $1,388 MORE now than it was in late 2021. So yeah, rate matters. We won't pretend it doesn't.
So what to do about it? There are countless TikToks and whatnot out there stoking fear and telling you what to do. That fact is the market is what it is, and you have to make a choice.
- Buy a House
- Don't Buy a House
As much as we'd like to think we make decisions objectively and with reason, we rarely do. Why else do I have a $35 pair of socks?
People buy homes for all kinds of reasons, least of which is perfect market conditions.
Option 1: Buy a House
It is true. If your payment budget is x-amount, your price range is lower today than it was pre-covid. We can whine about that or deal with it. If that new price range means homes that don't meet your standards, whether in quality, location, size, whatever, then proceed to Option 2.
If your new price range still includes homes that match your lifestyle requirements, terrific.
But rates and prices are high, why would I buy now?
Trying to time the market, eh? Good luck with that.
We have no idea what the future holds. If you want to buy a house now, don't let an internet video stop you from doing so. If you want to wait, that's fine, too.
Rates might go up. Rates might go down. Home values might go up. Home values might go down. Although let's hope that last one minds its business.
So, if you buy a house now and rates go up, congrats! You have a lower rate than if you had waited.
If you buy a house now and rates go down, you might be able to refinance. Stressing "might", refinancing isn't a given. But as long as things don't get crazy, it should be an option.
If you buy a house now and prices go up, congrats! You paid the appropriate price for your new home, and it appears to be appreciating.
If you buy a house now and prices go down, well, this one isn't ideal. However, as long as you have no plans to move and you didn't make this purchase as a speculative investment, this shouldn't matter much in the long run. Sure, maybe you could have paid less if you timed it just right. Regardless, you now own a home.
Option 2: Don't Buy a House
There is nothing wrong with renting. Owning a home is not for everyone. And if it is for you but current market conditions have other plans, then it'll have to wait.
Higher interest rates have made renting the default option for more and more potential homebuyers. That's an unfortunate reality that includes the side effect of driving rent prices up.
Whether buying or renting, housing has never been more expensive. However, you have options. We've built the tools and mortgage calculators on What's My Payment to present those options and make navigating this market more bearable.
Whichever option you choose, we are here to help.
Mortgage Calculator Instructions
To enhance your experience when using our mortgage calculators, we use your browser to remember your settings and payment inputs. If you navigate around or come back later, we'll populate our calculators with your most recent payment request.
FYI — If you use private, incognito, or similar browsing experience, your browser won't remember once you close the window.
Easily toggle from inputs to results and back using the edit and results buttons fixed to the bottom of your screen.
How to Use Our Mortgage Calculator
Our mortgage calculator provides the power to easily switch from conventional loans to our signature government loan calculators.
Not all payment calculations are the same. FHA, VA, USDA, and conventional loans each have intricacies unique to themselves. Use the tabs located above the purchase price to toggle from one calculator to another.
As you might expect, Purchase Price is the price you're paying for your home. All payment calculations begin here. Type, paste in a value, or use the slider to initiate your payment calculation.
Your Down Payment is the amount of money out of pocket you are paying for your home. Typical down payments are 5%, 10%, or 20% of the home's purchase price.
Type or paste a value to declare your down payment or simply select a preset percentage. The loan amount we use to calculate your monthly payment results from subtracting your down payment from the inputted purchase price.
Your Interest Rate is determined by your mortgage lender. The lower the better.
Mortgage rates are typically offered in 1/8th percentage (0.125%) increments.
Use the or buttons to adjust your rate up or down 0.125%.
Some lenders may occasionally offer a rate designed to entice, such asx.99%. In this case, you can manually enter an interest rate.
The Loan Term is the number of months it will take to repay your loan in full. A typical mortgage term is 30 years, so we default to this. 15 years is next common. Use the preset loan term buttons to easily compare the impact the term will have on your payment.
If you need to, you can use the dropdown to select any term up to 360 months (30 years). This might be handy if you are refinancing and do not want to extend your term back out to 30 years or want to have your loan paid off by a certain date, like before you retire.
Property taxes and homeowner's insurance are optional inputs. Most homebuyers include them in their monthly payment.
Property Taxes vary greatly depending on your location. Somewhere in the range of 1% to 3% of the purchase price annually is normal.
When you make property tax changes, we will remember your tax rate as a percentage of your purchase price. That way when you increase or decrease your purchase price the property taxes will adjust accordingly.
Your Homeowner's Insurance rate is also dependent upon your location. 0.3% to 1% of your home's price is normal.
Like property taxes, we'll remember your insurance rate and adjust the annual premium as you make purchase price changes.
You have the option to lock property tax and insurance amounts when changing the purchase price. This is handy if you are exploring payments for a specific property at different purchase prices and don't want these amounts to change.
Other Types of Mortgage Calculators
Our main mortgage calculator uses parameters found in traditional conforming and jumbo loan programs. However, not all mortgage payments are the same.
Government loans - like FHA, VA, and USDA - all differ in their own ways from a conventional mortgage payment.
FHA loans include upfront mortgage insurance and an annual mortgage insurance premium you pay monthly as part of your house payment. Yes, it's confusing, but we handle all the intricacies of FHA payment calculations here.
USDA loans are similar to FHA but have their own nuances, including no down payment and extended terms of 33 and 38 years available with the USDA Direct home loan program. We handle that for you, too.
Finally, VA loans don't have monthly or annual mortgage insurance, but there is a funding fee that must be dealt with. Do your VA calculations here.
Supplemental Mortgage Calculators
There will be times when you need more than just a monthly payment. If there is a calculator you cannot find but think we should have, let us know and we'll consider building it.
We have many tools in the hopper and coming soon. In the meantime, here's our current list of mortgage calculators.
Homes That Match Your Calculator Results
We use the purchase price you used to calculate your payment to find homes for sale in your area. You can refine your home search and the homes we show you by editing your search criteria.
Home listings are updated multiple times per day. Please check back often for new listings in your area.