About this tool
The number a lender quotes is principal and interest, but the payment that leaves your account each month also includes property tax, home insurance, private mortgage insurance if your down payment is under 20%, and any HOA dues. This calculator adds all of them up so a $350,000 house at 6.5% shows its real monthly cost, and it reports the total interest over the term and the balance at each five-year mark.
Change the term to see how a 15-year loan roughly doubles the principal paid each month while cutting total interest by more than half, or change the down payment to see when PMI disappears.
How to use it
- Enter the home price, down payment percentage, interest rate, and term.
- Add property tax, insurance, HOA dues, and PMI if you are putting less than 20% down.
- Compare the total monthly payment with your budget; lenders like it under 28% of gross income.
Questions
How much house can I afford?
A common lender rule is that the full monthly payment should stay under 28% of gross monthly income, and all debt payments under 36%. The calculator shows the income that satisfies the 28% rule for the payment you entered.
What is PMI and when does it end?
Private mortgage insurance protects the lender when you put down less than 20%. It typically costs 0.3 to 1.5% of the loan per year and can be removed once you reach 20% equity (automatically at 22%).
Is anything I type sent anywhere?
No. The calculator runs entirely in your browser; nothing is stored or transmitted. Refresh the page and it starts clean.
Is it free, are files uploaded, which browsers work: the general questions are answered once for the whole site.