// REAL ESTATE

Mortgage Calculator

Estimate your full monthly mortgage payment — principal, interest, property tax, insurance and PMI included.

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TAXES & INSURANCE

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Down Payment

    Frequently Asked Questions

    What is PMI?
    Private Mortgage Insurance is charged on most US conventional loans when you put down less than 20%. It protects the lender, not you, and typically costs 0.3%–1.5% of the loan per year. Set the PMI rate to 0 if it does not apply (for example, UK or Canadian mortgages — though Canada has CMHC insurance, which is usually added to the loan).
    How much house can I afford?
    A common guideline is total housing costs under 28% of gross income and total debt payments under 36%. Lenders may approve you for more, but that does not mean it is comfortable.
    15-year or 30-year mortgage?
    A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan gives you flexibility. You can always pay a 30-year loan faster; you cannot make a 15-year loan's payment smaller.
    Does this include closing costs?
    No. Budget an extra 2%–5% of the home price for closing costs (stamp duty in the UK, land transfer tax in Canada).

    For educational purposes only — not financial, tax or legal advice. Results are estimates; check with a qualified professional before making major decisions.