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How to use the Mortgage Calculator
- 1Enter the home price and your down payment (as a dollar amount or a percentage).
- 2Set the interest rate and loan term (30 or 15 years are most common).
- 3Add property tax, home insurance and HOA fees for a realistic total.
- 4Review the monthly breakdown and the amortization schedule below it.
What is included in a mortgage payment?
A typical monthly mortgage payment has four parts, often called PITI: Principal (paying down the loan), Interest (the lender's charge), Taxes (property tax, usually collected monthly into escrow) and Insurance (homeowners insurance). If your down payment is under 20% on a conventional loan, lenders usually add private mortgage insurance (PMI) until you reach about 20% equity. HOA dues are paid separately but still affect your budget, so this calculator includes them in the total.
How the monthly payment is calculated
The principal and interest portion uses the standard amortization formula: M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Early in the loan most of each payment goes to interest; over time more goes to principal. The amortization table shows exactly how that shifts each year.
Tips to lower your mortgage payment
Put down at least 20% to avoid PMI, compare rates from several lenders (even 0.25% makes a large difference over 30 years), consider a 15-year term if you can afford higher payments to save heavily on total interest, and ask your county about homestead property tax exemptions.
Worked example: a $400,000 home
Say you buy a $400,000 home with 20% down ($80,000), so you borrow $320,000 at 6.5% for 30 years. The principal and interest payment is $2,022.62 a month. Add typical property tax of 1.1% ($367/month) and $1,800/year home insurance ($150/month) and your full payment is about $2,540 a month. Over 30 years you would pay $408,142 in interest, more than the amount borrowed.
Choosing a 15-year term instead raises the principal and interest payment to $2,787.54 a month but cuts total interest to $181,758, saving over $226,000.
| Interest rate | Monthly payment | vs. 6.5% |
|---|---|---|
| 5.0% | $1,717.83 | −$305 |
| 5.5% | $1,816.92 | −$206 |
| 6.0% | $1,918.56 | −$104 |
| 6.5% | $2,022.62 | — |
| 7.0% | $2,128.97 | +$106 |
| 7.5% | $2,237.49 | +$215 |
Common mortgage mistakes
- Budgeting for principal and interest only: taxes, insurance, PMI and HOA fees often add 20–40% to the payment.
- Not shopping around: a rate just 0.5% lower saves about $100 a month and $38,000 over 30 years on a $320,000 loan.
- Stretching to the maximum approval: lenders approve what you can borrow, not what is comfortable with savings and other goals.
- Forgetting closing costs: plan for roughly 2–5% of the loan amount on top of your down payment.
Mortgage calculator by state
Pick your state for its property tax rates, county comparisons and example monthly payments.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Property tax rates by state
Average effective property tax rate (Tax Foundation, 2026 edition, based on 2024 Census data) and the monthly payment on a $400,000 home with 20% down, a 30-year loan at 6.5% and $1,800 a year for insurance.
| # | State | Tax rate | Tax on $400k | Payment / month |
|---|---|---|---|---|
| 1 | Illinois | 1.88% | $7,520 | $2,799 |
| 2 | New Jersey | 1.88% | $7,520 | $2,799 |
| 3 | Connecticut | 1.54% | $6,160 | $2,686 |
| 4 | Vermont | 1.51% | $6,040 | $2,676 |
| 5 | New Hampshire | 1.5% | $6,000 | $2,673 |
| 6 | Nebraska | 1.44% | $5,760 | $2,653 |
| 7 | Texas | 1.4% | $5,600 | $2,639 |
| 8 | Ohio | 1.36% | $5,440 | $2,626 |
| 9 | Iowa | 1.33% | $5,320 | $2,616 |
| 10 | Wisconsin | 1.32% | $5,280 | $2,613 |
| 11 | New York | 1.3% | $5,200 | $2,606 |
| 12 | Pennsylvania | 1.26% | $5,040 | $2,593 |
| 13 | Kansas | 1.21% | $4,840 | $2,576 |
| 14 | Michigan | 1.19% | $4,760 | $2,569 |
| 15 | Rhode Island | 1.12% | $4,480 | $2,546 |
| 16 | Massachusetts | 1% | $4,000 | $2,506 |
| 17 | Minnesota | 1% | $4,000 | $2,506 |
| 18 | South Dakota | 1% | $4,000 | $2,506 |
| 19 | Maine | 0.98% | $3,920 | $2,499 |
| 20 | Alaska | 0.94% | $3,760 | $2,486 |
| 21 | Maryland | 0.92% | $3,680 | $2,479 |
| 22 | North Dakota | 0.92% | $3,680 | $2,479 |
| 23 | Missouri | 0.89% | $3,560 | $2,469 |
| 24 | Oregon | 0.81% | $3,240 | $2,443 |
| 25 | Georgia | 0.79% | $3,160 | $2,436 |
| 26 | Oklahoma | 0.79% | $3,160 | $2,436 |
| 27 | Florida | 0.78% | $3,120 | $2,433 |
| 28 | Virginia | 0.78% | $3,120 | $2,433 |
| 29 | Indiana | 0.76% | $3,040 | $2,426 |
| 30 | Washington | 0.75% | $3,000 | $2,423 |
| 31 | Kentucky | 0.74% | $2,960 | $2,419 |
| 32 | California | 0.7% | $2,800 | $2,406 |
| 33 | North Carolina | 0.66% | $2,640 | $2,393 |
| 34 | New Mexico | 0.63% | $2,520 | $2,383 |
| 35 | Montana | 0.61% | $2,440 | $2,376 |
| 36 | Washington, DC | 0.6% | $2,400 | $2,373 |
| 37 | Mississippi | 0.58% | $2,320 | $2,366 |
| 38 | Arkansas | 0.56% | $2,240 | $2,359 |
| 39 | Louisiana | 0.55% | $2,200 | $2,356 |
| 40 | Delaware | 0.54% | $2,160 | $2,353 |
| 41 | Wyoming | 0.53% | $2,120 | $2,349 |
| 42 | Tennessee | 0.52% | $2,080 | $2,346 |
| 43 | West Virginia | 0.51% | $2,040 | $2,343 |
| 44 | Colorado | 0.5% | $2,000 | $2,339 |
| 45 | Idaho | 0.5% | $2,000 | $2,339 |
| 46 | Nevada | 0.5% | $2,000 | $2,339 |
| 47 | South Carolina | 0.49% | $1,960 | $2,336 |
| 48 | Arizona | 0.48% | $1,920 | $2,333 |
| 49 | Utah | 0.48% | $1,920 | $2,333 |
| 50 | Alabama | 0.37% | $1,480 | $2,296 |
| 51 | Hawaii | 0.29% | $1,160 | $2,269 |
Frequently asked questions
How much house can I afford?
A common guideline is to keep your total housing payment (including taxes and insurance) under 28% of your gross monthly income, and all debt payments under 36%. Use the calculator to find a home price whose total monthly payment fits that range.
When does PMI go away?
On conventional loans you can usually request PMI removal once your balance reaches 80% of the original home value, and it is cancelled automatically at 78%. FHA loans have different mortgage insurance rules.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has a higher monthly payment but a lower rate and dramatically less total interest. A 30-year mortgage keeps payments lower and more flexible. Compare both in the calculator to see the difference in total interest.
Is this calculator accurate?
It uses the same amortization formula lenders use. Your actual payment can differ slightly based on your lender's escrow estimates, exact tax assessment and insurance quote.
How much house can I afford on a $100,000 salary?
Using the common 28% rule, a $100,000 salary supports a total housing payment of about $2,333 a month. At 6.5% with 20% down and typical taxes and insurance, that is a home of roughly $350,000–$375,000.
Should I put 20% down?
20% down avoids PMI on conventional loans and lowers your payment, but it isn't required. Many buyers put down 3–10% and pay PMI until they reach 20% equity. Keep an emergency fund rather than emptying your savings.