How much house can I afford with my income?

Most lenders recommend your monthly mortgage payment not exceed 28% of your gross monthly income. For example, with a $100,000 annual income, you could afford approximately $2,333 monthly payment, which equals about a $400,000 home with 20% down.

What will my monthly mortgage payment be?

Your monthly mortgage payment depends on your loan amount, interest rate, and loan term. For a $400,000 home with 20% down at 6.5% interest, expect around $2,024 for principal and interest, plus taxes and insurance.

How much do I need for a down payment?

You can buy a home with as little as 3% down for conventional loans or 3.5% for FHA loans. However, putting down 20% helps you avoid PMI and get better interest rates.

Should I get a 15 year or 30 year mortgage?

A 30-year mortgage has lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significant interest and builds equity faster. Choose based on your monthly budget and long-term goals.

What credit score do I need for a mortgage?

Most conventional loans require a 620 credit score minimum. FHA loans accept scores as low as 500-580. Higher scores above 740 qualify for the best interest rates.

Mortgage Calculator with Today's Rates

Calculate your monthly mortgage payment including taxes, insurance, HOA, and PMI. Get accurate estimates based on current mortgage rates.

Mortgage Payment Calculator

Home Price

Down Payment

Interest Rate

Loan Term

Estimated Monthly Payment

$3,242/month

Principal & Interest: $2,598

Property Tax: $417

Home Insurance: $125

HOA Fees: $100

How to Use Our Mortgage Calculator

Our comprehensive mortgage calculator helps you determine your monthly payment for any home purchase. Simply enter the home price, down payment amount, current interest rate, and loan term to get an instant calculation.

What's Included in Your Payment

Principal and Interest: The base loan payment that goes toward paying off your mortgage
Property Taxes: Annual property taxes divided by 12 months
Homeowners Insurance: Required insurance to protect your property
PMI: Private Mortgage Insurance if your down payment is less than 20%
HOA Fees: Homeowners Association dues if applicable

Current Mortgage Rates

Today's average mortgage rates are around 6.5% for a 30-year fixed loan and 5.8% for a 15-year fixed loan. Rates vary based on your credit score, down payment, and loan type.