Mortgage Calculators
Free mortgage calculators for every type of home loan. Estimate monthly payments, compare FHA, VA, conventional, and jumbo mortgage options, and find the right loan program for your home purchase.
Understanding Mortgage Types
Choosing the right mortgage is one of the largest financial decisions most people will make. The type of loan you select determines your down payment requirement, monthly payment, interest costs over the life of the loan, and the insurance you will need to carry. Our mortgage calculators are designed to help you compare these options side by side so you can make an informed decision based on realistic payment estimates for each loan program.
FHA loans are insured by the Federal Housing Administration and are popular with first-time homebuyers because they require a down payment as low as 3.5% and have more flexible credit requirements than conventional loans. However, FHA loans require mortgage insurance premiums (MIP) that add to your monthly payment, and this insurance typically cannot be removed without refinancing. The FHA loan calculator factors in these MIP costs so you can see the true monthly obligation.
VA loans are available to eligible veterans, active-duty service members, and surviving spouses, and offer the significant benefit of no down payment and no private mortgage insurance requirement. Backed by the Department of Veterans Affairs, these loans often have competitive interest rates and more flexible qualifying guidelines. The VA funding fee is a one-time cost that can be rolled into the loan amount, and the calculator helps you understand how this affects your total borrowing costs.
Conventional mortgages are the most common type of home loan and are not backed by a government agency. They typically require a down payment of at least 3% to 5% and private mortgage insurance (PMI) if you put down less than 20%. Conventional loans often offer the best interest rates for borrowers with strong credit and sufficient down payment. Jumbo loans are conventional mortgages that exceed conforming loan limits set by Fannie Mae and Freddie Mac, and are used for higher-priced properties. These loans typically require larger down payments and higher credit scores than standard conventional mortgages.
For other financing needs, explore our home equity calculators, business loan calculators, or return to the main loan calculator for general-purpose payment estimates.
Key Components of a Mortgage Payment (PITI)
Most monthly mortgage payments in the United States consist of four parts, commonly abbreviated as PITI: Principal, Interest, Taxes, and Insurance. Lenders often require PITI to be paid into an escrow account so that property taxes and insurance premiums are never missed.
Principal and Interest (P&I)
The principal is the amount you borrowed and must repay over the life of the loan. Interest is the cost the lender charges for lending you that money. On a fixed-rate mortgage, your P&I payment stays the same every month, but the split between principal and interest changes over time — early payments are interest-heavy, later payments are principal-heavy. This is called amortization.
The standard amortization formula used to compute the fixed monthly P&I payment is:
M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]Where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
Worked example — $320,000 loan at 6.5% APR for 30 years. Follow these steps:
- Convert the annual rate to a monthly rate: r = 0.065 ÷ 12 = 0.005417 (about 0.542% per month).
- Calculate the total number of payments: n = 30 × 12 = 360 monthly payments.
- Compute (1 + r)n: (1.005417)360 ≈ 6.991.
- Plug into the formula: M = 320000 × [0.005417 × 6.991] ÷ [6.991 − 1] = 320000 × 0.03787 ÷ 5.991 ≈ $2,022.62.
So the monthly principal-and-interest payment is $2,022.62. Over 360 payments that totals $728,142.36, of which $408,142.36 is interest. You can verify this result in any spreadsheet (Excel, Google Sheets) using =PMT(0.065/12, 360, -320000), or with our FHA mortgage calculator.
Property Taxes
Property taxes fund local schools, roads, and municipal services. They vary widely by jurisdiction — U.S. homeowners pay an effective average of roughly 1.1% of their home's assessed value each year, but rates can range from under 0.5% in some states to over 2% in others. (Source: Tax Foundation — State Property Tax Collections by State; always confirm with your local county assessor for the exact rate that applies to a specific property.)
Homeowners Insurance
Lenders require you to carry hazard insurance to protect their collateral (your home) against fire, storms, theft, and liability. National average premiums typically run $1,000–$2,500 per year depending on location, dwelling coverage, and deductible. (Source: National Association of Insurance Commissioners market data.)
Mortgage Insurance (PMI or MIP)
If your down payment is less than 20% of the home's value, lenders usually require private mortgage insurance (PMI) on conventional loans, or mortgage insurance premiums (MIP) on FHA loans. PMI typically costs between 0.3% and 1.9% of the original loan amount per year, depending on your credit score, loan-to-value ratio, and loan type. (Source: Consumer Financial Protection Bureau.) PMI can usually be removed once your loan-to-value ratio reaches 80%; FHA MIP rules differ and often last for the life of the loan.
Mortgage Rates in 2026: What to Expect
Mortgage rates in the United States are influenced by the Federal Reserve's monetary policy, inflation expectations, the 10-year Treasury yield, and broader economic conditions. From 2024 into 2026, 30-year fixed mortgage rates remained elevated by historical standards — roughly double the sub-3% lows seen in 2020–2021.
Rather than hard-code a rate that may be outdated by the time you read this, we recommend checking live averages directly from the most authoritative sources:
- Freddie Mac Primary Mortgage Market Survey® — the weekly benchmark most lenders and journalists cite.
- CFPB Owning a Home — official guidance on rates, loan estimates, and closing disclosures.
- Federal Reserve H.15 Selected Interest Rates — daily rates published by the Fed.
When you input a rate into our calculators, use the APR (annual percentage rate) your lender quotes on the Loan Estimate, not the nominal rate — APR includes most upfront fees and gives a more accurate picture of true borrowing cost.
Mortgage FAQ
How much house can I afford?
A common rule of thumb is the 28/36 rule: your housing payment (PITI) should not exceed 28% of your gross monthly income, and your total monthly debt payments (including the mortgage) should not exceed 36%. However, lenders also evaluate credit history, assets, and employment. Use our calculator with realistic numbers for your situation.
What credit score do I need to buy a house?
Conventional loans typically require a minimum FICO score of 620. FHA loans accept scores as low as 580 with 3.5% down (or 500 with 10% down). VA and USDA loans have no official minimum but most lenders look for around 580–620. (Source: HUD FHA requirements.)
Is it better to put 20% down?
A 20% down payment eliminates PMI on conventional loans, qualifies you for better interest rates, and lowers your monthly payment. However, draining savings to reach 20% can leave you house-poor. Many buyers put 3%–10% down and accept PMI until their equity reaches 20%.
How much house can I actually afford?
Most lenders use the 28/36 rule: your housing payment (principal + interest + taxes + insurance + HOA) should stay under 28% of gross monthly income, and your total debt under 36%. On a $100,000 salary that supports roughly a $320,000–$360,000 home with 10% down at 6.5%. See worked examples at $60k, $100k, and $150k incomes in our affordability guide, and the full pre-approval workflow in our pre-approval guide. First-time buyers should also read about down payment assistance programs.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. The APR (annual percentage rate) includes the interest rate plus most upfront fees (origination, discount points, mortgage insurance, some closing costs), expressed as a yearly rate. APR is the more accurate figure for comparing loan offers. Read our full breakdown in APR vs Interest Rate.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage typically has a lower interest rate and saves tens of thousands in interest, but monthly payments are roughly 30–40% higher. A 30-year mortgage keeps payments lower and offers flexibility — you can always make extra principal payments to shorten the term without being locked into the higher required payment.
How This Page Was Built
Last updated:
LoanCalculatorPro is an independent engineering team that builds loan calculation tools. We are not lenders, brokers, or financial advisors — our role is to provide accurate, transparent calculation tools and educational content so you can make better-informed decisions.
How we ensure accuracy
- Open formulas. Every calculator on this site uses the standard amortization formula published above. No proprietary or hidden math.
- External verification. We periodically cross-check our calculator outputs against published examples from the CFPB Loan Estimate tool, Freddie Mac PMMS, and major lender rate sheets.
- Cited sources. Statistical claims throughout this page link directly to the originating authority (CFPB, HUD, NAIC, Federal Reserve, etc.) so you can verify the original data.
- Editorial independence. Advertising and lender partnerships — if any — never influence calculation results or the educational content on this page. See our editorial standards.
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