Mortgage Calculator
Enter your numbers below to estimate a monthly payment. This tool is for planning only, not a rate quote.
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› Taxes, insurance, HOA & PMI
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Enter a home price, down payment and rate, then press Update to see your monthly payment.
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Principal & interest
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Property tax
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Homeowner’s insurance
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HOA fees
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PMI
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As the loan progresses, more of each payment goes toward principal and less toward interest until the balance reaches zero. Add extra payments below to see how much faster you could pay it off.
Principal paid
Interest paid
Loan balance
Optional: make extra payments
Paying a little more each month can shorten your loan and save on interest.
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This calculator provides estimates for informational purposes only and is not a loan offer, rate quote, or financial advice. Actual payments vary based on your loan terms, taxes, insurance, and lender. PMI typically applies when the down payment is under 20% and is entered manually here. Consult a licensed lender for figures specific to you.
How to use this calculator
- Enter the home price. The purchase price of the home you're considering.
- Enter your down payment. Use a dollar amount or a percentage; the two stay in sync.
- Choose your loan term and interest rate. 30 years is most common. If you've been preapproved, use that rate; otherwise ask your lender for a current estimate.
- Open "Taxes, insurance, HOA & PMI" to add those monthly costs for a true all-in payment.
- Hit Update, then open the Amortization tab to see your payoff timeline, and try adding an extra payment to see how much interest you could save.
Frequently asked questions
What's included in a monthly mortgage payment?
Most payments have four parts, often called PITI: principal, interest, taxes, and insurance. If your down payment is under 20% you'll usually also pay PMI, and a condo or planned community may add HOA fees. This calculator lets you include all of these for a realistic monthly number.
How much should I put down on a home?
A 20% down payment lets you avoid PMI, but it isn't required. Many West Michigan buyers put down less and use loan programs built for that. FHA loans allow as little as 3.5% down, and Michigan offers down payment assistance for those who qualify. The right amount depends on your savings, monthly budget, and goals.
What is PMI and when do I have to pay it?
Private mortgage insurance protects the lender when your down payment is below 20%. It typically runs about 0.46% to 1.5% of the loan amount per year, divided into monthly payments. Once you build 20% equity, you can usually request to have it removed.
How much house can I afford?
A common starting point is the 28/36 rule: keep housing costs at or below 28% of your gross monthly income, and total debt (including housing) at or below 36%. It's a guideline, not a hard limit, and your comfort level and other goals matter just as much. Chip can help you find a price range that fits.
Will making extra payments really save me money?
Yes. Extra payments go straight to principal, which lowers the balance that interest is charged on. Even an extra $100 a month can shorten a 30-year loan by years and save tens of thousands in interest. Use the "make extra payments" panel on the Amortization tab to see your own numbers.
Is this calculator a rate quote or loan offer?
No. It's a planning tool that gives estimates based on the numbers you enter. It doesn't pull live rates and isn't a quote, preapproval, or financial advice. For figures specific to you, talk with a licensed lender, and reach out to Chip when you're ready to start your home search.