How much house can I afford?

A general rule is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Use this calculator to determine what home price fits your budget based on your income, down payment, and current interest rates.

What is included in a mortgage payment?

Your monthly mortgage payment typically includes principal (the loan amount), interest, property taxes, and homeowner's insurance (PITI). Some loans also include private mortgage insurance (PMI) if your down payment is less than 20%.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly lower total interest costs. A 30-year mortgage offers lower monthly payments but costs more in interest over time. Choose based on your budget and financial goals.

How does my credit score affect my mortgage rate?

Your credit score significantly impacts your interest rate. Borrowers with scores above 740 typically qualify for the best rates, while scores below 620 may face higher rates or difficulty qualifying. Improving your credit score before applying can save thousands of dollars.

Finance

Mortgage Calculator

Estimate your monthly mortgage payments with taxes and insurance.

Monthly Payment$0.00

Total Principal$0

Total Interest$0

Total Cost$0

How this works

This mortgage calculator uses the standard amortization formula to determine your monthly principal and interest payments. It assumes a fixed-rate mortgage where the interest rate remains constant throughout the loan term.

Note: This calculation does not include property taxes, homeowners insurance, or PMI (Private Mortgage Insurance), which are often included in your actual monthly mortgage bill.