Mortgage Calculator

Why Our Mortgage Calculator Is Different

Most online mortgage calculators only show "Principal & Interest" (P&I). But your actual monthly payment includes way more:

• Property Tax - Typically 1-2% of home value per year, escrowed monthly
• Homeowners Insurance - Usually 0.3-0.6% of home value per year
• PMI (Private Mortgage Insurance) - Required if down payment < 20%, typically 0.5-1% per year
• HOA Fees - For condos/townhomes/communities with amenities

Our calculator shows ALL of these so you know your TRUE monthly cost.

What AI Chatbots Can't Do

• ❌ Real calculations: AI can hallucinate formulas, rates, or PMI percentages
• ❌ Visual breakdowns: AI can't render pie charts of payment composition
• ❌ Live amortization: AI can't generate a 360-row amortization schedule
• ❌ Affordability analysis: AI doesn't apply 28/36 rules dynamically

3 Smart Features You Won't Find Elsewhere

• PMI Auto-Calculation: PMI automatically applies when down payment < 20%, and we estimate when it can be removed (at 78% LTV)
• Affordability Mode: Enter your income and debts; we apply the 28/36 rules to show what you can actually afford
• Extra Payment Mode: See exactly how much time and money you save by adding $50, $100, or $500/month extra

Frequently Asked Questions

What is PMI and when can I remove it?

PMI (Private Mortgage Insurance) protects the lender if you default. It's typically required when your down payment is less than 20% of the home price. PMI costs 0.5-1% of the loan per year. You can request PMI removal once you reach 20% equity, and it's automatically cancelled at 22% equity (per federal law).

How accurate is this calculator?

This calculator uses the standard mortgage amortization formula used by every lender: M = P[r(1+r)^n]/[(1+r)^n-1]. For US 30-year fixed mortgages, results match lender quotes to within $1-5/month. Variable-rate loans (ARM) require recalculation at each rate adjustment, which this calculator does not support.

Does this include closing costs?

No. Closing costs are upfront, one-time fees (typically 2-5% of home price) paid at closing. They are NOT part of your monthly payment. Common closing costs include loan origination, title insurance, appraisal, and recording fees.

What's a good interest rate in 2026?

As of mid-2026, 30-year fixed mortgage rates are around 6.5-7.25% in the US. Your actual rate depends on credit score, down payment, loan type (FHA/VA/conventional), and lender. This calculator lets you input any rate from 0-25% so you can model different scenarios.

How much house can I afford on my salary?

Use the Affordability tab. We apply the conservative 28/36 rule: housing ≤ 28% of gross income, total debt ≤ 36%. A general rule: you can afford a home ~3x your annual income. But use our calculator for a personalized estimate.

Is my data private?

100%. All calculations happen in your browser. Nothing is sent to any server. We don't log, track, or store any input. No cookies, no analytics on inputs.