Smart mortgage calculators to guide your next move
Estimate a monthly payment, check how much home you may be able to afford and compare refinance savings. Results are estimates only, not a loan offer.
- Purchase and refinance
- Affordability and rent vs buy
- FHA and VA estimates
Mortgage Calculator
Estimate your monthly mortgage payment, including principal and interest, property taxes and homeowners insurance, and see how much house you may be able to afford based on your income and debts.
Property & Loan Details
Enter the home price, down payment and loan terms to estimate your monthly mortgage payment.
Taxes & Insurance
Estimated property taxes, homeowners insurance, HOA dues and PMI.
Monthly Payment
Based on $450,000 home value
Estimates only
Updated just now
Loan Summary
Ready to move forward?
Start your mortgage pre-approval with a licensed HomyLoan loan officer and explore the home loan options you may qualify for.
Secure & EncryptedUnderstand your estimate
What goes into a mortgage payment
Most monthly mortgage payments are PITI: principal, interest, taxes and insurance. Depending on your loan and home, mortgage insurance and HOA dues may add to the total.
Principal
The part of each payment that pays down your loan balance. Early in a loan, a smaller share goes to principal; it grows over time.Interest
What the lender charges to borrow. Your interest rate and loan balance set this amount each month.Property taxes
Set by local taxing units in Texas and usually collected monthly through escrow. They can change each year with your appraised value and tax rates.Homeowners insurance
Required by lenders to protect the home. Often paid monthly through escrow along with taxes; flood insurance may also be required in some areas.Mortgage insurance (PMI or MIP)
Conventional loans with less than 20% down usually carry PMI, which can be removed later. FHA loans have upfront and annual MIP.HOA dues
If the home is in a homeowners association, dues are usually paid separately but lenders count them when deciding what you can afford.
Rates and terms
How rates and loan terms change your payment
Small changes in rate, term or down payment can move your monthly payment and your long-term cost. Try different inputs in the calculator above to see the effect.
Higher rate, higher payment
On the same loan amount, a higher interest rate raises the monthly principal and interest and the total interest you pay over the life of the loan.Longer term, lower payment
A 30-year term spreads the balance over more payments, so each payment is lower than on a 15-year loan, but you pay more interest overall.Fixed vs. adjustable
A fixed rate keeps principal and interest the same for the life of the loan. An adjustable rate can change after its initial period. Compare them on our fixed vs. adjustable page.Down payment and loan amount
A larger down payment lowers the loan amount and the payment, and on a conventional loan, 20% down avoids PMI.
Affordability
Debt-to-income ratio basics
How much house you can afford depends on more than the price. Lenders look at your income, debts, credit, savings and the full monthly payment.
What DTI means
Debt-to-income ratio (DTI) is your total monthly debt payments divided by your gross monthly income. Lenders use it to judge whether a new payment is affordable.What counts as debt
Your new housing payment plus car loans, student loans, minimum credit card payments, personal loans and child support. Utilities and groceries are not included.Limits vary by program
Each loan program and lender sets its own maximum DTI, and strong credit or savings can sometimes offset a higher ratio. A loan officer can tell you where you stand.
Mortgage calculator FAQs
A mortgage calculator gives an estimate based on the numbers you enter. Your actual payment depends on your approved rate, taxes, insurance and loan program, which appear on your Loan Estimate.
Yes. The purchase calculator lets you include property taxes and homeowners insurance, plus PMI and HOA dues if they apply, so you can estimate a full monthly payment.
PITI stands for principal, interest, taxes and insurance, the four main parts of a monthly mortgage payment. Lenders use your full PITI payment when reviewing affordability.
Your final rate, property tax amount, insurance premium and any mortgage insurance can differ from the calculator inputs. Escrow amounts can also change each year.
No. The calculator does not check your credit or collect an application, so it has no effect on your credit score.
Ready for real numbers?
A licensed loan officer can turn your estimate into a personalized quote based on your credit, income and the home you want.