- Loan amount
- Principal & interest
- Property tax
- Insurance
- Mortgage insurance
Estimates only. Not an offer or commitment to lend.
How the mortgage calculator works
Your monthly housing payment usually has four parts, often called PITI: principal, interest, property taxes and homeowners insurance. Many buyers with less than 20% down also pay mortgage insurance — PMI on conventional loans or MIP on FHA loans. The calculator adds them together so you can see a realistic all-in number rather than principal and interest alone.
Worked example
Hypothetical: a $300,000 home with 3.5% down ($10,500) leaves a $289,500 loan. At 6.5% for 30 years, principal and interest is about $1,829.84 a month. Add $275 in property tax (1.1% a year), $125 in insurance and about $132.69 in mortgage insurance (0.55% a year), and the estimated payment is about $2,362.52.
Next steps
Explore first-time homebuyer loans, compare FHA vs. conventional, or start with Lending Buddy home loans.
Frequently Asked Questions
What does this mortgage calculator include?
It estimates principal and interest using a standard fixed-rate formula, plus monthly property tax, homeowners insurance and an optional mortgage insurance estimate. It doesn't include HOA dues, closing costs or rate changes on adjustable loans.
How accurate is the estimate?
It's a planning tool. Your real payment depends on your rate, loan program, taxes, insurance and mortgage insurance. A licensed lender's Loan Estimate gives you official figures.
Can Lending Buddy connect me with a mortgage lender?
Yes. We connect homebuyers and homeowners with licensed mortgage partners for FHA, conventional, first-time buyer and refinance loans. Verify any lender at NMLS Consumer Access.