Find Out What Your Monthly Payment Looks Like
Move the sliders. Watch the numbers change. This estimates principal, interest, property taxes, homeowners insurance, PMI, and HOA dues so you see the real payment, not just the loan portion.
For estimation purposes, this calculator applies an assumed annual PMI rate of 0.5% when the down payment is below 20%. Actual mortgage-insurance costs vary by borrower, lender and loan program.
- Principal & Interest$0.00
- Property Tax$0.00
- Home Insurance$0.00
- PMI$0.00
- HOA Dues$0.00
- Loan Amount $0
- Total Interest $0
- Paid Off In 2056
Put 20% down and the PMI line disappears. VA and USDA borrowers almost never pay it — tick "No mortgage insurance" above.
Get Pre-Approved
Estimates only. Actual payments depend on your credit, loan program, county tax rates, and lender fees. Talk to a loan officer for a real quote.
What Goes Into Your Monthly Payment
Most people budget for principal and interest, then get blindsided at closing. Your real payment has four or five parts.
- Principal: The chunk that pays down what you borrowed.
- Interest: What the lender charges. Front-loaded, so early payments are mostly interest.
- Taxes: County property taxes, usually collected monthly into escrow.
- Insurance: Homeowners coverage, also escrowed.
- PMI: Private mortgage insurance, required on conventional loans under 20% down.
- HOA dues: Not escrowed, but still due every month.
How to Lower the Number
- Raise your down payment to 20%. PMI disappears and your loan shrinks at the same time.
- Improve your credit score. Better scores mean better rates. Start with our guide to building credit.
- Use a down payment assistance program. See what Indiana offers on our first-time home buyer programs page.
- Check your VA eligibility. VA loans require no down payment and carry no monthly mortgage insurance at all.
- Shop your homeowners insurance. Premiums vary more between carriers than most buyers realize.
Frequently Asked Questions
How accurate is this calculator?
The calculation follows the entered assumptions, but the result is only an estimate and may not reflect all lender charges, escrow adjustments, mortgage-insurance premiums, guarantee fees or closing costs. Tax rates and insurance premiums vary by county and property, so treat the result as a close ballpark, not a quote.
What is a good down payment?
Twenty percent avoids PMI, but plenty of buyers close with 3.5% on an FHA loan or nothing down with VA or USDA. More down means a lower payment, less down means you buy sooner.
Should I choose a 15-year or 30-year term?
Drag the term slider and compare. A 15-year loan carries a much higher monthly payment but saves an enormous amount of interest. A 30-year keeps your monthly obligation lower and your flexibility higher.
When does PMI go away?
On conventional loans, PMI typically drops once you reach 20% equity, and it must be removed automatically at 22% equity. FHA mortgage insurance often lasts the life of the loan.
How much house can I afford?
A common guideline keeps your housing payment near 28% of gross monthly income and total debt under 36%. Lenders will confirm your specific limits during pre-approval.
