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Upfront Costs at Closing
Calculation Details & Sources
Amortization Schedule
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Disclaimer: Results shown are estimates for educational purposes only and do not constitute financial, tax, legal, or investment advice. Actual payments vary based on lender, credit score, loan type, and local assessments. Consult a licensed mortgage professional for your specific situation.
What This Calculator Includes
Most mortgage calculators only show principal and interest. Your real monthly obligation is typically 20–40% higher once you add property taxes, homeowners insurance, PMI, and HOA dues. This calculator includes all costs so you see your true payment from the start.
How the Monthly Payment Is Calculated
Your principal and interest uses the standard amortization formula:
P = loan amount | r = monthly rate (annual ÷ 12) | n = total payments
On a $320,000 loan at 7% for 30 years, P&I is $2,129/month — before taxes, insurance, PMI, or HOA. This calculator adds all four so you get the complete picture.
Property Tax
Property taxes are collected by local county governments and vary by location. The national average effective rate is about 1.1% annually. New Jersey and Illinois exceed 2%. Hawaii and Alabama are under 0.5%. Use your state page below for pre-filled local defaults, or enter your county's rate manually.
PMI — Private Mortgage Insurance
PMI is required on conventional loans when your down payment is less than 20%. It protects the lender, not you, in case of default. Rates range from 0.5%–1.5% annually. Once you reach 20% equity, you can request cancellation in writing. See our PMI calculator for a full breakdown.
The 28/36 Rule
Lenders use the 28/36 rule as a qualification baseline. Your total housing payment (PITI) should not exceed 28% of gross monthly income. All debt combined should not exceed 36%. On $90,000/year ($7,500/month), the 28% rule allows a maximum PITI of $2,100/month. Use our affordability calculator for a full analysis.
Mortgage Calculators by State
Property taxes, insurance costs, and loan limits vary dramatically by state. Each state page has pre-filled local defaults and state-specific programs.