Estimated monthly payment
–You can likely afford a home up to
–Uses the interest rate, term, property tax and HOA on the left, plus insurance at about 0.5% of the price.
How this mortgage calculator works
Most calculators use a national average for property tax. This one uses the median effective rate for your county from the US Census Bureau's American Community Survey, which is the share of home value that homeowners there actually pay each year. The interest rate starts at Freddie Mac's latest weekly average for a 30-year fixed loan.
The payment is split into principal and interest, property tax, homeowners insurance (estimated at about 0.5% of the price per year unless you change it), private mortgage insurance when the down payment is under 20%, and HOA dues. Want the local numbers behind it? See prices, taxes and rents for every county.
Questions people ask
What is included in a monthly mortgage payment?
Most payments include four parts: principal and interest on the loan, property tax, homeowners insurance, and mortgage insurance (PMI) if you put down less than 20%. HOA dues are paid separately but count toward what you can afford.
Why does the property tax rate matter so much?
Property tax can add hundreds of dollars a month, and rates vary a lot between counties, from well under 0.5% to over 2% of the home's value each year. Picking your county fills in its real median rate from US Census data.
How much house can I afford?
A common lender guideline is to keep your housing payment under 28% of gross monthly income and all debt payments under 36%. Switch to "What can I afford?" to see a price range based on your income and debts.
Where does the interest rate come from?
It starts with Freddie Mac's weekly average for a 30-year fixed mortgage. Your actual rate depends on your credit, down payment and lender, so change it to the quote you receive.
When does PMI go away?
On conventional loans, private mortgage insurance usually drops off once you reach 20 to 22% equity. This calculator estimates PMI at 0.5% of the loan per year when your down payment is under 20%.
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Estimates for information only, not a loan offer. Rates from Freddie Mac's Primary Mortgage Market Survey via FRED; property tax rates from the US Census Bureau.