Calculator guide
Who this calculator is for
First-time home buyers, real estate investors, and anyone looking to understand the true cost of their monthly housing payment.
To calculate exactly how much house you can afford by factoring in the hidden costs of homeownership, not just the principal and interest.
Formula used
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
The calculator keeps the math visible so users can understand what changed when they adjust rate, time, contribution, tax rate or loan amount.
Example $450k Mortgage
How to get a useful result
For the best estimate, use realistic rates, verify lender or tax assumptions, and run at least one conservative scenario. This makes the page more useful than a bare calculator and helps visitors stay longer because they can compare outcomes instead of leaving after one number.
Frequently asked questions
A common rule of thumb is the 28/36 rule. Your maximum household expenses shouldn't exceed 28% of your gross monthly income, and your total debt shouldn't exceed 36%. Use our calculator to see how different home prices affect your monthly payment.
Private Mortgage Insurance (PMI) is usually required by lenders if your down payment is less than 20% of the home's purchase price. It protects the lender if you default on the loan.
A 15-year mortgage has higher monthly payments but saves you tens of thousands of dollars in interest over the life of the loan. A 30-year mortgage offers lower monthly payments, providing more flexibility in your monthly budget.
Yes. By default, it estimates a 1.1% annual property tax rate, which is the US national average. You should adjust this percentage based on the specific county you are buying in.
An amortization schedule is a complete table of periodic loan payments. It shows exactly how much of your payment goes toward the principal balance and how much goes toward interest, year by year, until the loan is paid off.