WHICH MORTGAGE: HOME PURCHASE CALCULATOR

See exactly what a home will cost you each month — principal, interest, property taxes, homeowners insurance, PMI, and HOA fees all included.

Home Price ($)

Down Payment

Your Credit Score Range (FICO)

Estimated Interest Rate (%)

Your State (optional — matches you with lenders licensed near you)

Loan Term

Start Date

Taxes, Insurance & Fees

Property Tax (Annual $)

Home Insurance (Annual $)

HOA Fees (Monthly $)

Extra Payments (Optional Strategy)

Add to Monthly Payment ($)

Add as Annual Lump-Sum ($)

Your Estimated Monthly Payment Breakdown

Base Principal & Interest: $0.00

Property Taxes: $0.00

Home Insurance: $0.00

PMI (Private Mortgage Insurance): $0.00

HOA Fees: $0.00

Strategy Extra Savings Buffer: $0.00

Total Out-of-Pocket / Month: $0.00

📖 Understanding Your Mortgage

A mortgage is a loan secured by the home itself — if payments stop, the lender can foreclose. Your monthly payment usually bundles four things lenders call PITI: Principal, Interest, Taxes, and Insurance. This calculator breaks all four out separately above so you can see exactly where your money goes.

Key terms explained

Principal — the actual loan amount you're borrowing (home price minus down payment).
Interest rate — the annual cost of borrowing, expressed as a percentage. Your credit tier is the single biggest factor lenders use to set it.
PMI (Private Mortgage Insurance) — required on conventional loans when your down payment is under 20%. It protects the lender, not you, and disappears once you reach 20% equity.
Escrow — an account your lender uses to collect property tax and insurance monthly, then pay those bills on your behalf once a year.

Recurring vs. non-recurring costs

Recurring costs are what this calculator estimates: your monthly PITI payment plus any HOA dues. Non-recurring costs hit once, at closing — typically 2% to 5% of the loan amount for origination fees, appraisal, title insurance, and inspections. Budget for both before you make an offer.

Should you make extra payments?

✅ When it makes sense You have no higher-interest debt (credit cards, personal loans), a full emergency fund, and want to guarantee a return equal to your mortgage rate.

❌ When it doesn't You're carrying higher-interest debt elsewhere — paying that down first (see our personal loan calculator) usually saves more than extra mortgage payments.

If you do make extra payments, use the Amortization Schedule above to see exactly how many years and how much interest it saves versus the standard schedule.

Already own a home and wondering if refinancing beats a fresh purchase? Use our refinance calculator to compare your current loan against today's rates.

💡 Mortgage Pro Tips & Tricks

🎯 Do All Your Rate-Shopping Inside 14 Days

FICO's newer models bundle mortgage inquiries within a 45-day window, but older models still used by many lenders use 14. Fit all your shopping into 14 days and you're safe on every model — the multiple pulls count as a single inquiry.

🛡️ Opt Out of "Trigger Leads" Before Your Credit Is Pulled

The moment a lender pulls your credit, the bureaus can sell that "trigger lead" to competitors — the reason applicants get flooded with calls and texts. The 2025 Homebuyers Privacy Protection Act (in effect March 2026) sharply limits this, but opt out at OptOutPrescreen.com a few weeks ahead to be safe. It's free and doesn't touch your score.

📉 Buy Down Your Rate — But Only Past the Break-Even

One "point" costs 1% of your loan and typically buys about 0.25% off your rate. Divide the point cost by your monthly savings; if you'll stay in the loan past that number of months, it usually pays off.

🔁 Ask About a "Recast" After a Big Lump Sum

Most conventional loans let you make a large principal payment, then "recast" — the servicer re-amortizes your balance into a lower monthly payment for a small fee, keeping your existing rate. It's the quiet alternative to refinancing when rates have risen since you bought.

🏠 Stay Under 28/36, Even If Approved for More

Keep housing costs under 28% of gross income and total debt under 36%. Lenders may approve you for more, but being "house poor" for a bigger address rarely pays off.

✍️ Label Extra Payments "Principal-Only"

Servicers often apply extra payments to next month's bill by default, not the balance. Note "principal-only" explicitly — otherwise the extra payment won't shorten your loan or cut total interest.