The price is either the amount you paid for a home or the amount you may pay for a future home purchase.

Most home loans require at least 3% of the price of the home as a down payment. Some loans, like VA loans and some USDA loans allow zero down. Although it’s a myth that a 20% down payment is required to obtain a loan, keep in mind that the higher your down payment, the lower your monthly payment. A 20% down payment also allows you to avoid paying private mortgage insurance on your loan.

Your loan program can affect your interest rate and total monthly payments. Choose from 30-year fixed, 15-year fixed, and 5-year ARM loan scenarios in the calculator to see examples of how different loan terms mean different monthly payments. Learn more about loan types below.

Mortgage interest is the cost you pay your lender each year to borrow their money, expressed as a percentage rate. The calculator auto-populates the current average interest rate.

Private Mortgage Insurance (PMI) is calculated based on your credit score and amount of down payment. If your loan amount is greater than 80% of the home purchase price, lenders require insurance on their investments. This is a monthly cost that increases your mortgage payment.

Your estimated annual property tax is based on the home purchase price. The total is divided by 12 months and applied to each monthly mortgage payment. If you know the specific amount of taxes, add it as an annual total.

Homeowner’s insurance is based on the home price and is expressed as an annual premium. The calculator divides that total by 12 months to adjust your monthly mortgage payment. Average annual premiums usually cost less than 1% of the home price and protect your liability as the property owner and insure against hazards, loss, etc.

Homeowners in some developments and townhome or condominium communities pay monthly Homeowner’s Association (HOA) fees to collectively pay for amenities, maintenance, and some insurance. Update to include your monthly HOA costs, if applicable. If there are no HOA costs, you can leave the field blank.