Mortgage Calculator

Your monthly payment includes principal, interest, property tax, homeowner's insurance, and PMI if your down payment is under 20%. Use our free calculator above to get your exact number instantly based on your loan details.

In 2026, a good mortgage rate is between 6.0%–6.8% for a 30-year fixed loan. Rates vary by credit score, down payment size, and lender. Always compare at least 3 lenders before committing to get the best deal.

On a $100,000 salary, you can typically afford a home between $350,000–$450,000. The standard rule is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Use our affordability calculator to get a personalized estimate.

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. You can avoid it by putting 20% or more down, getting a piggyback loan, or choosing a lender-paid PMI option. PMI typically costs $50–$200/month.

15-year mortgages have lower interest rates and you pay far less total interest. 30-year mortgages offer lower monthly payments giving you more cash flow flexibility. Use our calculator to compare both options side by side with your actual numbers.

The minimum down payment depends on the loan type — FHA loans require just 3.5%, conventional loans start at 3%, and VA/USDA loans require 0% down. However, putting 20% down avoids PMI and gives you a lower monthly payment and better interest rate.

Most conventional lenders require a minimum credit score of 620. FHA loans accept scores as low as 580. However, to qualify for the best mortgage rates, you should aim for a credit score of 740 or higher, which can save you tens of thousands over the life of the loan.

Yes, you can pay off your mortgage early by making extra payments toward the principal. Most modern mortgages have no prepayment penalty. Even paying an extra $100–$200/month can shave years off your loan and save thousands in interest. Use our Extra Payment Calculator to see the exact savings.

Pre-qualification is an informal estimate of how much you may be able to borrow, based on self-reported information. Pre-approval is a formal process where the lender verifies your income, credit, and assets. Pre-approval carries more weight with sellers and gives you a more accurate loan amount.

Even a small change in interest rate has a big impact. On a $400,000 loan over 30 years, the difference between a 6% and 7% rate is about $240/month — that's nearly $86,000 more in total interest. This is why comparing lenders and locking in a good rate is so important.