How much house can I afford?

A common guideline keeps total housing costs under 28% of gross monthly income and all debt payments under 36%.

It can be cancelled at 20% equity on request and must be removed automatically at 22% equity based on the original schedule.

Is a 15-year loan better?

It carries a higher payment but a lower rate and roughly half the lifetime interest. It only works if the payment fits comfortably.

Does this include HOA fees?

No. Add any HOA or condo fee separately — it is not escrowed with your mortgage.

US Mortgage Calculator

Principal, interest, taxes, insurance and PMI.

An American mortgage payment is more than principal and interest. Lenders escrow property tax and homeowners insurance into the monthly bill, and if your down payment is under 20% they add private mortgage insurance until you reach 20% equity. This calculator builds the full PITI payment so the number matches what actually leaves your account.

US mortgages compound monthly, and the standard product is a 30-year fixed rate loan, with 15-year terms offering a lower rate and dramatically less total interest. The calculator shows both the monthly payment and the lifetime interest cost, which on a 30-year loan often approaches the size of the loan itself.

Property tax rates vary widely by state, from under 0.5% of assessed value in Hawaii and Alabama to over 2% in New Jersey and Illinois, so the escrow portion of your payment can differ by hundreds of dollars for the same purchase price. Enter your figures below to see the complete monthly cost and how much of it is interest.

Your numbers

Home price

Down payment

Interest rate

Loan term (years)

Annual property tax

Annual home insurance

Total monthly payment

$2,745.96

🇺🇸 US · USD

Principal & interest: $2,179.29
Property tax (monthly): $416.67
Home insurance (monthly): $150.00
Loan amount: $336,000.00
Total interest over the loan: $448,544.26
Down payment: $84,000.00 (20.0%)

Estimates only. Results from this calculator are for general informational purposes and are not tax, legal, accounting or financial advice. Rates change and individual circumstances vary — confirm figures with the CRA, the IRS, your state or provincial authority, or a licensed professional before acting on them.

How it's calculated

Loan amount = Home price − Down payment
Monthly rate r = Annual rate ÷ 12 · Months = Years × 12
Principal & interest = Loan × r ÷ (1 − (1 + r)^−months)
Total payment = P&I + Property tax ÷ 12 + Insurance ÷ 12 + PMI

Understand the numbers

Canada mortgage stress test: qualifying rate and examples

Frequently asked questions

How much house can I afford?: A common guideline keeps total housing costs under 28% of gross monthly income and all debt payments under 36%.
When does PMI stop?: It can be cancelled at 20% equity on request and must be removed automatically at 22% equity based on the original schedule.
Is a 15-year loan better?: It carries a higher payment but a lower rate and roughly half the lifetime interest. It only works if the payment fits comfortably.
Does this include HOA fees?: No. Add any HOA or condo fee separately — it is not escrowed with your mortgage.

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Canadian Mortgage CalculatorSemi-annual compounding, CMHC insurance and full amortization.US Paycheck & Take-Home CalculatorFederal, state, Social Security and Medicare withholding.US Sales Tax CalculatorState base rates plus your local district rate.Net Profit CalculatorRevenue minus every cost — the real bottom line.

Sources & methodology

FTT Finance-To-Thrive is an independent publisher of free finance calculators. The links below explain the rules and assumptions relevant to this page. Calculators use simplified models; for example, state and provincial income-tax estimates may omit brackets, credits, or local rules. See the formula and limitations on each calculator. We are not accountants, tax preparers, mortgage brokers or financial advisors, and nothing on this page is advice. Rates change and individual circumstances vary — confirm figures against the primary source before you file, sign or commit money. Read more about how we work and our funding & disclosure.

Primary sources

Source links are provided separately from the original content dates. They do not imply that an authority endorses this site or that every figure has been independently reviewed.