How to Use This Mortgage Calculator
Enter your home price, down payment amount, interest rate, and loan term to calculate your monthly mortgage payment. You can also include property tax, homeowner's insurance, and HOA fees to see your total monthly housing cost.
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What Is Included in a Mortgage Payment?
A typical mortgage payment consists of four components, often called PITI: Principal (the amount borrowed), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowner's insurance). Some payments also include HOA (Homeowners Association) fees.
2026 Mortgage Rates
The average 30-year fixed mortgage rate in 2026 is approximately 6.5%–7.0%. A 15-year fixed mortgage typically offers a lower rate, around 5.8%–6.3%, but requires higher monthly payments. Rates vary based on your credit score, down payment, loan type, and lender.
How Much House Can I Afford?
A common rule of thumb is that your monthly mortgage payment should not exceed 28% of your gross monthly income. For example, if you earn $6,000 per month, your target mortgage payment would be around $1,680 or less. Lenders also look at your total debt-to-income ratio, which should ideally stay below 43%.
Frequently Asked Questions
What is a good down payment for a house?
A 20% down payment is traditionally recommended because it avoids Private Mortgage Insurance (PMI). However, many loan programs allow down payments as low as 3%–5% for first-time buyers. FHA loans require just 3.5% down.
How much is a monthly payment on a $300,000 house?
With a 20% down payment ($60,000), a $240,000 loan at 6.8% for 30 years results in a principal and interest payment of approximately $1,568/month. Adding taxes and insurance typically brings the total to $1,900–$2,200/month depending on your location.
Is it better to get a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest paid — often $100,000 or more over the life of the loan. A 30-year mortgage offers lower payments and more flexibility. The best choice depends on your financial goals and monthly budget.
What credit score do I need to buy a house?
For a conventional mortgage, most lenders require a minimum credit score of 620. For the best interest rates, aim for 740 or higher. FHA loans accept scores as low as 580 with a 3.5% down payment.
How much are property taxes on a house?
Property tax rates vary by state and county. The national average is about 1.1% of the home's assessed value per year. States like New Jersey and Illinois have rates above 2%, while Alabama and Hawaii are below 0.5%.