US mortgage & affordability calculator
Estimate your monthly home payment including property tax and insurance, total cost, and how much rent or mortgage fits your income.
How to read the result
- Many lenders use rough guidelines: housing costs around 28% of gross income and total monthly debts around 36%. These are general guides and vary by program.
- With under 20% down on a conventional loan you will usually pay private mortgage insurance (PMI), which is not included here.
- Islamic financing (murabaha or ijara) charges profit instead of interest, but the monthly payment is estimated similarly; compare offers by total cost.
Also read the first-home guide, Islamic home financing and renting with no credit.
Educational estimate, not a loan offer. Rates and taxes vary by state and county; see the
CFPB home-buying tools.
Worked example: what does 1% of rate change?
Take a $350,000 home with 10% down, so a $315,000 loan over 30 years. At 6.5% the principal-and-interest payment is about $1,991 a month; at 5.5% it drops to about $1,789. That is roughly $202 a month, or about $72,900 over the life of the loan. It pays to request quotes from at least three lenders on the same day and compare them on the standard Loan Estimate form, which every lender must give you within three business days of your application.
| Scenario ($315,000 loan) | Approx. monthly payment | Total interest/profit |
|---|
| 30 years at 6.5% | $1,991 | ≈ $401,800 |
| 30 years at 5.5% | $1,789 | ≈ $329,000 |
| 15 years at 6.5% | $2,744 | ≈ $178,900 |
A 15-year term raises the monthly payment but cuts the total you pay by more than half in this example. Choose the term your income can carry comfortably, not the maximum a lender will approve.
Costs the payment does not show
- Closing costs: appraisal, inspection, recording and origination fees, commonly 2% to 5% of the price, paid in cash at closing on top of the down payment.
- Maintenance: set money aside every year; roofs, air conditioning and water heaters are expensive repairs that fall on the owner, not the lender.
- PMI: on a conventional loan you can ask to cancel it once your balance reaches 80% of the home's original value, and it ends automatically at 78%.
- FHA loans: accept 3.5% down with a credit score of 580 or higher, but their mortgage insurance usually lasts longer.
Common questions
Can I buy a home on a temporary visa?
Yes. Many lenders finance holders of valid work visas and employment authorization documents, but terms vary and some require one to two years of US credit history.
Is property tax fixed?
No. Your county sets it and reassesses home values periodically, so your total payment can rise even on a fixed-rate loan. Look up your county's actual rate and enter it instead of the default.
