Estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
$350,000
6.875%
Current average 30-year rate: ~6.8%
Average varies by state — check your county assessor for exact amount
If applicable — condos and planned communities typically have HOA
Total Monthly Payment
$2,262
/month
Total Monthly Payment
$2,262
Loan Amount
$280,000
Total Interest
$382,184
Total Cost
$814,434
After month 240 (~year 20), more of your payment goes to principal than interest
| Term | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| 10 years | $3,233 | $107,963 | $387,963 |
| 15 years | $2,497 | $169,495 | $449,495 |
| 20 years | $2,150 | $235,971 | $515,971 |
| 30 years | $1,839 | $382,184 | $662,184 |
A shorter term saves up to $274,221 in interest
Make sure your other debts aren't holding you back. A personal loan can help consolidate debt before buying.
Check Personal Loan Rates →Use our Debt Consolidation Calculator to lower your monthly obligations before buying →
FundMatch helps with personal loans and debt consolidation. For mortgage lending, consult a licensed mortgage broker.
Your monthly mortgage payment is more than just principal and interest. A full mortgage payment — often called PITI — includes principal (the loan balance you're paying down), interest (what the lender charges), property taxes, and homeowners insurance. If your down payment is less than 20%, you'll also pay PMI, and if you're in a condo or planned community, there may be HOA fees.
Most people focus on the principal and interest number, but taxes, insurance, and PMI can add $500 or more per month. This calculator shows you the complete picture so there are no surprises.
A common rule of thumb is the 28/36 rule: your total housing costs (mortgage payment, taxes, insurance, HOA) should be no more than 28% of your gross monthly income, and your total debt payments (housing + car + student loans + credit cards) should stay under 36%.
Just because a lender approves you for a certain amount doesn't mean you should borrow that much. Leave room in your budget for maintenance, savings, and life's surprises.
Try our Loan Affordability Calculator →
A 30-year mortgage is the most popular choice because it has the lowest monthly payment. But a 15-year mortgage typically has a lower interest rate (often 0.5–0.75% less) and saves you tens or even hundreds of thousands in total interest. The trade-off is a significantly higher monthly payment.
A middle-ground strategy: take a 30-year mortgage for its lower required payment, but make extra payments toward principal when you can. This gives you the flexibility of low payments with the option to pay off faster. Just make sure your lender allows prepayment without penalty.
Your credit score is the biggest factor. Borrowers with 760+ scores get the best rates, while those below 680 pay significantly more. Before house hunting, check your score and take steps to improve it — even 20 points can make a difference over 30 years.
Other strategies: save for a 20% down payment to avoid PMI, get pre-approved by at least 3-4 lenders, and consider paying 'points' (upfront interest) to buy down your rate if you plan to stay in the home long-term.
How to Improve Your Credit Score → · Loan Tips & Comparisons →
Private Mortgage Insurance (PMI) protects the lender — not you — if you default on your loan. It typically costs 0.5% to 1% of your loan amount annually, added to your monthly payment. On a $300,000 loan, that's $125 to $250 per month.
The most straightforward way to avoid PMI is to put 20% down. If that's not possible, PMI will automatically be removed once your remaining balance reaches 80% of the original home price. Some borrowers use 'piggyback loans' (taking a smaller second loan to cover part of the down payment) to avoid PMI, and VA loans don't require PMI at all regardless of down payment.
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Make sure your other debts aren't holding you back. A personal loan can help consolidate debt before buying.
Check Personal Loan Rates →