Introduction
This mortgage calculator shows what a home will really cost you each month. Type in the home price, your down payment, and your loan term. The tool does the math and gives you one clear monthly payment.
Your payment is more than just the loan. It also includes property taxes, home insurance, PMI (if you put down less than 20%), and HOA fees. This calculator adds all of them, so the number you see is close to what you would actually pay.
You can compare 10, 15, 20, and 30-year fixed loans, plus 5/1 and 7/1 ARMs. You can pick a loan type like Conventional, FHA, VA, or Jumbo. Your credit score sets the PMI rate from a mortgage insurer's published rate card, and your state and county set the property tax and insurance estimates.
You also get a full amortization schedule, a step-by-step breakdown of the math, and your debt-to-income ratio. That last part tells you if lenders will likely see the payment as affordable. Use it before you shop for a home, so you know your budget first.
How to use our Chase Mortgage Calculator
Enter your home price, down payment, loan term, rate, and a few cost details. The calculator shows your total monthly mortgage payment, a full payment breakdown, your loan summary, an amortization schedule, and your debt-to-income numbers.
Home Price: Type the price of the home you want to buy, or drag the slider. You can enter $50,000 up to $5,000,000.
Down Payment ($): Enter the cash you will put down. The percent box updates on its own.
Down Payment (%): Or enter the percent you want to put down. Less than 20% down usually adds mortgage insurance, and it also raises your loan-to-value ratio.
Loan Term: Pick 10, 15, 20, or 30-year fixed, or a 5/1 or 7/1 ARM. Shorter terms cost less interest but have higher monthly payments.
Loan Type: Choose Conventional, FHA, VA, or Jumbo. Each type has its own rules for down payment and mortgage insurance. USDA loans follow a different set of rules.
Credit Score Range: Pick the band that fits your score. The bands are the ones Enact Mortgage Insurance prices PMI by on its published national rate card, and higher scores pay a lower PMI rate.13 Enact offers the 600 to 619 range only on loans with more than one borrower, and the PMI rate shown for it is before Enact's discount for two or more borrowers.13 Your lender sets your interest rate, partly from your credit score.18 Paying on time and keeping your balances low against your credit limits help that score.
Annual Interest Rate: For 30-year and 15-year fixed loans the calculator fills in Freddie Mac's latest weekly average rate, shown with its date.15 Freddie Mac does not publish averages for 10-year, 20-year or ARM loans, so for those terms you type the rate from your lender. You can type your own rate for any term, or click "Use Freddie Mac average" to go back to the published rate.
State and County: Optional. Pick your state, and your county if you like, and the calculator uses that place's median property tax rate: the median real estate taxes paid divided by the median home value in the Census Bureau's American Community Survey.11 Leave the state blank to use the national median. The state also sets the insurance estimate.
Annual Property Tax: The estimated yearly tax bill. Change it if you know the real amount.
Annual Homeowner's Insurance: The estimated yearly insurance cost: the NAIC's average 2023 premium for an HO-3 homeowners policy in your state, for homes insured for about your home's price.12 Enter your own quote for a closer number.
Monthly HOA Fees: Turn the switch on if the home has HOA dues, then type the monthly fee.
PMI Rate: This is set for you from your down payment, credit score and loan term: Enact's published rate card for conventional and jumbo loans,13 and HUD's annual MIP schedule for FHA loans.7 For conventional and jumbo loans the calculator uses the rate for the standard coverage Fannie Mae and Freddie Mac require at your down payment and loan term, and from year 11 a rate of 0.20% if that is lower.16 You can type a different rate if you want.
Gross Monthly Income: Your monthly pay before taxes. This powers the DTI and affordability check.
Other Monthly Debts: Add up car loans, student loans, and minimum credit card payments each month.
Calculate: Results update as you type, but you can click Calculate any time. Click Reset to start over.
What Is a Mortgage Payment?
A mortgage is a loan you use to buy a home. You pay it back every month for many years. Each payment has more than one part. Lenders call the four main parts PITI.17 They are:
- P (Principal): the part that pays down what you borrowed.
- I (Interest): the fee the lender charges you to borrow.
- T (Taxes): property taxes your city or county charges.
- I (Insurance): homeowner's insurance that covers damage to the home.
Two more costs can be added: mortgage insurance (PMI or MIP) and HOA fees if your home is in a community with dues.
How the Down Payment Changes Everything
Your down payment is the cash you pay up front. A bigger down payment means a smaller loan, a smaller monthly payment, and less interest over time. If you put down less than 20% on a conventional loan, you also pay PMI.1 PMI protects the lender, not you.1 You can ask your servicer in writing to cancel it once your balance is scheduled to reach 80 percent of the home's original value, if you have a good payment history, no second mortgage, and the home has not lost value.2 If you are current on your payments, it must end automatically when your balance is scheduled to reach 78 percent, or the month after the midpoint of the loan's term if that comes first.2
Loan Term: Short vs. Long
The term is how long you have to pay off the loan. A 30-year fixed loan has the lowest monthly payment but costs the most interest overall.3 A 15-year fixed loan costs more each month but saves a lot of interest.3 An ARM (adjustable-rate mortgage) starts with a lower fixed rate for 5 or 7 years, then the rate can go up or down each year after that. An interest-only mortgage works differently again, and a biweekly payment plan squeezes in one extra payment per year.
Types of Home Loans
- Conventional: the most common loan. In most cases you need at least 3 percent down,10 and Fannie Mae's minimum credit score is 620 for a manually underwritten fixed-rate loan and 640 for an ARM.5 Loans run through its Desktop Underwriter system have no set minimum.5
- FHA: backed by the government. Allows 3.5% down with lower credit,6 but adds a 1.75% upfront premium plus monthly MIP.7
- VA: for veterans and service members. No down payment and no monthly mortgage insurance, but there is a one-time funding fee.
- Jumbo: for loans larger than the conforming loan limits. Rules vary by lender, but they usually need good credit and a high down payment.
Why Your Credit Score Matters
Lenders use your credit score to help set your interest rate.18 A higher score usually means a better rate.18 Even a small rate change can move your payment by a lot. On a $320,000 loan, half a percent can be worth tens of thousands of dollars over 30 years.
Amortization: Where Your Money Goes
Early on, most of your payment goes to interest. Over time, more goes to principal. This slow shift is called amortization. That is why paying a little extra in the first years cuts so much interest and can shorten your loan.
Debt-to-Income (DTI)
DTI compares your monthly debts to your gross monthly income (pay before taxes). Lenders look at two numbers:
- Front-end DTI: just your housing payment. Lenders usually want it at or under 25% to 28% of your gross monthly income.17
- Back-end DTI: housing plus car loans, student loans, and card minimums. Fannie Mae's standard is 36% or less for a manually underwritten loan, up to 45% with strong credit and reserves, and up to 50% through its automated underwriting.4
If your back-end number is high, a debt payoff plan can bring it down before you apply.
Costs People Forget
Property taxes and insurance costs vary from place to place. Two homes at the same price can have very different monthly payments. Also plan for closing costs, moving costs, repairs, and upkeep. A good rule is to save 1% of the home's price each year for maintenance.
Ways to Lower Your Payment
- Save a bigger down payment to skip PMI.
- Raise your credit score before you apply.
- Compare offers from at least three lenders.
- Shop for cheaper homeowner's insurance.
- Look at a longer term for lower monthly cost, or a shorter term to save interest.
- Already own? See if a refinance or a recast lowers your payment.
Results here are estimates for planning. Your real rate, taxes, insurance, and fees come from your lender and local tax office.