By the Quick Home Solutions team · Updated July 2026
Looking into buying a home? See your estimated monthly payment, instantly, with taxes and insurance included.
Payment information is not a determination of eligibility. This calculator is provided for estimation purposes only, and is based on your self-reported information and aggregate national averages. Actual mortgage terms, rates, and monthly payments will vary by lender, credit profile, property location, and loan program. Quick Home Solutions is not a lender and does not make credit decisions.
Enter your home price, down payment, interest rate, and loan term to see your estimated principal and interest payment. Add your property tax and insurance estimates to see the full monthly total most homeowners actually pay, since lenders typically collect these in an escrow account alongside your loan payment.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment · P = loan amount · r = monthly interest rate (annual rate ÷ 12) · n = total number of payments (years × 12)
What's included in your monthly payment
Principal: the amount you're actually paying down on the loan itself
Interest: the cost of borrowing, higher early in the loan, lower later
Property taxes: assessed by your local government, usually collected monthly via escrow
Homeowners insurance: required by virtually all lenders, also usually escrowed
PMI: required on conventional loans with less than 20% down, until you reach 20% equity
HOA fees: if applicable, paid separately from your mortgage in most cases
How much house can you actually afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on your mortgage payment, and no more than 36% on all debt payments combined, mortgage, car loans, credit cards, everything. This keeps enough room in your budget for the unexpected, without stretching every dollar toward the house alone.
Down payment
What it typically means
Under 20%
PMI required on conventional loans until you reach 20% equity
20%
No PMI required, lower monthly payment
3.5% (FHA minimum)
Possible with FHA loans, credit score as low as 500 in some cases
Choose a longer term. A 30-year loan lowers the monthly payment compared to a 15 or 20-year term, though you'll pay more total interest over time.
Increase your down payment. Putting more down reduces how much you're borrowing, and 20%+ eliminates PMI entirely.
Improve your rate. A stronger credit score and lower debt-to-income ratio typically unlock a better interest rate.
Consider a less expensive home. The most direct way to lower every number in this calculator at once.
Frequently asked questions
Why does my mortgage payment include more than principal and interest?
Most lenders collect property taxes and homeowners insurance monthly through an escrow account, then pay those bills on your behalf when they're due, rather than leaving you to pay large lump sums separately.
What credit score do I need to buy a home?
Conventional loans typically require at least 620. FHA loans allow scores as low as 500 with a larger down payment, or 580 with the standard 3.5% down. VA and USDA loans have no official minimum, though individual lenders may set their own requirements.
How do extra payments affect my mortgage?
Extra payments applied to principal reduce your balance faster, shortening your loan term and cutting total interest paid. Confirm with your lender that extra payments are applied to principal, not held as a future payment credit, and check for any prepayment penalty first.
What's the difference between prequalification and preapproval?
Prequalification is a rough estimate based on information you self-report. Preapproval involves an actual review of your financials and carries more weight with sellers and agents when you're ready to make an offer.
