AMLO.
Readiness AssessmentThree Pillars AssessmentLoan Program FinderCredit ReadyScoreDPA Eligibility CheckerAffordability CalculatorLLPA Pricing CalculatorBuydown CalculatorFirst-Time Programs
Mortgage 101Mortgage CalculatorRent vs. BuyDown Payment CalculatorFirst-Time ProgramsHUD CounselingAfter You Close
Investor GuideHouse HackingDSCR GuideHome EquityBreak-Even Calculator
Mortgage 101Credit GuideCredit Score SimulatorDTI GuideRate Lock StrategyAfter You CloseKnowledge QuizArticles & Guides
Pittsburgh, PACleveland, OHPhiladelphia, PACharlotte, NCIndianapolis, INColumbus, OHDetroit, MIAll Markets
Meet the TeamWorkshops & WebinarsHUD CounselingWhy AMLO
Meet the Team
See If I QualifyBook a Consultation
Free Calculator

Mortgage Payment Calculator

See exactly what your monthly payment will be. Adjust home price, down payment, interest rate, and more to find your comfort zone.

See If I QualifyBook a Consultation

Ready to talk?

Book a free consultation with a loan officer in the AMLO network. No pressure, no commitment.

Book a Consultation

Understanding Your Mortgage Payment

Principal & Interest

The core of your payment. Principal reduces your loan balance, while interest is what you pay the lender for borrowing the money.

Property Taxes

Collected monthly and held in escrow. Rates vary by state and county, typically 0.5% to 2.5% of home value annually.

Homeowner's Insurance

Required by all lenders. Protects your home against fire, theft, storms, and liability. Typically $1,200-$2,400 per year.

PMI

Required when your down payment is less than 20%. Typically 0.5-1% of the loan amount annually. Can be removed once you reach 20% equity.

Tips for Lowering Your Monthly Payment

Increase your down payment to reduce loan amount and eliminate PMI
Choose a longer loan term (30 vs. 15 years) for lower monthly payments
Shop for better interest rates -- even 0.25% makes a big difference
Consider buying in areas with lower property tax rates
Improve your credit score before applying for better rates
Look into DPA programs to reduce your upfront costs

Payment calculations are estimates for educational purposes only. Actual payments will depend on your specific loan terms, property taxes, insurance costs, and other factors. This calculator does not include all possible costs such as HOA fees, flood insurance, or special assessments unless entered. Contact a licensed mortgage professional for an accurate quote based on your situation.