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Mortgage calculator

Enter the price, the down payment and where the home is to see the full monthly payment, not just principal and interest.

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  • Rates as of
  • ACS property tax data to

SalaryHome · Mortgage calculator

Printed · Mortgage rates: Freddie Mac weekly averages as of October 15, 2026 · Property tax rates: U.S. Census Bureau, ACS 5-year 2020-2024 as of December 31, 2024

https://www.salaryhome.com/mortgage-calculator/

Under 20% of the price usually means private mortgage insurance (PMI).

30-year fixed: Freddie Mac weekly average as of October 15, 2026, for illustration.

Where the home is

Optional. Property tax rates vary a lot between counties.

California median, ACS 5-year 2020-2024: tax paid divided by home value (U.S. Census Bureau).

Other monthly costs

Charged only while you owe more than 80% of the price.

Monthly payment

a month

$2,215.62 principal and interest, plus tax, insurance

Estimate for planning, based on the figures you enter. We are not a lender or broker, and this is not a loan offer or financial advice.

Loan amount
$320,000.00
Interest over the loan
$477,617.05
Property tax rate
0.6974%
PMI
None: the loan is 80% of the price or less

30-year fixed: Freddie Mac weekly average as of October 15, 2026, for illustration. First payment assumed in November 2026.

Where the monthly payment goes
Principal and interest by year
Show the math
  1. Loan amount$400,000 price - $80,000 down$320,000.00
  2. Principal and interest7.4% over 360 months+$2,215.62
  3. Property tax$400,000 x 0.6974% / 12+$232.47
  4. Homeowners insurance$1,500 / 12+$125.00
  5. Private mortgage insuranceloan is 80% of price or less: none+$0.00uscode.house.gov
  6. HOA dues+$0.00
  7. Total monthly payment$2,573.09

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Your inputs

  • Mortgage rates: Freddie Mac weekly averages as of
  • Property tax rates: U.S. Census Bureau, ACS 5-year 2020-2024 as of

What goes into the monthly payment

A mortgage payment has up to five parts, often shortened to PITI: principal, interest, property tax and homeowners insurance, plus private mortgage insurance (PMI) on a small down payment and HOA dues where they apply. Principal and interest come from the standard loan formula and stay the same for the life of a fixed loan. Tax and insurance are usually collected by the lender into an escrow account and change when the bills change.

A $400,000 home in California with $80,000 down (20%) at 7.4% comes to $2,573.09 a month. Principal and interest are $2,215.62, property tax $232.47 and insurance $125.00. Over 30 years the loan of $320,000 costs $477,617 in interest.

Property tax by state and county

Property tax is where location matters most. The calculator uses the median rate homeowners actually pay, from the Census Bureau's American Community Survey: tax paid divided by home value. The median homeowner in New Jersey pays about 2.111% a year, around $8,442 on a $400,000 home; in Hawaii it is about 0.267%, or $1,067. California's median is 0.697%. Pick a county for a closer figure, or type the rate from a listing or tax bill. New buyers in some states pay more than the median, because assessments reset at the sale price.

Each state has its own page, with the payment on that state's median home, every county's rate and what the state's median wage can buy:

When PMI stops

With less than 20% down, conventional loans add private mortgage insurance. Under the Homeowners Protection Act it ends automatically once the scheduled balance reaches 78% of the original value, and you can ask for it to be removed at 80%. With $40,000 down on the same home, PMI adds $150.00 a month and drops off after 10 years. Paying extra principal brings that date closer.

Rate, term and down payment

Three levers move the payment most. The rate: one percentage point more on this loan raises principal and interest from $2,215.62 to $2,437.88 a month. The term: a 15-year loan at 6.71% has a payment of $2,824.62 but costs $188,431 in interest instead of $477,617. And the down payment, which shrinks the loan and, at 20% or more, removes PMI altogether.

The rate shown is the Freddie Mac weekly average for a 30-year or 15-year fixed loan, dated in the chips above. Lenders price your own rate from your credit score, the down payment, the loan type and any points you pay, so treat the average as a starting point and replace it with the rate on a loan estimate when you have one. Adjustable-rate loans start lower and can change after the fixed period; this calculator covers fixed-rate loans.

What the inputs mean

  • Home price and down payment: the loan is the difference. Closing costs are separate and not included.
  • Rate: filled with the latest Freddie Mac weekly average; replace it with a rate from a lender's loan estimate.
  • Term: 10, 15, 20 or 30 years.
  • State and county: set the property tax rate.
  • Insurance, PMI and HOA: a yearly premium, a PMI rate and monthly dues. PMI depends on credit score and down payment.

Common mistakes

  • Budgeting on principal and interest alone. Tax and insurance can add a third or more to the payment.
  • Using the weekly average as your rate. It is a national average for strong borrowers; your rate depends on credit, points and the loan type.
  • Forgetting that escrow payments rise when the tax bill or premium does, even on a fixed-rate loan.

Mortgage questions

What is the monthly payment on a $400,000 house?

With $80,000 down at the current 7.4% average for a 30-year fixed loan, in California, it is about $2,573.09 a month: $2,215.62 of principal and interest plus property tax and insurance. With $40,000 down, PMI is added and the payment is $3,000.04 at first.

How much does a one-point higher rate cost?

On the same loan, one percentage point more raises principal and interest from $2,215.62 to $2,437.88 a month, and total interest over 30 years from $477,617 to $557,637.

Is a 15-year mortgage worth it?

It costs more each month and far less in total. At the 15-year average of 6.71%, principal and interest are $2,824.62 a month against $2,215.62 on 30 years, but total interest is $188,431 instead of $477,617. Only take it if the higher payment still leaves room for savings and emergencies.

Sources

Mortgage rates: Freddie Mac weekly averages as of . Property tax rates: U.S. Census Bureau, ACS 5-year 2020-2024 as of . How we calculate.