Mortgage Affordability Calculator

What's Included in Your Payment?

PITI = Principal, Interest, Taxes, Insurance. Many lenders require PMI if you put down less than 20%. Don't forget HOA fees if applicable.

Down Payment Impact

20% down eliminates PMI (saving $100-300/month). However, a smaller down payment helps you buy sooner while preserving savings.

15 vs 30 Year Terms

30-year: Lower monthly payments, more flexibility, more total interest. 15-year: Higher payments, faster equity building, significant interest savings.

Tips for Home Buyers

• Aim for payment under 28% of gross income
• Get pre-approved before shopping
• Compare multiple lenders
• Consider total cost, not just monthly payment

What's the difference between this and the Mortgage Payment Calculator?

This calculator helps explore affordability and compare scenarios. The Mortgage Payment Calculator provides detailed payment analysis, amortization schedule, and extra payment impact once you know your target price.

How much should I put down on a house?

While 20% avoids PMI, many buyers put 3-10% down. Balance your down payment against emergency fund and other goals. A larger down payment means lower monthly payments and less total interest.

What is PMI and how can I avoid it?

PMI is required with less than 20% down, typically 0.5-1% annually. Avoid with 20% down, lender-paid PMI, or VA/USDA loans. PMI drops automatically at 20% equity.

How much house can I afford?

The 28/36 rule suggests housing under 28% of gross income and total debt under 36%. For $100,000 income, aim for approximately $2,333/month maximum housing payment.

Mortgage Payment Calculator

Detailed payment analysis with amortization schedule.

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