Free Tool
Simple Mortgage Calculator
Estimate your monthly mortgage payment in seconds. Includes principal, interest, taxes, insurance, and mortgage insurance where applicable.
How to Use This Simple Mortgage Calculator
Enter your home price, down payment, loan type, and interest rate. The calculator instantly estimates your total monthly payment — including principal and interest, property taxes, homeowner's insurance, and mortgage insurance where it applies. Adjust any field and the numbers update in real time.
This calculator covers four loan types: Conventional, FHA, VA, and USDA — each with different mortgage insurance rules. Switch between Purchase and Refinance mode using the tabs at the top of the calculator.
What's Included in Your Payment
Principal & Interest — The base loan repayment calculated from your loan amount, rate, and term.
Property Taxes — Estimated monthly escrow based on your annual tax input.
Homeowner's Insurance — Monthly escrow for your annual insurance premium.
Mortgage Insurance — PMI for Conventional, MIP for FHA, annual fee for USDA. VA loans have no monthly mortgage insurance.
Loan Type Differences
Conventional — PMI applies when down payment is under 20%. Can be removed once you reach 20% equity.
FHA — Upfront MIP plus monthly MIP. More flexible credit guidelines.
VA — No monthly mortgage insurance for eligible Veterans. One-time funding fee applies.
USDA — No down payment required for eligible areas. Annual guarantee fee applies.
Simple Mortgage Calculator — Frequently Asked Questions
How accurate is this mortgage calculator?
This calculator provides a close estimate for planning purposes. It uses your inputs for price, down payment, rate, taxes, and insurance to calculate a realistic monthly payment. Your actual payment may differ based on your final interest rate, exact loan terms, lender requirements, and local tax and insurance amounts. Use it as a starting point before speaking with a lender.
What credit score do I need to get a mortgage?
It depends on the loan type. FHA loans may allow lower credit scores with more flexibility. Conventional loans typically require stronger credit. VA and USDA loans have their own guidelines. The calculator lets you select your credit score range to show how it affects mortgage insurance costs.
How much down payment do I need?
It depends on the loan type. VA and USDA loans may require no down payment for eligible buyers. FHA loans allow lower down payments. Conventional loans can also work with less than 20% down. Down payment assistance programs may also help eligible buyers in Illinois, Indiana, Tennessee, and Alabama reduce upfront costs.
What is mortgage insurance and when do I pay it?
Mortgage insurance protects the lender if a borrower defaults. For Conventional loans, it's called PMI and can be removed once you reach 20% equity. For FHA loans, it's called MIP and typically stays for the life of the loan unless you refinance. VA loans have no monthly mortgage insurance. USDA loans have an annual guarantee fee.
Can I use this calculator for a refinance?
Yes — click the "Refinance" tab at the top of the calculator. Enter your current loan balance, home value, and any cash-out amount to estimate your new monthly payment after refinancing.
How do I get my actual mortgage payment?
This calculator gives you a solid estimate, but your real payment depends on your full financial profile, credit, income, and current market rates. The best next step is to get a full mortgage review — which takes about 15 minutes and gives you real numbers based on your actual situation.
Ready for Your Real Numbers?
This calculator is a great starting point. A full mortgage review gives you actual approval numbers based on your credit, income, and goals — in Illinois, Indiana, Tennessee, or Alabama.
Kim Dobyns, NMLS #204859 · Union Home Mortgage Corp., NMLS #2229 · Licensed in IL · IN · TN · AL · Equal Housing Lender · This calculator is for educational purposes only and does not constitute a commitment to lend.