Who can use this calculator?

Anyone shopping for a home loan in Illinois, Indiana, Tennessee, or Alabama can use this calculator for free. There is no signup required.

Is the estimate the same as a preapproval?

No. This calculator gives a math-based estimate. A real preapproval requires Kim Dobyns to review your full credit, income, assets, and debts — schedule one by calling (630) 660-3539.

How is PMI / MIP calculated?

Conventional PMI uses tiered rates by credit score and LTV. FHA MIP is 1.75% upfront + roughly 0.55% annually on most loans. USDA charges a 1% upfront fee + roughly 0.35% annually. VA has no monthly mortgage insurance.

Mortgage Payment Calculator | Monthly Payment Estimator

Monthly Mortgage Payment Calculator

Adjust inputs to explore different scenarios

Home Price

Down Payment ($)

Current Home Value ($)

Current Loan Balance ($)

Cash-Out Amount ($)

Loan Type

Loan Term

Interest Rate (%)

Credit Score

First-Time Buyer?

Annual Property Tax ($)

Annual Homeowner's Ins ($)

Total Payment

Principal & Interest

Taxes & Insurance

Mortgage Insurance

Estimates are for educational purposes only and do not represent a commitment to lend or a guaranteed rate. Kim Dobyns, NMLS #204859 · Union Home Mortgage Corp., NMLS #2229 · Equal Housing Lender.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment is made up of more than just principal and interest. This calculator breaks down all four components so you see the full picture: principal & interest, property taxes, homeowner's insurance, and mortgage insurance where it applies.

Why Payments Vary by Loan Type

Different loan types calculate mortgage insurance differently — which directly affects your monthly payment. Conventional PMI varies by credit score and can be removed. FHA MIP is fixed and typically stays for the life of the loan. VA loans have no monthly mortgage insurance. USDA has a small annual fee.

How Credit Score Affects Payment

For Conventional loans, your credit score affects your PMI rate — sometimes significantly. A buyer with a 760 score may pay much less in PMI than a buyer with a 680 score on the same loan. Select your credit score range in the calculator to see the difference.

Mortgage Payment Questions

What is included in a monthly mortgage payment?

A full monthly mortgage payment — often called PITI — includes Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property taxes collected monthly into escrow), and Insurance (homeowner's insurance plus mortgage insurance if applicable). This calculator includes all of these.

How can I lower my monthly mortgage payment?

Common ways include: making a larger down payment to reduce the loan amount, choosing a longer loan term (30-year vs 15-year), improving your credit score to get a better rate, choosing a loan type with lower or no mortgage insurance, or buying in a lower property tax area. Try different scenarios in the calculator to see the impact.

What mortgage payment can I afford?

A common guideline is that your total monthly housing payment should be 28-31% or less of your gross monthly income. But lenders look at your full debt-to-income ratio — all debts plus the new payment — which typically should not exceed 43-50% depending on the loan type. A full mortgage review will tell you your exact numbers.

Does the monthly payment change over time?

For a fixed-rate mortgage, the principal and interest portion stays the same. However, your taxes and insurance portions may change annually as your escrow account is recalculated. Mortgage insurance can also change or be removed in some cases.

Get Your Actual Monthly Payment

The calculator shows you an estimate. A full review tells you exactly what you qualify for and what your real payment will be in Illinois, Indiana, Tennessee, or Alabama.

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