Mortgage Tools
US Mortgage Calculator
Estimate your monthly mortgage payment using your purchase price, down payment, interest rate, and loan type.
Mortgage Calculator
Monthly P&I
—
Please complete all fields
This is an estimate only. Your actual rate, PMI, and payment will depend on your credit profile and lender. Apply to get a real pre-approval with Breezeful.
How US Mortgage Payments Work
Your monthly mortgage payment is made up of principal and interest (P&I), plus optional mortgage insurance if your down payment is less than 20%.
Principal and Interest (P&I) — The P&I portion is calculated using the loan amount, your interest rate, and the loan term. US mortgages use monthly compounding, so your monthly rate is simply your annual rate divided by 12.
Private Mortgage Insurance (PMI) — Conventional loans with less than 20% down typically require PMI, which is added to your monthly payment. PMI is automatically cancellable once you reach 20% equity. FHA loans use MIP instead, which may be required for the life of the loan.
Loan Types — Conventional loans are the most common, requiring as little as 3% down. FHA loans are government-backed and allow 3.5% down with more flexible credit requirements. VA loans are available to eligible veterans and active-duty service members with no down payment required.
Keep in mind that your full monthly housing cost also includes property taxes and homeowner's insurance, which vary by location and are not included in this calculator.