Free Mortgage Calculator. See Your Real Monthly Payment in 10 Seconds.
Instant estimates, no email required, no third-party tracking. Then compare your number against rates from 20+ wholesale lenders, because the difference between an estimate and an actual quote can be hundreds of dollars per month.
- Full PITI breakdown: principal, interest, taxes, insurance, PMI, HOA
- Works for 10, 15, 20, or 30-year fixed-rate loans
- Adjusts for down payment as a dollar amount or percentage
- Calculates PMI automatically when down payment is under 20%
- No signup required, no data leaves your browser
Free Calculator, Then Compare Real Rates From 20+ Top Wholesale Lenders
Today's National Average Mortgage Rates
National averages reported by Mortgage News Daily. These are the baseline rates lenders quote into; your actual rate depends on credit, down payment, loan type, and the lender competition we run for you.
| Loan Type | Rate | Daily Change | Points |
|---|---|---|---|
| 30 Yr. Fixed | 6.67% | -0.08% | 0.00 |
| 15 Yr. Fixed | 6.22% | -0.03% | 0.00 |
| 30 Yr. Jumbo | 6.75% | -0.01% | 0.00 |
| 7/6 SOFR ARM | 6.33% | -0.15% | 0.00 |
| 30 Yr. FHA | 6.22% | -0.03% | 0.00 |
| 30 Yr. VA | 6.24% | -0.03% | 0.00 |
How to Use This Mortgage Calculator
Five steps. Updates instantly as you type, no submit button, no email required.
1
Enter the Home Price
Use the actual list price or your offer price. If you're refinancing, enter the current home value. The calculator handles any amount.
2
Set Your Down Payment
Enter as a percentage (default 20%) or switch to a dollar amount. PMI is automatically added when you put less than 20% down.
3
Pick the Loan Term
30 years is most common. 15-year loans have lower rates and total interest but higher monthly payments. Try both and compare.
4
Enter Today's Interest Rate
Use a rate you've been quoted, or check our today's rates page. The default 6.5% is a reasonable 30-year fixed placeholder, your actual rate may be higher or lower.
5
Add Taxes, Insurance, HOA
Open the “Add taxes” section. Property tax rates run 0.5-2.5% by state. Homeowners insurance is typically $800-$2,500/year. HOA varies.
6
Get a Real Quote
The calculator gives you a solid estimate. To find out what 20+ wholesale lenders will actually offer you, send us a quick quote request, no commitment.
Use This Calculator For
Three of the most common scenarios where running the numbers first saves real money.
OnPoint Mortgage Pro · NMLS #2134550 · Licensed LO since 2005 · Headquartered in Irvine, California · Equal Housing Lender
The 28/36 Rule (How Lenders Decide What You Can Afford)
Lenders use a simple rule of thumb to gauge affordability: the 28/36 rule. It is also the cleanest framework for you to use when deciding what monthly payment is actually comfortable, not just what an underwriter will approve.
28% of your gross monthly income should go to housing costs (full PITI plus HOA). Anything more starts to crowd out savings, retirement contributions, and emergency reserves.
36% of your gross monthly income is the upper limit for total debt payments, including housing plus car loans, student loans, credit cards, and any other monthly obligations.
Worked example. A household with $10,000 gross monthly income should keep housing at or below $2,800/month and total debt at or below $3,600/month. If car payments and credit card minimums are $700/month, the housing cap drops to $2,900 by the 36 rule, then the lower number ($2,800) wins.
Use the calculator above to find a price + down-payment combination where the “Estimated Monthly Payment” stays inside your 28%. That number is far more useful than what a lender's pre-approval will let you stretch to.
Fannie Mae's Actual DTI Limits (And How High You Can Stretch)
The 28/36 rule above is the comfort zone. Fannie Mae's underwriting limits go meaningfully higher, but how high depends on whether your loan runs through automated underwriting (Desktop Underwriter, “DU”) or manual underwriting.
| Underwriting Method | Maximum DTI | Notes |
|---|---|---|
| Desktop Underwriter (DU) | 50% | Requires an “Approve/Eligible” finding. Approvals at the 50% ceiling typically depend on compensating factors like a higher credit score or substantial reserves. |
| Manual Underwriting | 36% to 45% | Standard cap is 36%. Can stretch to 45% when the borrower meets the credit score and reserve requirements in the Fannie Mae Eligibility Matrix. |
Compensating Factors That Unlock Higher DTI
Fannie Mae does not look at DTI in a vacuum. If your file pushes into the 45-50% range, Desktop Underwriter looks for compensating factors to offset the higher risk:
- Credit Score. A score of 720 or higher significantly improves the odds of a DU approval at the 50% ceiling. Below 700, DU gets noticeably stricter at the top of the DTI range.
- Cash Reserves. Holding 3-6 months of PITI (principal, interest, taxes, insurance) in liquid assets after closing is often required for higher-DTI approvals. Retirement accounts can count at a discounted rate.
- Loan-to-Value Ratio. A larger down payment (lower LTV) gives the automated system more room to approve, all else equal. Putting 25-30% down can unlock DTI flexibility that 5-10% down cannot.
- Self-Employed / S-Corp Borrowers. Standard Fannie Mae treatment of Form 1120-S and Schedule K-1 income still applies. The 50% DU cap is the absolute ceiling regardless of how the income is reported.
Re-Underwriting Thresholds
Fannie Mae has strict tolerances if your DTI changes between the initial DU run and final loan approval:
- If the new DTI exceeds 45% (manual) or 50% (DU), the loan becomes ineligible.
- If DTI increases by more than 3 percentage points (or crosses the 45% threshold), the loan must be re-submitted to DU for re-underwriting.
Lender “Overlays” And Why Brokering Helps
While Fannie Mae allows DTI up to 50%, many individual lenders apply their own internal caps called overlays, often at 43% or 45%. A single bank may decline your file at 47% even though the agency itself would approve it.
As a wholesale broker shopping your file across 20+ lenders, we can route a higher-DTI file to a lender that funds at the full agency limit, rather than getting denied by another lender's stricter overlay. This is exactly the kind of situation where shopping wholesale beats a single-lender retail application.
How Your Mortgage Payment Is Calculated
The principal and interest portion of your monthly mortgage payment is computed using the standard amortization formula. The calculator above runs this in real time as you type.
M = P × r(1 + r)n ÷ [ (1 + r)n − 1 ]
- M = monthly principal-and-interest payment
- P = principal (loan amount = home price minus down payment)
- r = monthly interest rate (annual rate divided by 12, expressed as a decimal)
- n = total number of payments (loan term in years times 12)
For a $400,000 loan at 6.5% for 30 years: P = 400,000, r = 0.065 / 12 = 0.00542, n = 360. The formula gives M = $2,528 per month for principal and interest. Property taxes, homeowners insurance, PMI, and HOA are added on top to give the full monthly payment (PITI + HOA).
Most lenders use the same formula. The difference between a $2,400 quote and a $2,600 quote on the same loan is the interest rate the lender offers you, which is exactly why shopping multiple lenders matters so much.
Specialized Mortgage Calculators
The calculator above handles the standard case. For specific situations, we have dedicated tools below.
How Much House Can I Afford?
Plug in income, debts, and down payment. See the maximum home price across Conventional, FHA, VA, and Non-QM with state-tuned tax and insurance defaults.
Open calculator →Basic Mortgage Calculator
Simple monthly principal-and-interest estimate. Optional taxes & insurance toggle when you want the full picture.
Open calculator →Refinance & Consolidation Calculator
Combine your 1st mortgage, 2nd / HELOC, and other monthly debts into one new mortgage at today's rate. Monthly, annual, and lifetime savings.
Open calculator →Refinance Comparison Calculator
Side-by-side current vs new loan, with a one-click toggle across Conventional, FHA, VA, Jumbo, and Non-QM. Includes break-even months.
Open calculator →Early Mortgage Payoff Calculator
Add an extra amount to your monthly payment and see exactly how many years come off the loan and how much interest you save.
Open calculator →Blended Mortgage Rate Calculator
Carry a 1st + 2nd / HELOC? Compute the weighted-average rate across both loans — the right number for any refi-vs-keep decision.
Open calculator →What Goes Into Your Monthly Mortgage Payment
Most people think of “the mortgage” as just principal and interest. The actual monthly cash outflow is bigger, lenders call this PITI, sometimes PITIA when HOA is included.
- P, Principal. The portion of each payment that reduces what you owe on the loan. Starts small (most of your early payments are interest) and grows over time.
- I, Interest. The cost of borrowing the money. The larger the loan and the higher the rate, the more interest you pay, especially in the first decade.
- T, Taxes. Property tax, usually collected by the lender monthly and held in an escrow account. The lender pays your county tax bill on your behalf when due.
- I, Insurance. Homeowners insurance, also typically escrowed and paid by the lender. Required by every lender as protection for the property.
- PMI, Private Mortgage Insurance. Required when down payment is under 20% on conventional loans. Typically 0.3%-1.5% of the loan amount annually, automatically dropped once you reach 22% equity.
- HOA, Homeowners Association dues. Not technically part of your mortgage, but a real monthly housing cost. Always include it in affordability math.
The calculator above breaks all of these out so you see the full picture, not just the P&I number that gets quoted in ads.
Three Worked Examples
All calculations at 6.5% interest, 30-year fixed, 1.2% property tax, $1,200 annual insurance. Estimates only, your actual rate and costs vary.
First-Time Buyer
Loan amount$360,000
Principal & Interest$2,275
Property tax$400
Insurance$100
PMI (under 20% down)$150
Total monthly$2,925
Move-Up Buyer
Loan amount$600,000
Principal & Interest$3,792
Property tax$750
Insurance$125
PMINot required
Total monthly$4,667
Higher-End Home
Loan amount$900,000
Principal & Interest$5,688
Property tax$1,200
Insurance$167
PMINot required
Total monthly$7,055
Calculator Estimate vs Real Quote
A mortgage calculator tells you what a payment could look like at a given rate. A real quote tells you what you'll actually pay, with rates from 20+ wholesale lenders competing for your file. Victor has been doing exactly this since 2002.
VS
Victor Santos
Senior Loan Officer · NMLS #888844
20+ years originating mortgages (LO since 2005). Victor will turn your calculator estimate into a real-world rate sheet across 20+ wholesale lenders, no obligation, no credit pull at the first call.
What Real Clients Say
Verified Google Reviews from OnPoint Mortgage Pro clients. No edits, no curation.
Mortgage Calculator Questions Answered
How accurate is this mortgage calculator?
The principal-and-interest calculation is exact, it uses the standard mortgage amortization formula every lender uses. Property tax, homeowners insurance, and PMI are estimates based on the rates you enter. Your actual quote may differ slightly because lenders use specific PMI rate tables, escrow account analysis, and your specific tax assessment. For a real-world quote priced across 20+ wholesale lenders, send a quote request, the difference between an estimate and an actual quote is usually only $25-$75 per month either way.
How much house can I afford?
Use the 28/36 rule as a starting point: housing costs should stay at or under 28% of your gross monthly income, and total debt payments (housing plus car, student loans, credit cards) at or under 36%. A $100,000 gross income household can typically afford a $2,333/month full housing payment. Plug that target into the calculator above and adjust price and down payment until the Estimated Monthly Payment matches. That number is what you can comfortably afford, not the maximum a lender will approve.
What's a good interest rate right now?
It depends on your credit score, down payment, loan type, and property type. For a 30-year fixed conventional loan in 2026, par rates run roughly 6.0% to 7.5% depending on your file strength. Borrowers with excellent credit (760+) and 20%+ down get the best pricing. Check today's rates on our rates page, or send us a quote request for an actual rate priced across our 20+ wholesale lenders.
Do I need 20% down to avoid PMI?
For conventional loans, yes, PMI applies when your down payment is less than 20% of the home price. PMI is typically 0.3%-1.5% of the loan amount per year, and it drops off automatically once you reach 22% equity (the calculator above uses 0.5% as a reasonable midpoint). FHA loans have a different structure called MIP that does NOT drop off and stays for the life of the loan in most cases. VA loans require no down payment and no PMI ever, the most cost-efficient option for eligible veterans and active-duty service members.
What's the 28/36 rule?
A widely-used affordability benchmark. Total housing costs (full PITI plus HOA) should not exceed 28% of gross monthly income. Total debt obligations (housing plus all other monthly debts) should not exceed 36%. Most lenders will approve borrowers up to roughly 43-50% DTI, but the 28/36 rule is the level where most households can comfortably maintain savings, retirement contributions, and an emergency fund.
Is escrow included in my monthly payment?
On most loans, yes. The lender collects 1/12 of your annual property tax and homeowners insurance each month, holds the funds in an escrow account, and pays the bills when they come due. This is what makes “PITI” (principal + interest + taxes + insurance) the right number to focus on, not just principal and interest. Borrowers with 20%+ down on conventional loans can sometimes waive escrow and pay tax/insurance directly, but most don't.
What's the difference between APR and interest rate?
The interest rate is what determines your monthly principal-and-interest payment. The APR (Annual Percentage Rate) is a federally-defined number that also includes lender fees, origination, points, and certain other charges, all expressed as an annualized cost. APR is always higher than the interest rate. APR makes it easier to compare loan offers that have different fee structures: a 6.5% rate with $0 fees is cheaper than a 6.25% rate with $8,000 in points, and the APR makes that obvious.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have meaningfully lower interest rates (typically 0.5% to 0.75% below the 30-year rate) and you pay vastly less total interest. The trade-off is much higher monthly payments, roughly 50% more than a 30-year on the same loan. Most borrowers go 30-year for cash-flow flexibility and prepay extra principal when they can, which mathematically beats the 15-year on flexibility while still saving substantial interest. Plug both terms into the calculator above and compare.
How can I lower my monthly mortgage payment?
Five primary levers: (1) larger down payment lowers the loan amount and removes PMI at 20%, (2) longer loan term spreads the principal over more months (lower payment, more total interest), (3) lower interest rate, the variable that shopping 20+ lenders is designed to optimize, (4) shop homeowners insurance independently, you don't have to take the lender's recommended carrier, (5) appeal your property tax assessment if recent comparables suggest your assessed value is too high.
What affects my mortgage rate the most?
In rough order of impact: credit score (a 740+ borrower gets meaningfully better pricing than a 660 borrower), loan-to-value ratio (lower LTV = lower rate), debt-to-income ratio (lower is better), loan type (VA and conventional usually cheaper than FHA or jumbo), property type (single-family primary residences priced best), and loan term (15-year cheaper than 30-year). At the macro level, the 10-year Treasury yield and MBS spreads set the baseline rate environment.
Does this calculator save my data?
No. The math runs entirely in your browser. Nothing you type here is sent to OnPoint or any third party. No email is required, no signup, no tracking pixel on the calculator widget. If you want a real quote, you'll need to send us your contact info separately through the quote form, which is opt-in.
Why does the calculator estimate differ from what a lender quotes me?
Lenders look at your actual credit profile, recent income, debt-to-income, property type, occupancy, and other underwriting factors that a calculator can't see. Lender PMI rates vary by company. Property tax assessments may differ from the rate you entered. Insurance quotes vary by carrier. As a rule of thumb, the calculator above will get you within $25-$100 per month of the actual quote for a strong file.
Get a Real Rate Quote
The calculator gave you the estimate. Now answer a few quick questions and a licensed loan officer will shop your file across 20+ wholesale lenders and email you a real rate sheet within one business day. No credit pull, no obligation.
Calculator Disclosures
This calculator provides estimates for educational and planning purposes. It is not a loan offer, loan estimate, or commitment to lend. Actual rates, fees, mortgage insurance costs, property tax assessments, and homeowners insurance premiums depend on individual circumstances and lender underwriting and may differ materially from the estimates shown here.
The principal-and-interest calculation uses the standard amortization formula M = P × r(1 + r)n ÷ [(1 + r)n − 1]. PMI is automatically included when the down payment is less than 20% of home price, calculated at an estimated 0.5% of the loan amount annually. Property taxes are estimated based on the rate you enter (default 1.2%); your actual rate varies by state and county. Homeowners insurance is shown as entered; obtain quotes from licensed carriers for accurate pricing.
OnPoint Mortgage Pro · NMLS #2134550 · Equal Housing Lender. Licensed in California, Colorado, Florida, Idaho, Maryland, New Hampshire, South Carolina, Texas, and Virginia. All loans subject to credit approval. Rates and program details current as of 2026 and subject to change.
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