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Make Your Mortgage Make Sense—In Minutes

Find your monthly payment, reveal hidden costs, and uncover grants that can lower your upfront investment—all in one simple step.

Mortgage Calculator

Use our mortgage calculator to get a clear, detailed view of your monthly home payment—including principal, interest, taxes, insurance, PMI, and HOA fees. Enter your details, adjust loan terms, and receive a transparent payment breakdown to support informed investment decisions.
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What will my mortgage cost me?

Your monthly mortgage payment depends on several important factors: the home’s price, your down payment, the interest rate, and the length of your loan. Putting down 20% or more can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). Choosing a lower interest rate or a longer loan term can also reduce your monthly payment, though a longer term means paying more interest over time. The table below gives you an estimate of what your mortgage payment might look like for a 30-year fixed-rate loan at a 7% interest rate, assuming a 15% down payment. These figures include PMI, property taxes, homeowners insurance, and typical fees, so you get a realistic view of your total monthly cost. To fine-tune these numbers, use the options in our Mortgage Calculator.

 

comicbook a calculator being used to calculate the mortgage of a home-1

How to calculate mortgage payments?

Mortgage Calculator: Get instant, mortgage estimates with our streamlined calculator. Adjust your loan details at any time to see how small changes impact your monthly cash flow and long‑term returns.

Monthly Payment Breakdown

  •  Principal & Interest: The core of your payment, covering the repayment of your loan balance and the lender’s financing charges over time.
  • Escrow for Taxes & Insurance: Most mortgages include an escrow portion that sets aside funds for property taxes and homeowner’s insurance, allowing your lender to manage these essential obligations on your behalf.
  • Additional Costs: Certain scenarios may require private mortgage insurance (PMI), which is added to your monthly payment when applicable.
Key Terms Explained

  • Home Price: Input the purchase price of the home you are evaluating to understand its projected carrying costs.
  • Down Payment: Many loan programs begin at a minimum of 3% down. Increasing your down payment to 20% or more can significantly reduce your monthly payment and may remove the need for PMI. Where available, down payment assistance programs can help you enter the market while preserving liquidity.
  • Loan Program: Compare structures such as a 30‑year fixed, 15‑year fixed, or 5‑year ARM to align your payment schedule and interest exposure with your investment strategy.
  • Interest Rate: Use your quoted rate or apply current market averages to model your expected financing costs over the life of the loan.
  • PMI: Typically required when your down payment is under 20%, and calculated based on your credit profile and loan amount.
  • Property Taxes: Estimate using a percentage of the home price or enter the known annual tax amount for a more precise projection of your monthly obligation.
  • Homeowner’s Insurance: Generally, less than 1% of the home’s value per year, distributed across your monthly payments to protect both your asset and your lender.
  • HOA Dues: If the property is part of a managed community, include monthly homeowners association fees to capture the full cost of ownership.

By understanding each of these components, you can structure your mortgage with clarity, protect your cash flow, and plan your real estate investment with greater confidence.

Monthly Mortgage Payment Breakdown

Principal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment

The traditional makeup of a mortgagegage payment consists of:

Principal: The original amount you borrow.

Interest: The fee paid for borrowing the money.

Mortgage insurance: Required if your down payment is less than 20%, this protects the lender.

Escrow: A monthly deposit for property taxes, homeowners association dues, and homeowners insurance.

Total Cost of Loan: To calculate the total number of payments on your loan, multiply the number of years in your loan term by 12. For example, a 30-year mortgage means 360 monthly payments (30 years × 12 months).

Home Loan Options Made Simple

comicbook Conventional Loan

Conventional loans work best if you have strong credit and low debt. Putting 20% down can lower your rate and remove PMI, while smaller down payments are allowed but will include PMI.

 
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comicbook FHA Loan Depict a person moving out of an apartment into a home-2

An FHA loan is a government-backed mortgage with a low-down payment and flexible credit requirements, but it requires mortgage insurance for the life of the loan.

 

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comicbook VA Loan Depict a US Veteran buying a home

VA loans, backed by the Department of Veterans Affairs, let eligible veterans buy homes with no down payment in most cases and access competitive interest rates. They do not require private mortgage insurance (PMI), but a funding fee is charged.
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USDA Loan-1

USDA loans help low-income buyers in rural areas with no down payment, flexible credit, and no PMI—just an upfront fee.

 


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Understanding Mortgage Options

When choosing a mortgage, it's helpful to know the different loan types and key terms involved. Here are some important distinctions:

Loan term duration

The loan term is the time you have to repay your mortgage. Most commonly, terms are 30 or 15 years. A longer term typically means lower monthly payments but more interest over the life of the loan. Shorter terms let you pay off your mortgage faster and reduce total interest paid. You can also pay extra each month to pay down your principal and finish the loan ahead of schedule.

Fixed-Rate Mortgages vs. Adjustable-Rate Mortgages

A fixed-rate mortgage keeps your interest rate unchanged for the entire loan term, making your payment predictable. An adjustable-rate mortgage (ARM) holds a steady rate for an initial period, then adjusts periodically. For example, a 5-year ARM offers a fixed rate for the first five years, then adjusts annually. ARMs can start with lower rates, which may be attractive if you expect to move or refinance before the rate changes.

Conforming Loans vs. Non-Conforming Loans

Conforming loans meet government-set requirements, including limits on the loan amount and standards from Fannie Mae or Freddie Mac. Non-conforming loans, such as jumbo loans, don't follow these guidelines and can vary widely in terms and eligibility between lenders. These loans may suit buyers needing higher balances or greater flexibility, but lender criteria will differ.

Understand your buying power with a mortgage calculator

Leverage a mortgage payment calculator to gain a comprehensive view of your real estate investment strategy—not just to estimate your monthly obligations. Explore these additional ways our calculator can support informed, confident property decisions:

Evaluate down payment options

Adjust your down payment to see how it affects your monthly costs. Compare keeping extra savings after closing versus paying more upfront to avoid PMI. Review all monthly expenses for a clear, transparent understanding of your investment.

 

Analyze mortgage rates

Adjust the interest rate to see how even small changes can impact your investment returns. Improving your credit score may help you secure better rates. Use the "Schedule" feature to view our interactive graph and explore different payoff timelines, making it easier to plan your investment strategy.

Build your budget

Use the calculator to get a feel for maximum purchase price and where that aligns with your monthly budget. 

Frequently Asked Questions

How do I estimate my monthly mortgage payment?

Use the Sold & Sunset mortgage calculator to plug in your home price, down payment, interest rate, and loan term, then layer in local property taxes, homeowners insurance, PMI, and any HOA dues. In seconds, you’ll see a clear, realistic breakdown of your Phoenix monthly payment so you can test different scenarios, compare total carrying costs, and choose the option that fits your budget with confidence.

 

What costs are included in the calculator’s monthly payment?

This calculator breaks down your projected monthly obligation into principal, interest, and estimated amounts for property taxes, homeowners insurance, PMI (when applicable), and HOA dues. By presenting a clear, all‑in figure, it helps you evaluate the true carrying cost of the property—not just the base loan payment.
 

How accurate are the results?

All figures shown are estimates only. Your actual payment will vary based on your credit profile, lender fees, final taxes and insurance, and the specific loan program selected. For clear, personalized numbers, begin a pre‑qualification with a lending partner on this page to review your customized rate and term options.

Can I compare different loan terms or down payments?

Yes. You can adjust the interest rate, loan term (such as 15 vs. 30 years), and down payment to immediately see how each variable impacts your monthly payment and total interest over time. This allows you to fine‑tune overall affordability and investment strategy before submitting any offers.