Mortgage Calculator

The monthly payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.

Property tax rates are based on each state's effective tax rate from Tax Foundation and Census Bureau data. Insurance rates are derived from average annual premiums by state (NAIC data). Both are applied as a percentage of your home price and auto-update when you change the state or price. These are state averages — your actual costs may vary by county, municipality, coverage level, and property specifics. You can override either value manually.

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.3%–1.5% of the loan amount per year and protects the lender if you default.

Property tax rates range from 0.28% in Hawaii to 2.47% in New Jersey. This means on a $350,000 home, you could pay $980/year in Hawaii or $8,645/year in New Jersey. States with no income tax (like Texas at 1.80%) often have higher property taxes to compensate.

States prone to natural disasters have significantly higher insurance costs. Florida averages ~1.05% of home value annually due to hurricane risk. Oklahoma (~0.96%) and Louisiana (~1.10%) are high due to tornado and hurricane exposure. States like Hawaii (0.19%), Utah (0.26%), and Oregon (0.28%) have the lowest rates.

Yes. When you select a state, property tax and homeowners insurance are automatically estimated based on state averages and your home price. These are added to your principal and interest payment to show your true monthly cost. You can also manually adjust both values.

An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.