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Explore a monthly payment or a home-price range. Adjust the assumptions, see the full picture, and bring your questions to Adam.
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Illustrative example · Replace the sample figures
Your estimated monthly payment
Choose your inputs, then calculate your estimate.
Monthly cost breakdown
A planning estimate, not pre-approval, qualification, a rate offer or a guarantee. Actual terms and costs depend on your circumstances and property. Closing costs, maintenance, utilities, flood/fire coverage and reserves are not included.
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Review my estimate with AdamWhat goes into the estimate?
How the monthly payment is calculated
Principal and interest use standard fixed-rate amortization over the selected term. At zero interest, the loan is divided evenly across the payments. We add property tax, homeowners insurance, HOA dues and PMI when the initial loan-to-value ratio exceeds 80%. A down payment above the home price is capped at the price; ownership costs still apply even with no loan.
How the income-based range is calculated
For each scenario, the monthly housing budget is the smaller of (gross monthly income × housing limit) and (gross monthly income × total-debt limit − existing debts). The calculator finds the highest home price whose full initial housing payment fits that budget. Percentage down payment is applied to each resulting home price during the calculation. The equivalent amount and breakdown show the upper scenario; changing units uses that scenario to preserve its down payment. PMI uses the same down-payment threshold as monthly-payment mode. With default assumptions the lower scenario uses 28% / 36%, and the upper uses 36% / 43%. Your actual comfortable budget may be lower. If debts or fixed housing costs leave no room, the result says so.
Where the rate comes from
The calculator checks Freddie Mac’s public Primary Mortgage Market Survey workbook on page load and every six hours while this page is visible. The reference is a weekly U.S. 30-year fixed mortgage average, not a real-time lender rate. Its date is the observation date, not today’s date. If the source is unavailable or older than 14 days, the dated fallback remains visible with a notice. Updates never replace inputs after you begin editing or calculating; you can choose to apply a newer reference. Other loan terms require an appropriate rate. APR includes applicable borrowing costs; this calculator does not calculate APR or include all closing costs.