Mortgage Calculator — instant & accurate

Your monthly mortgage payment has four components — principal, interest, property tax, and homeowner's insurance (PITI). The principal and interest portion is calculated using the loan amount, interest rate, and loan term. Our calculator uses the standard amortization formula and adds your estimated tax and insurance for the total monthly figure.

Most conventional loans require a minimum credit score of 620. FHA loans allow scores as low as 580 (with 3.5% down) or even 500 (with 10% down). VA and USDA loans have no official minimum, but most lenders look for 620+. A score of 740 or higher typically qualifies you for the best rates available.

As of 2026, the average 30-year fixed mortgage rate is around 6.5–7.2% depending on your credit score, down payment, and lender. A rate below 6.5% is considered excellent for well-qualified buyers. Always compare at least 3–5 lenders to find the best rate for your specific situation.

Using the 28% front-end DTI rule, you'd want your monthly housing costs to be no more than 28% of your gross monthly income. At today's rates, a $400,000 home with 20% down has a monthly payment of roughly $2,200–$2,500. That means you'd want to earn at least $94,000–$107,000 per year to comfortably qualify.

A 15-year mortgage saves you tens of thousands in interest and builds equity faster, but the monthly payments are significantly higher — typically 40–50% more than a 30-year. A 30-year mortgage gives you lower payments and flexibility. The best choice depends on your monthly budget and financial goals.