Estimate your full monthly house payment, not just principal and interest.
This free mortgage calculator estimates your complete monthly payment, including principal, interest, property taxes, homeowners insurance, HOA dues, and private mortgage insurance (PMI) when your down payment is under 20%. Pick your state to start from local numbers: the live MonitorBankRates average rate for your state, the Census median home value, and the typical property tax and homeowners insurance bill where you live. If you are still shopping, compare today's mortgage rates to find a better offer to plug in.
Start from your state's numbers
Loads your state's average mortgage rate, median home price, property tax and homeowners insurance into the calculator. Choose a city for local figures where we have them.
Monthly Payment Estimator
Enter your loan details. Results update as you type.
Where your monthly payment goes
| Principal & interest | $0 |
| Property tax | $0 |
| Homeowners insurance | $0 |
| HOA dues | $0 |
| PMI | $0 |
| Total monthly payment | $0 |
Loan balance over time
Amortization schedule (yearly totals)
| Year | Principal Paid | Interest Paid | PMI Paid | Ending Balance |
|---|
What a Mortgage Costs Right Now
As of September 18, 2026, the MonitorBankRates national average rate on a 30 year fixed mortgage is 6.905% and the 15 year fixed average is 6.471%. A buyer purchasing the U.S. median home, valued at $332,700, with 20% down ($66,540) borrows $266,160 and pays about $1,754 per month in principal and interest on a 30 year loan. Adding the median property tax bill and homeowners insurance premium brings the full monthly payment to roughly $2,126, which is about 31.6% of the median U.S. household income of $80,734. Over 30 years that loan costs about $365,215 in interest.
| Example: U.S. median home, 20% down, 30 year fixed at 6.905% | Monthly |
|---|---|
| Principal and interest | $1,754 |
| Property tax (median, Census) | $260 |
| Homeowners insurance (median, Census) | $112 |
| Estimated total payment (PITI) | $2,126 |
Rates change daily. The example above is recalculated every time this page loads using the current MBR average, so the numbers you see reflect today's market rather than a stale sample.
Monthly Mortgage Payment on the Median Home by State
Estimated total monthly payment (principal, interest, property tax and homeowners insurance) on the median priced home in each state with 20% down on a 30 year fixed loan at that state's current MBR average rate. The share of income column compares the payment with the state's median household income; lenders generally want that figure under 28%. Sorted from least to most expensive.
| State | Avg 30 yr rate | Median home | P&I | Est. PITI | Share of income |
|---|---|---|---|---|---|
| West Virginia | 6.905% (U.S. avg) | $162,600 | $857 | $1,013 | 20.4% |
| Mississippi | 6.735% | $169,800 | $880 | $1,100 | 23.4% |
| Arkansas | 6.973% | $188,000 | $998 | $1,203 | 23.8% |
| Alabama | 6.696% | $209,900 | $1,083 | $1,277 | 23.9% |
| Kentucky | 7.182% | $205,600 | $1,114 | $1,350 | 25.4% |
| Louisiana | 6.844% | $216,500 | $1,134 | $1,383 | 27.3% |
| Oklahoma | 7.290% | $199,800 | $1,095 | $1,398 | 25.8% |
| Indiana | 7.096% | $218,200 | $1,173 | $1,417 | 23.6% |
| Iowa | 6.918% | $208,000 | $1,098 | $1,439 | 23% |
| Ohio | 7.110% | $214,800 | $1,156 | $1,474 | 24.8% |
| New Mexico | 6.801% | $248,100 | $1,294 | $1,506 | 28.2% |
| Missouri | 7.103% | $230,300 | $1,239 | $1,521 | 25.8% |
| Kansas | 7.064% | $217,200 | $1,164 | $1,551 | 25.1% |
| Michigan | 7.019% | $231,600 | $1,235 | $1,567 | 25.8% |
| South Carolina | 6.761% | $259,000 | $1,345 | $1,575 | 27.3% |
| North Dakota | 7.029% | $249,900 | $1,334 | $1,632 | 25.6% |
| South Dakota | 6.905% (U.S. avg) | $257,400 | $1,357 | $1,699 | 27.2% |
| Nebraska | 6.932% | $238,600 | $1,261 | $1,705 | 26.8% |
| Pennsylvania | 6.943% | $254,500 | $1,347 | $1,738 | 26.7% |
| North Carolina | 6.803% | $288,900 | $1,507 | $1,774 | 29.4% |
| Wisconsin | 7.029% | $266,500 | $1,423 | $1,834 | 28.4% |
| Tennessee | 7.100% | $286,700 | $1,541 | $1,855 | 32% |
| Georgia | 6.718% | $303,300 | $1,569 | $1,862 | 28.9% |
| Wyoming | 6.886% | $309,700 | $1,629 | $1,909 | 30.1% |
| Illinois | 7.081% | $263,300 | $1,413 | $1,939 | 27.9% |
| Maine | 7.295% | $296,600 | $1,626 | $1,986 | 31.9% |
| Texas | 6.923% | $283,800 | $1,499 | $2,110 | 32.3% |
| Delaware | 6.990% | $352,000 | $1,872 | $2,115 | 29.9% |
| Minnesota | 6.945% | $329,300 | $1,743 | $2,163 | 29.1% |
| Vermont | 6.880% | $316,600 | $1,665 | $2,168 | 32% |
| Alaska | 6.625% | $352,900 | $1,808 | $2,174 | 28.1% |
| Florida | 6.713% | $359,000 | $1,856 | $2,284 | 36.8% |
| Montana | 6.891% | $375,800 | $1,978 | $2,285 | 37.8% |
| Arizona | 6.820% | $394,500 | $2,062 | $2,320 | 34.8% |
| Virginia | 6.834% | $383,700 | $2,008 | $2,396 | 30.9% |
| Idaho | 6.943% | $418,600 | $2,215 | $2,452 | 37.8% |
| Nevada | 6.681% | $435,400 | $2,243 | $2,512 | 38.5% |
| Connecticut | 6.920% | $366,900 | $1,937 | $2,632 | 33% |
| Maryland | 6.838% | $419,900 | $2,198 | $2,658 | 30.8% |
| Rhode Island | 7.143% | $404,200 | $2,182 | $2,729 | 37.3% |
| Utah | 6.910% | $489,400 | $2,581 | $2,842 | 35.8% |
| New Hampshire | 7.265% | $402,500 | $2,200 | $2,872 | 34.8% |
| New York | 6.929% | $423,800 | $2,239 | $2,922 | 40.8% |
| Oregon | 6.929% | $477,600 | $2,524 | $2,925 | 42.3% |
| Colorado | 6.958% | $539,400 | $2,859 | $3,273 | 41.1% |
| New Jersey | 6.851% | $454,400 | $2,382 | $3,304 | 38.3% |
| Washington | 7.016% | $564,600 | $3,010 | $3,499 | 42.8% |
| Massachusetts | 6.789% | $562,100 | $2,928 | $3,569 | 41.2% |
| District of Columbia | 6.838% | $737,100 | $3,859 | $4,258 | 46.5% |
| California | 6.920% | $734,700 | $3,879 | $4,483 | 54.3% |
| Hawaii | 6.709% | $839,100 | $4,336 | $4,650 | 55.6% |
Rates: MonitorBankRates state averages as of September 18, 2026, computed from rates published by banks and credit unions in each state. Home values, property taxes, insurance and incomes: U.S. Census Bureau American Community Survey medians. Estimates exclude PMI and HOA dues.
How This Mortgage Calculator Works
The calculator uses the standard amortization formula to split each monthly payment between interest and principal. Interest for a given month equals the remaining balance times the monthly rate (the annual rate divided by 12). Whatever is left of the payment reduces the balance. Because the balance starts high, early payments are mostly interest; by the final years nearly the entire payment goes to principal.
On top of principal and interest, the calculator adds the items lenders typically collect in escrow: property taxes, homeowners insurance, and, when your down payment is under 20%, private mortgage insurance. HOA dues are included in the total so you can compare a condo or planned community with a single family home on equal footing. PMI is removed from the schedule automatically once the balance falls to 78% of the original price, which is when federal law requires servicers to cancel it on most conventional loans.
Mortgage Definitions
How to Use the Mortgage Calculator
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Enter the home price and down payment
Type in the purchase price and your down payment in dollars or as a percentage. A 20% down payment is the traditional benchmark because it avoids PMI, but conventional loans often allow as little as 3% to 5% down. The calculator adds PMI automatically when you put down less than 20%.
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Set the interest rate and term
The rate defaults to today's MBR national average for a 30 year fixed loan. Replace it with the rate you were quoted, or click the 15 year button to model a shorter term. Longer terms lower the monthly payment but add tens of thousands of dollars in interest over the life of the loan.
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Add taxes, insurance and HOA dues
Enter your property tax as a percentage of the home value or as a yearly dollar amount, plus your annual homeowners insurance premium and any monthly HOA dues. Your county assessor's website and an insurance quote will give you real numbers; the defaults are reasonable national estimates.
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Review the results
The large figure is your estimated total monthly payment. The breakdown chart shows where each dollar goes, the balance chart shows how quickly you build equity, and the schedule lists principal, interest and PMI paid each year. Click Show Full Schedule to see every year of the loan.
How Much House Can You Afford?
The calculator tells you what a given home price costs per month, but the harder question is what you can actually afford. Two rules of thumb get you most of the way there:
The 28/36 rule. Lenders generally want your housing payment (principal, interest, taxes, insurance and HOA) to stay under 28% of your gross monthly income, and your total debt payments under 36%. On a $90,000 household income, that is roughly $2,100 per month for housing and $2,700 per month for housing plus all other debt combined.
The stress test rule. If a one percentage point rate increase or a $200 per month property tax bump would make the payment uncomfortable, the home is probably stretching you. The MBR Housing Affordability Index is a useful sanity check on whether prices in your market are aligned with local incomes. For a more precise number based on your income and existing debt, try the mortgage affordability calculator.
Signs you can afford the house
- Total housing payment is under 28% of your gross monthly income
- You would still have a 3 to 6 month emergency fund after closing
- You are saving at least 10% to 15% toward retirement separately
- The down payment does not drain every account you own
- You are not relying on overtime, bonuses, or a second job to make the payment work
Signs you may be stretching
- Housing payment pushes past 30% of gross income
- Closing costs and the down payment would empty your savings
- You would need to pause retirement contributions to afford it
- A small rate or tax increase would make the payment unworkable
- You are counting on home appreciation to make the math work
One thing to remember: the loan amount the bank approves you for is usually larger than the loan amount that is comfortable to live with. Lenders look at your debt to income ratio, not your savings goals, your kids' college fund, or how much you actually want to spend on travel and groceries. Borrow what fits your life, not what fits the underwriter's spreadsheet.
Frequently Asked Questions
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. Together they make up a typical monthly mortgage payment. Lenders usually collect the tax and insurance portions in an escrow account along with the loan payment, which is why the bill you receive is higher than the principal and interest figure alone. This calculator estimates all four, plus HOA dues and PMI when they apply.
How is a monthly mortgage payment calculated?
The principal and interest payment uses the amortization formula: the loan amount times the monthly rate, divided by one minus (1 plus the monthly rate) raised to the negative number of payments. For a $320,000 loan at 6.905% over 30 years that works out to about $1,754 per month. Taxes, insurance, HOA and PMI are then added on top.
How can I lower my monthly payment?
You can lower your payment by making a larger down payment, securing a lower interest rate, or choosing a longer loan term (for example 30 years instead of 15). Removing private mortgage insurance once you have 20% equity also helps. Buying points upfront to lower the rate can reduce the payment too, though it only pays off if you stay in the home long enough.
What is an amortization schedule?
An amortization schedule is a table that shows every payment you will make over the life of the loan. It breaks down how much of each payment goes to principal versus interest. In the early years most of your payment goes to interest; in the later years the balance flips and most goes to principal. The schedule on this page is summarized by year.
What is PMI and how do I avoid it?
Private mortgage insurance protects the lender, not you, if you default. It is typically required when your down payment is less than 20% on a conventional loan and usually adds 0.3% to 1.5% of the loan amount per year to your payment. You can avoid PMI by putting 20% down or by using a VA loan if you qualify. On most conventional loans PMI is automatically canceled when your balance reaches 78% of the original purchase price, and you can request cancellation at 80%.
How much are property taxes and homeowners insurance?
Property taxes vary widely by state and county, from roughly 0.3% of home value per year in the lowest tax states to more than 2% in the highest. A national average is about 1.1%. Homeowners insurance commonly runs $1,500 to $3,000 per year, with much higher premiums in coastal and wildfire prone areas. Use your county assessor's figures and an actual insurance quote for the most accurate estimate.
Should I choose a 15 year or a 30 year mortgage?
A 15 year loan typically carries a lower interest rate and dramatically less lifetime interest, but the monthly payment is much higher. Choose a 15 year if you can comfortably afford the higher payment and want to be debt free faster. Pick a 30 year if you would rather keep the lower payment for cash flow flexibility; you can always send extra principal voluntarily, which captures most of the benefit of a 15 year without the rigid commitment.
What is the difference between a fixed rate mortgage and an ARM?
A fixed rate mortgage locks your interest rate for the entire loan term. An adjustable rate mortgage (ARM) starts with a fixed rate for an initial period, commonly 5, 7, or 10 years, then adjusts annually based on a benchmark index. ARMs usually start with a lower rate than fixed loans, which can save money if you will move or refinance before the adjustment period, but they carry the risk of higher payments later if rates rise.
What are mortgage points and are they worth it?
Discount points are an upfront fee you pay to lower your interest rate. One point typically costs 1% of the loan amount and reduces your rate by about 0.25%. Points pay off only if you keep the loan long enough, usually 5 to 7 years, to recoup the upfront cost through lower monthly payments. If you might move, refinance, or sell sooner, points usually do not make sense.
What are typical mortgage closing costs?
Most homebuyers pay 2% to 5% of the loan amount in closing costs. On a $300,000 loan that is roughly $6,000 to $15,000. Costs include the lender's origination fee, appraisal, title insurance, recording fees, and prepaid items like the first year of homeowners insurance and a few months of property taxes deposited into escrow.
How much does a mortgage payment vary by state?
A great deal, because home prices, property taxes and insurance costs all vary by state, and MonitorBankRates average mortgage rates differ by state too. Choosing a state above loads that state's live average rate, median home value, median property tax bill and median homeowners insurance premium so the estimate reflects local conditions. The state table shows the estimated payment on the median home in every state.
How much down payment do I really need?
The traditional benchmark is 20% because it lets you avoid PMI, but you do not need that much to qualify. Conventional loans often go as low as 3% to 5% down. FHA loans require 3.5% down with a credit score of 580 or higher. VA loans (for qualifying veterans) and USDA loans (in eligible rural areas) allow zero down. The trade off with a smaller down payment is a higher monthly payment plus PMI, plus less equity if home prices fall in the early years.
