How To Use This Conventional Loan Calculator
Enter your monthly income before taxes and your required monthly debt payments.
Add your cash down, rate, term, taxes, insurance, and HOA. We’ll do the math for you.
Compare four price examples, monthly payments, cash to close, and mortgage insurance.
Send your numbers for a personal review. After that, you can book a call.
Fill In The Yellow Fields. Everything Else Is Calculated.
Add Your Income And Debts
Enter your monthly income before taxes and the minimum payments you must make each month.
What you earn each month before taxes come out.
Minimum required monthly payments on cars, cards, and student loans, not the balances.
Add Your Down Payment And Home Costs
Enter the rest of your numbers. We’ll do the math for you.
Cash you plan to put toward the purchase price.
An estimate used for illustration. Your real rate will vary.
How many years you pay on the loan. 15 and 30 years are most common.
Defaults to 0.70% per year. Know your exact yearly property tax amount? Switch to $.
Estimated monthly cost to insure the home.
Monthly HOA dues. Leave $0 if the home has none.
Months of taxes and insurance collected up front for your escrow account.
Closing costs are automatically estimated using our tiered schedule: 3.00% through $250,000, stepping down to 2.35% above $550,000. See the full tier schedule below.
Review Your Price Range
See four price examples and what the payment and cash to close may look like at each one. DTI is the share of your monthly income used for the new home payment and your other monthly debts.
Your Projected Purchase Price Range
- Principal & interest
- $1,531/mo
- Property tax
- $161/mo
- Homeowners insurance
- $120/mo
- HOA dues
- $0/mo
- Down payment
- $40,000
- Taxes And Insurance Collected Up Front (3 months)
- $843
- First year homeowners insurance
- $1,440
- Principal & interest
- $2,114/mo
- Property tax
- $213/mo
- Homeowners insurance
- $120/mo
- HOA dues
- $0/mo
- Down payment
- $40,000
- Taxes And Insurance Collected Up Front (3 months)
- $1,000
- First year homeowners insurance
- $1,440
- Principal & interest
- $2,695/mo
- Property tax
- $266/mo
- Homeowners insurance
- $120/mo
- HOA dues
- $0/mo
- Down payment
- $40,000
- Taxes And Insurance Collected Up Front (3 months)
- $1,157
- First year homeowners insurance
- $1,440
- Principal & interest
- $2,908/mo
- Property tax
- $285/mo
- Homeowners insurance
- $120/mo
- HOA dues
- $0/mo
- Down payment
- $40,000
- Taxes And Insurance Collected Up Front (3 months)
- $1,215
- First year homeowners insurance
- $1,440
These are examples, not approval limits. Your actual range depends on your full application and automated underwriting.
We start with a target Total Debt-to-Income Ratio (DTI), subtract your existing monthly debts, homeowners insurance, and HOA dues, then solve for the largest purchase price whose principal, interest, property tax, and Mortgage Insurance (PMI) still fit the monthly budget that is left.
Your loan is the purchase price minus your down payment. Property tax and PMI both scale with price, so a higher tax rate or a smaller down payment reduces the home your income supports.
- Loan term
- 30 yrs
- Interest rate
- 6.750%
- Down payment
- $40,000
- Property tax
- 0.70%/yr
- Homeowners insurance
- $120/mo
- HOA dues
- $0/mo
- Taxes And Insurance Collected Up Front
- 3 mo tax + insurance
- Closing costs
- 2.60% of price (tiered)
Want to know what these numbers look like for your situation?
Get your scenario reviewed and turn this estimate into a real pre-approval range.
Your monthly payment is the sum of principal and interest on the loan, plus property tax, homeowners insurance, HOA dues, and PMI if your down payment is less than 20%. Principal and interest are calculated using the standard amortizing loan formula based on the loan amount, interest rate, and loan term.
DTI is your total monthly debt payments divided by your gross monthly income. Lenders use it to decide how much you can borrow. This calculator subtracts your existing debts from your target DTI to find the budget left for a mortgage payment, then solves for the home price that fits.
The estimate includes principal and interest, property tax, homeowners insurance, HOA fees, and Private Mortgage Insurance (PMI) when applicable. This is often called a PITI payment.
Mortgage Insurance (PMI) applies when your loan-to-value ratio is greater than 80%, which happens when your down payment is less than 20% of the purchase price. The calculator estimates a conventional PMI rate from your down payment and only charges it when the loan-to-value ratio exceeds 80%. Your actual rate depends on credit, loan term, and the insurer.
Closing costs are lender and third-party fees, estimated here as a tiered percentage of the purchase price: 3% up to $250,000, stepping down to 2.35% above $550,000. Prepaids are upfront money for escrow deposits (a few months of property tax and homeowners insurance) plus your first year of the homeowners insurance policy. Down payment, closing costs, and prepaids together make up your estimated cash to close.
No. This calculator provides educational estimates only. Actual loan approval, interest rates, and monthly payments depend on your credit, lender, loan program, property taxes, insurance, and other factors.
This is for educational and illustration purposes only. Does not constitute any kind of formal loan approval or intent to make a loan of any type. Cash to close, monthly payment, and purchase prices are purely estimated and will vary based on the actual property selected. County taxes, homeowners insurance, lender fees, credit and down payment will impact Mortgage Insurance (PMI) rates along with the specific loan program you select. The illustrations herein are based on a conventional loan and conventional Mortgage Insurance (PMI).
About closing costs: closing costs are estimated using a tiered percentage of the purchase price: 3% up to $250,000, 2.75% from $250,001 to $350,000, 2.6% from $350,001 to $450,000, 2.5% from $450,001 to $550,000, and 2.35% above $550,000. This is not an itemized quote. Actual closing costs vary by lender, title and escrow company, county, and property, and typically include origination and underwriting fees, appraisal, credit and flood reports, title insurance and settlement fees, recording fees and transfer taxes, plus prepaid interest and escrow deposits for property taxes and homeowners insurance. Seller credits, lender credits, and down payment assistance programs can offset part of them. Your official figures come from a Loan Estimate issued after a full application.
Send Us Your Scenario
Send your numbers for a personal review. After that, you can book a call.
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Your information is used only to respond to your mortgage inquiry and is not sold. This is not a loan application and does not constitute any type of formal loan approval.