Mortgage Calculator
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You'll pay $2,528/month for this $400,000 home. Over 30 years, you'll pay $328,391 in interest — that's 103% of your loan amount! Your first payment is January 2026 and your final payment will be December 2055.
Payment Breakdown
Loan Summary
What You'll Need
Cash Needed to Buy
Includes estimated closing costs and 3-month emergency fund for housing payments.
Income Needed
Based on the 28/36 rule: housing costs should be ≤28% of gross income for comfortable budgeting.
Current Mortgage Rates Dec 2026
Source: Freddie Mac PMMS, Dec 2026
Mortgage Balance Over Time
See how your loan balance decreases and equity builds over the life of the loan
Compare Loan Terms
See how different loan terms affect your monthly payment and total interest
Biweekly vs Monthly Payments
Making biweekly payments equals 13 monthly payments per year instead of 12
Monthly Payments
Biweekly Payments
Mortgage Costs by State: Complete Comparison
Compare property taxes, insurance, home prices, and closing costs across all 50 states. Click any column to sort.
| State | Property Tax | Tax Rank | Avg Insurance | Median Price | Closing Costs | Calculator |
|---|---|---|---|---|---|---|
| AL Alabama | 0.36% | #49 | $3,114/yr | $281,000 | 0.89% | Calculate → |
| AK Alaska | 0.91% | #21 | $1,035/yr | $383,000 | 0.54% | Calculate → |
| AZ Arizona | 0.44% | #48 | $2,331/yr | $455,000 | 0.76% | Calculate → |
| AR Arkansas | 0.53% | #39 | $3,287/yr | $253,000 | 0.84% | Calculate → |
| CA California | 0.7% | #32 | $1,641/yr | $833,000 | 0.74% | Calculate → |
| CO Colorado | 0.5% | #41 | $3,412/yr | $582,000 | 0.59% | Calculate → |
| CT Connecticut | 1.48% | #3 | $1,700/yr | $415,000 | 0.93% | Calculate → |
| DE Delaware | 0.5% | #40 | $966/yr | $352,000 | 2.99% | Calculate → |
| FL Florida | 0.74% | #30 | $5,838/yr | $412,000 | 1.82% | Calculate → |
| GA Georgia | 0.77% | #26 | $2,041/yr | $366,000 | 1.24% | Calculate → |
| HI Hawaii | 0.32% | #50 | $1,296/yr | $743,000 | 0.62% | Calculate → |
| ID Idaho | 0.48% | #44 | $1,409/yr | $485,000 | 0.7% | Calculate → |
| IL Illinois | 1.83% | #1 | $2,225/yr | $286,000 | 1.3% | Calculate → |
| IN Indiana | 0.77% | #27 | $1,666/yr | $255,000 | 0.7% | Calculate → |
| IA Iowa | 1.23% | #11 | $2,446/yr | $228,000 | 0.64% | Calculate → |
| KS Kansas | 1.19% | #12 | $4,444/yr | $279,000 | 0.8% | Calculate → |
| KY Kentucky | 0.73% | #31 | $3,540/yr | $263,000 | 0.91% | Calculate → |
| LA Louisiana | 0.55% | #37 | $6,274/yr | $249,000 | 1.2% | Calculate → |
| ME Maine | 0.94% | #20 | $1,219/yr | $381,000 | 0.88% | Calculate → |
| MD Maryland | 0.9% | #22 | $1,751/yr | $415,000 | 2.03% | Calculate → |
| MA Massachusetts | 0.97% | #18 | $1,733/yr | $615,000 | 0.81% | Calculate → |
| MI Michigan | 1.15% | #14 | $2,368/yr | $249,000 | 1.08% | Calculate → |
| MN Minnesota | 0.99% | #16 | $2,852/yr | $354,000 | 0.91% | Calculate → |
| MS Mississippi | 0.58% | #36 | $3,353/yr | $253,000 | 0.98% | Calculate → |
| MO Missouri | 0.88% | #23 | $2,191/yr | $258,000 | 0.6% | Calculate → |
| MT Montana | 0.6% | #35 | $2,801/yr | $523,000 | 0.6% | Calculate → |
| NE Nebraska | 1.43% | #4 | $6,587/yr | $289,000 | 0.74% | Calculate → |
| NV Nevada | 0.49% | #42 | $1,074/yr | $455,000 | 0.84% | Calculate → |
| NH New Hampshire | 1.41% | #6 | $1,039/yr | $483,000 | 1.34% | Calculate → |
| NJ New Jersey | 1.77% | #2 | $1,214/yr | $521,000 | 0.92% | Calculate → |
| NM New Mexico | 0.61% | #34 | $2,179/yr | $357,000 | 0.84% | Calculate → |
| NY New York | 1.26% | #9 | $1,860/yr | $576,000 | 2.47% | Calculate → |
| NC North Carolina | 0.62% | #33 | $2,951/yr | $368,000 | 0.56% | Calculate → |
| ND North Dakota | 0.94% | #19 | $2,776/yr | $281,000 | 0.69% | Calculate → |
| OH Ohio | 1.31% | #8 | $1,364/yr | $241,000 | 1.07% | Calculate → |
| OK Oklahoma | 0.77% | #25 | $4,695/yr | $244,000 | 1.08% | Calculate → |
| OR Oregon | 0.78% | #24 | $1,091/yr | $505,000 | 0.67% | Calculate → |
| PA Pennsylvania | 1.19% | #13 | $1,278/yr | $283,000 | 2.36% | Calculate → |
| RI Rhode Island | 1.05% | #15 | $2,347/yr | $487,000 | 0.75% | Calculate → |
| SC South Carolina | 0.47% | #47 | $2,611/yr | $381,000 | 0.65% | Calculate → |
| SD South Dakota | 0.99% | #17 | $3,152/yr | $320,000 | 0.46% | Calculate → |
| TN Tennessee | 0.49% | #43 | $2,672/yr | $380,000 | 1.18% | Calculate → |
| TX Texas | 1.36% | #7 | $3,899/yr | $338,000 | 0.93% | Calculate → |
| UT Utah | 0.47% | #46 | $1,283/yr | $548,000 | 0.72% | Calculate → |
| VT Vermont | 1.42% | #5 | $827/yr | $388,000 | 2.2% | Calculate → |
| VA Virginia | 0.77% | #28 | $1,706/yr | $444,000 | 1.36% | Calculate → |
| WA Washington | 0.75% | #29 | $1,539/yr | $630,000 | 1.01% | Calculate → |
| WV West Virginia | 0.48% | #45 | $1,047/yr | $249,000 | 1.14% | Calculate → |
| WI Wisconsin | 1.25% | #10 | $1,303/yr | $311,000 | 0.76% | Calculate → |
| WY Wyoming | 0.55% | #38 | $1,306/yr | $484,000 | 0.76% | Calculate → |
Key Insights
Lowest Property Taxes
Hawaii (0.28%), Alabama (0.41%), Colorado (0.51%)
Highest Property Taxes
New Jersey (2.23%), Illinois (2.08%), New Hampshire (2.05%)
Most Affordable Markets
West Virginia ($148K), Mississippi ($171K), Arkansas ($182K)
Lowest Insurance
Vermont ($614), New Hampshire ($720), Maine ($804)
Understanding Mortgages
What Is a Mortgage?
A mortgage is a loan used to purchase real estate. The property itself serves as collateral for the loan. You make monthly payments over a set period (usually 15-30 years) until the loan is paid off.
Your monthly payment typically includes:
- Principal: The amount that reduces your loan balance
- Interest: The cost of borrowing money
- Taxes: Property taxes (often escrowed)
- Insurance: Homeowners insurance (often escrowed)
This is commonly referred to as PITI.
Types of Mortgages
Conventional
Not backed by the government. Requires 3-20% down. PMI required if down payment is less than 20%.
FHA Loan
Backed by the Federal Housing Administration. Requires 3.5% down with credit score 580+. Mortgage insurance required.
VA Loan
For veterans and active military. No down payment required. No PMI. Competitive rates.
USDA Loan
For rural properties. No down payment required. Income limits apply. Mortgage insurance required.
Fixed vs. Adjustable Rate
Fixed-Rate Mortgage
- Interest rate stays the same for the entire loan
- Predictable monthly payments
- Best when rates are low or you plan to stay long-term
- Most popular choice (90%+ of borrowers)
Adjustable-Rate Mortgage (ARM)
- Initial fixed period (5, 7, or 10 years)
- Rate adjusts periodically after fixed period
- Lower initial rate than fixed mortgages
- Best if you plan to sell or refinance before adjustment
Strategies to Pay Off Your Mortgage Early
Make Biweekly Payments
Equals 13 monthly payments per year. Can save years off your loan.
Round Up Your Payment
Round to the nearest $100. Small amounts add up over time.
Make One Extra Payment Per Year
Use tax refund or bonus. Can shave 4-5 years off a 30-year mortgage.
Refinance to a Shorter Term
15-year loans have lower rates and build equity faster.
Frequently Asked Questions
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula is:
Where M = monthly payment, P = principal loan amount, r = monthly interest rate, and n = total number of payments. This gives you the principal and interest portion. Property taxes, insurance, and PMI are added separately.
PMI (Private Mortgage Insurance) protects the lender if you default on your loan. It's required on conventional loans when your down payment is less than 20%. PMI typically costs 0.5% to 1% of the loan amount annually.
You can remove PMI once you reach 20% equity in your home, or it automatically terminates at 22% equity.
Lenders typically use the 28/36 rule:
- 28% rule: Your housing costs shouldn't exceed 28% of your gross monthly income
- 36% rule: Your total debt payments shouldn't exceed 36% of your gross monthly income
For a more accurate estimate based on your income and debts, try our Affordability Calculator.
15-year mortgage: Higher monthly payments, lower interest rate, pay off faster, save significantly on interest. Best for those who can afford higher payments.
30-year mortgage: Lower monthly payments, more flexibility, but pay more interest over time. Best for those who want lower payments or plan to invest the difference.
Use the comparison section above to see exact numbers for your situation.
Minimum credit score requirements vary by loan type:
- Conventional: 620+ (740+ for best rates)
- FHA: 500 with 10% down, 580 with 3.5% down
- VA: No minimum, but most lenders prefer 620+
- USDA: 640+ typically required
Closing costs are fees paid when finalizing your mortgage. They typically range from 2-5% of the loan amount and include:
- Loan origination fees
- Appraisal fee
- Title insurance
- Attorney fees
- Prepaid taxes and insurance
On a $320,000 loan, expect $6,400 to $16,000 in closing costs.